DALLAS (Nov. 15, 2000) - La Quinta( Inns, Inc.'s new franchising program is
taking an aggressive step forward with the unveiling of new hotel prototypes
and the addition of three key franchise sales and operations executives.
La Quinta formally launched its franchise program this fall and began the
company's long-term growth through rapid expansion into new markets.
The design of La Quinta's new prototype complements its existing hotel
brands, La Quinta( Inns and La Quinta( Inn & Suites. La Quinta will be
offering a new Inn and a new Inn & Suites design, each with interior
corridors and at least 100 rooms, to prospective franchisees. Each will
feature a residential style with architecture and décor reflective of
respective regions. A third prototype building accommodating smaller hotels
is currently being designed.
Amenities include enhanced continental breakfast, fitness rooms, guest
laundry facilities and business centers. Although the chain now has
properties primarily in the Sunbelt, the new prototype will be adaptable to
all regions within the country, thus allowing the chain to expand
nationally.
La Quinta is one of the strongest brands in our segment, with 32 years of
experience as an operator and $2.4 billion invested in our 300 owned and
operated hotels, said Butch Cash, president and CEO for La Quinta Inns,
Inc. We know these strengths will be the foundation for one of the
nation's top franchise programs and help meet our goal of delivering the
best possible returns for our guests, employees, franchisees and
shareholders.
Overseeing the new franchise program is Rajiv Trivedi, who has been
appointed vice president of franchise operations and Randy Evanchyk and Gary
Zodrow, who have been named vice presidents of franchise development.
Trivedi, Evanchyk and Zodrow, with more than 40 years of combined hotel
management and franchise experience, will oversee the sales, development and
operations of all franchised properties. The trio will report to Alan
Tallis, executive vice president and chief development officer for La Quinta
Inns, Inc.
Tallis added, We've set the stage for La Quinta's growth over the next
decade. The new prototype will combine the best elements of our existing
hotels. The expertise of Rajiv, Randy and Gary, combined with a
franchisee-friendly program, will expand La Quinta's market reach and grow
the business through increased distribution.
Trivedi comes to La Quinta from Cendant Corporation, where he oversaw
franchise services, regional marketing, quality assurance, guest services,
reservations, property openings and training for the Howard Johnson
International brand. Evanchyk most recently served as director of franchise
sales and development for Red Roof Inns, Inc. Zodrow has held a variety of
franchise management and consulting positions with companies including Accor
Economy Lodging, Choice Hotels International, HBR Hotel Group, Inc.,
ConStat, Inc. and Westin Hotels and Resorts.
Trivedi, Evanchyk and Zodrow are in the process of developing their teams.
According to Tallis, We expect to have the preeminent franchise
organization in the industry.
About La Quinta Inns, Inc.
Dallas-based La Quinta Inns, Inc. owns and operates 230 Inns and 70 Inn &
Suites in 28 states. La Quinta is the lodging division of The Meditrust
Companies (NYSE: MT), a real estate investment trust. For more information
about La Quinta, please visit its website at www.laquinta.com. Other news
about The Meditrust Companies is available at www.reit.com.
Certain matters discussed within this press release may constitute
forward-looking statements within the meaning of the federal securities
laws. Although The Meditrust Companies believe the statements are based on
reasonable assumptions, it can give no assurance that its expectations will
be attained. Actual results and the timing of certain events could differ
materially from those projected in or contemplated by the forward-looking
statements due to a number of factors, including, without limitation,
general economic and real estate conditions, the conditions of the capital
markets in general, the identification of satisfactory prospective buyers
for healthcare related assets and the availability of financing for such
prospective buyers, the availability of financing for the Companies' capital
investment program, interest rates, the financial condition of the operators
of Meditrust Corporation's healthcare assets, including the filing for
protection under the US Bankrupt!
cy Code by any additional operators of the Companies' healthcare assets, the
impact of the protection offered under the US Bankruptcy Code for those
operators who have already filed for such protection, competition for hotel
services and healthcare facilities in a given market, the enactment of
legislation further impacting the Companies' status as a paired share REIT
or Meditrust Corporation's status as a REIT, the implementation of
regulations impacting Meditrust Corporation's healthcare business, including
regulations governing payments to operators of healthcare facilities, and
other risks detailed from time to time in the filings of Meditrust
Corporation and Meditrust Operating Company with the Securities and Exchange
Commission, including the Joint Annual Report on Form 10-K for the year
ended December 31, 1999 and other periodic filings under the Securities
Exchange Act of 1934, as amended.
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