La Quinta Corporation , and
its controlled subsidiary La Quinta Properties, Inc., today announced that
Francis W. (“Butch”) Cash has been elected Chairman of the Boards of
Directors. Mr. Cash has served on the Boards since being appointed
President and Chief Executive Officer in 2000. The Company also announced
that Mr. James P. Conn, an independent director, has been appointed Lead
Director. Mr. Conn has served on the Boards of La Quinta and its
predecessors since 1995, including serving on the Audit, Executive, and
Corporate Governance and Nominating Committees. In addition, the Company announced that Clive D. Bode, the Company’s
Chairman since 1999 and special advisor to certain members of the Bass
Family of Ft. Worth, Texas, has resigned from La Quinta’s Boards of
Directors in order to devote more time to other Bass organization
investments. “I am very pleased with the numerous improvements we have
made to La Quinta since I joined the Boards,” said Mr. Bode. “I am leaving
the company in capable hands and at a time when I believe La Quinta’s
future looks bright.”

“Since joining the Boards in 1999, Mr. Bode has been a guiding force in
shaping the turnaround and growth of La Quinta,” said Mr. Cash. “The
Boards of Directors and I highly value his sound counsel and advice and
wish him well in his future endeavors.”

The Boards of Directors’ decision to elect one of its independent
directors to serve in the new role of Lead Director was in keeping with La
Quinta’s focus on strong corporate governance. Following Mr. Bode’s
resignation, there are six members on the La Quinta Boards of Directors,
five of whom are independent. Mr. Conn stated, “I appreciate the
opportunity to serve shareholders in my new role as Lead Director. I look
forward to working with Mr. Cash, the management team and my fellow
independent directors to further enhance La Quinta’s business.”
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