La Quinta Adds Two Financial Executives

7th May 2001

La Quinta Inns, Inc. announced that Robert G. Colbert has beenappointed vice president of internal audit, and Steven J. Flowers has been appointed vicepresident of finance. The two bring more than 30 years of combined financial experience toLa Quinta, and provide additional depth to the financial operations of the company.

In his new position, Colbert will implement and direct a comprehensive audit program offinancial functions necessary to manage the financial compliance by both individual hotels andcorporate departments. As vice president of finance, Flowers’ primary responsibility will be todevelop and implement capital markets strategies to maximize shareholder values. Both positionswill report directly to the Chief Financial Officer, David L. Rea.

“Fortifying the financial team with Rob and Steve gives La Quinta additional experiencedtalent to continue our quest to improve the existing financial operations,” said David L. Rea, chieffinancial officer of La Quinta Inns, Inc. “They will also help La Quinta focus on growthopportunities such as our successful franchise program.”

Mr. Colbert, with his more than 20 years of experience, brings to La Quinta a strongbackground in audit and operational finance. Colbert most recently acted as vice president offinance and accounting at Rare Medium, Inc. His career prior to joining La Quinta is highlightedby his ability to develop systems and models that lead to increases in the profitability and growthof organizations in the healthcare and high-tech industries. During his career, Colbert spent 14years at Price Waterhouse honing his expertise by providing financial and accounting counsel toclients.

Mr. Flowers joined La Quinta with more than 12 years in finance after acting as vicepresident for investments and finance at Michigan State University in East Lansing, Mich. In thisposition, he advised the organization’s management and board of trustees regarding a broad scopeof financing and investment concerns. Prior to his tenure at Michigan, Flowers worked for OryxEnergy Company as vice president and treasurer and a member of the senior-management teamimplementing financial strategies for the NYSE listed company. Flowers also acted in variousfinancial capacities for Maxus Energy Corporation and the Petro-Lewis Corporation.




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