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La Quinta Completes Marcus Acquisition

La Quinta Corporation announced
today that it has completed the previously announced acquisition of
substantially all of the assets of The Marcus Corporation’s limited
service lodging division for a total purchase price of approximately $412
million (including approximately $44 million held in escrow pending
completion of certain customary transfer requirements). The purchase price
of the acquisition increased from the previously announced price of
approximately $395 million to reflect the purchase of three additional
Baymont hotels that were previously joint venture partnerships excluded
from the acquisition that will now be wholly owned by La Quinta.
As part of the agreement, La Quinta has acquired 89 Baymont Inns & Suites
(including one management contract), seven Woodfield Suites and one
Budgetel. In addition, La Quinta has acquired all of the trade rights
associated with the Baymont, Woodfield Suites and Budgetel brands, and the
current Baymont franchise system of 88 hotels, which includes five joint
venture partnerships excluded from the acquisition that have become
Baymont franchised hotels. The 185 hotels are located across 32 states,
with approximately half of the hotels in the Midwest region of the U.S.