La Quinta® Declares Dividend on 9.00% Preferred

Dallas, Texas (June 3, 2002) - La Quinta® Properties, Inc. announced today that the Board of Directors declared a dividend of $0.5625 per depositary share on its 9.00% Series A Cumulative Redeemable Preferred Stock for the period from April 1, 2002 to June 30, 2002. Shareholders of record on June 14, 2002 will be paid the dividend of $0.5625 per depositary share of Preferred Stock on July 1, 2002.

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 9.00% of the liquidation preference per annum (equivalent to an annual rate of $2.25 per depositary share).
Dallas-based La Quinta Corporation (NYSE: LQI), a mid-scale limited service lodging company, owns, operates or franchises over 340 La Quinta Inns and La Quinta Inn & Suites in 33 states. Today`s news release, as well as other information about La Quinta, is available on the Internet at