La Quinta Completes $150 Million Credit Facility

PRNewswire-FirstCall DALLAS Nov. 12 :

La Quinta Corporation today announced the closing of a $150 million
revolving line of credit, with an initial interest rate of LIBOR plus 300
basis points. This $150 million facility matures in April 2007 and
replaces the Company`s existing $125 million facility, which was scheduled
to mature in January 2004.

Upon closing, $127 million will be available under the facility (net of
$23 million in letters of credit). The revolver may be used towards the
repayment of other maturing debt, funding of the Company`s future growth
and general corporate purposes. Lead arranger on the transaction was CIBC
World Markets Corp., with Fleet Securities Inc. acting as syndication
agent and Credit Lyonnais as documentation agent.

About La Quinta Corporation
Dallas based La Quinta Corporation, a leading limited service lodging
company, owns, operates or franchises over 350 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 .

Safe Harbor Statement
Certain matters discussed in this press release may constitute “forward-
looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. Words such as “believes,” “anticipates,”
“expects,” “intends,” “estimates,” “projects” and other similar
expressions, which are predictions of or indicate future events and
trends, typically identify forward-looking statements. Our forward-looking
statements are subject to a number of risks and uncertainties, which could
cause actual results or the timing of certain events to differ materially
from those projected in or contemplated by the forward-looking statements.
Accordingly, we cannot assure you that the expectations set forth in these
forward-looking statements will be attained. Some of the factors that
could cause actual results or the timing of certain events to differ from
those described in these forward- looking statements include, without
limitation, our ability to successfully grow revenues (through our revenue
initiatives or otherwise) and profitability of our lodging business and
franchising program; concentration of our properties in certain geographic
areas; our ability to realize sustained labor or other cost savings; the
availability and costs of insurance for our properties and business;
competition within the lodging industry, including in the franchising of
the La Quinta(R) brand; our ability to generate attractive rates of return
on new lodging investments; the cyclicality of the lodging business; the
impact of U.S. military action abroad and/or additional terrorist
activities; the effects of the general economic slowdown, including
decreases in consumer confidence and business spending, which may continue
to adversely affect our business and industry; interest rates; the
ultimate outcome of litigation filed against us; the availability of
capital for corporate purposes including for debt repayment, acquisitions
and capital expenditures; the conditions of the capital markets in
general; our ability to continue to successfully sell assets; and other
risks detailed from time to time in our filings with the Securities and
Exchange Commission, including, without limitation, the risks described in
our Joint Current Report on Form 8- K, event date October 20, 2003, filed
with the Securities and Exchange Commission on October 21, 2003, in the
section entitled “Certain Factors You Should Consider About Our Companies,
Our Businesses and Our Securities.” We disclaim any intention or
obligation to update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise.