The Meditrust Companies (“Meditrust”) (NYSE: MT) will change their names as previously announced. Meditrust Corporation will be renamed La Quinta Properties, Inc. andMeditrust Operating Company will be renamed La Quinta Corporation. The renamed La QuintaCompanies (“La Quinta” or “the Companies”) will continue to trade as a paired-share REIT. The namechange will occur tomorrow, June 20, 2001, at which time trading will be conducted under the new tickersymbol “LQI”.
Commenting on the name change, Francis W. “Butch” Cash, President and Chief Executive Officer, said,“The reason for this name change is simple. The Meditrust name no longer reflects our company’soperations. The focus of our company is the lodging business, which represents over 80% of our realestate assets, revenue and EBITDA. Our lodging business is conducted under the La Quinta brand name,a leading brand in the mid-priced lodging segment. In determining the new names of the Companies, itwas a logical choice to select names that recognize our line of business and that leverage the $2.4 billionwe have invested in our brand.”
To further enhance its proactive investor relations commitment, La Quinta will launch a new investor website to coincide with the name change on June 20, 2001 on the Company’s new corporate web site atwww.laquinta.com. This site will feature interactive stock quotes, current and historical press releases,current SEC filings, multimedia presentations and other corporate information. Viewers can also registerfor e-mail updates when new information is posted to the site. Viewers will continue to be able to makereservations and view information about La Quinta Inns and Inn & Suites at the web site.
Certain matters discussed herein may constitute “forward-looking statements” within the meaning of the federal securitieslaws. The La Quinta Companies (the “Companies”), consisting of La Quinta Properties, Inc. (“Realty”) and La QuintaCorporation (“Operating”), intend such forward-looking statements to be covered by the safe harbor provisions forforward-looking statements, and are including this statement for purposes of complying with these safe harbor provisions.Although the Companies believe the forward-looking statements are based on reasonable assumptions, the Companies can giveno assurance that their expectations will be attained. Actual results and the timing of certain events could differ materiallyfrom those projected in or contemplated by the forward-looking statements due to a number of factors, including, withoutlimitation, general economic and real estate conditions, the identification of satisfactory prospective buyers for healthcarerelated assets of the Companies` and the availability of financing for such prospective buyers, the availability of financing forthe Companies` capital investment program, interest rates, competition for hotel services and healthcare facilities in a givenmarket, competition in franchising the Companies’ brands, the enactment of legislation further impacting the Companies`status as a paired share real estate investment trust (“REIT”) or Realty`s status as a REIT, the further implementation ofregulations governing payments to, as well as the financial conditions of, operators of Realty`s healthcare related assets,including the filing for protection under the US Bankruptcy Code by any operators of the Companies healthcare assets, theimpact of the protection offered under the US Bankruptcy Code for those operators who have already filed for such protection,and other risks detailed from time to time in the filings of Realty and Operating with the Securities and Exchange Commission(“SEC”), including, without limitation, the risks described in Item 7 of the Joint Annual Report on Form 10-K entitled “CertainFactors You Should Consider.”