La Quinta Declares Dividend on Stock

  La Quinta Properties, Inc. announced today that the Board of Directors
declared a dividend of $0.5625 per depositary share on its 9% Series A
Cumulative Redeemable Preferred Stock for the period from January 1, 2004
to March 31, 2004. Shareholders of record on March 15, 2004 will be paid
the dividend of $0.5625 per depositary share of Preferred Stock on March
31, 2004. Dividends on the Series A Preferred Stock are cumulative from the date of
original issuance and are payable quarterly in arrears on March 31, June
30, September 30 and December 31 of each year (or, if not a business date,
on the next succeeding business day) at the rate of 9% of the liquidation
preference per annum (equivalent to an annual rate of $2.25 per depositary