The Blackstone Group Completes Acquisition of La Quinta
January 25 2006 - 11:46AM
PR Newswire (US)
DALLAS, Jan. 25 /PRNewswire-FirstCall/ -- La Quinta Corporation
(NYSE:LQI) ("LQ Corporation") and its controlled subsidiary, La
Quinta Properties, Inc. ("LQ Properties" and, together with LQ
Corporation, "La Quinta"), today announced that they had completed
their mergers with affiliates of The Blackstone Group. Under the
terms of the merger agreement, holders of La Quinta paired common
shares will receive a total of $11.25 per paired share in cash,
without interest. In connection with the closing of the mergers,
the aggregate redemption price of LQ Properties 9% Series A
Cumulative Redeemable Preferred Stock ("Series A Preferred Stock")
and the corresponding depositary shares (the "Depositary Shares"),
each Depositary Share representing one-tenth of one share of the
Series A Preferred Stock, has been irrevocably deposited with
American Stock Transfer & Trust Company (the "Redemption
Agent"). Holders of Depositary Shares may submit their receipts,
along with a letter of transmittal, to the Redemption Agent for
redemption. As previously announced, holders of Depositary Shares
will receive an aggregate redemption price of $25.275 per
Depositary Share. Holders of Series A Preferred Stock will receive
an aggregate redemption price of $252.75 per share of Series A
Preferred Stock. American Stock Transfer & Trust Company, as
depositary, is the sole record holder of Series A Preferred Stock
and will receive the aggregate Series A Redemption Price for
disbursement to the holders of Depositary Shares. Questions
regarding the redemption may be directed to the Redemption Agent at
(877) 248-6417 or (718) 921-8317. About La Quinta La Quinta
Corporation and its controlled subsidiary, La Quinta Properties,
Inc. is one of the largest owner/operators of limited-service
hotels in the United States. Based in Dallas, Texas, the Company
owns and operates 360 hotels and franchises more than 240 hotels in
39 states under the La Quinta Inns(R), La Quinta Inn &
Suites(R), Baymont Inn & Suites(R), Woodfield Suites(R) and
Budgetel(R) brands. For more information about La Quinta
Corporation, please visit http://www.lq.com/ . About The Blackstone
Group The Blackstone Group, a private investment firm with offices
in New York, London, Paris and Hamburg, was founded in 1985.
Blackstone's Real Estate Group has raised almost $10 billion in
total equity, and has a long track record of investing in hotels
and other commercial properties. In addition to Real Estate, The
Blackstone Group's core businesses include Private Equity,
Corporate Debt Investing, Marketable Alternative Asset Management,
Mergers and Acquisitions Advisory and Restructuring and
Reorganization Advisory. The Blackstone Group can be accessed on
the Internet at http://www.blackstone.com/ . Safe Harbor Statement
Certain matters discussed in this press release may constitute
"forward- looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934 and 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 events to differ
materially from those described in the forward-looking statements.
Accordingly, we cannot assure you that the expectations set forth
in these forward-looking statements will be attained. The Company's
SEC filings contain additional information concerning factors that
could cause actual results to differ materially from those forward-
looking statements. FCMN Contact: tom.ward@laquinta.com DATASOURCE:
La Quinta Corporation CONTACT: Tom Ward, Investor Relations,
+1-214-492-6689, or Teresa Ferguson, Public Relations,
+1-214-492-6937, both of La Quinta Corporation Web site:
http://www.lq.com/ http://www.blackstone.com/
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