PRNewswire-FirstCall DALLAS Nov. 26 :
La Quinta Corporation and La Quinta Properties, Inc. today announced that
the underwriters of its recent 30.0 million share public stock offering
have exercised their right to purchase an additional 4.5 million shares of
La Quinta common stock, pursuant to the over-allotment option granted to
the underwriters in connection with the offering.
Including the over-allotment, La Quinta sold a total of 34.5 million
shares in the offering at $5.55 per share for net proceeds of
approximately $184 million, after deducting underwriting fees and
commissions and its estimated expenses. La Quinta intends to use the net
proceeds of the offering for general corporate purposes, including for
potential acquisitions of lodging properties, lodging companies and/or
brands; debt reduction; and/or redemption of preferred stock.
In connection with the offering, Morgan Stanley & Co. Incorporated served
as the bookrunning manager and Credit Lyonnais Securities (USA) Inc. and
CIBC World Markets Corp. served as co-managers.
About La Quinta
Dallas based La Quinta Corporation and its controlled subsidiary, La
Quinta Properties, Inc., a limited service lodging company, own, operate
or franchise over 350 La Quinta Inns and La Quinta Inn & Suites in 33