La Quinta Stockholders Approve Mergers With Affiliates of the Blackstone Group
January 23 2006 - 2:24PM
PR Newswire (US)
DALLAS, Jan. 23 /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 the stockholders of
LQ Corporation voted to adopt the Agreement and Plan of Merger (the
"Merger Agreement") among La Quinta and affiliates of The
Blackstone Group, at LQ Corporation's special meeting of
stockholders. Approximately 99.5 percent of shares of LQ
Corporation common stock present and voting at the special meeting
adopted the Merger Agreement. The number of shares of LQ
Corporation common stock voting to adopt the Merger Agreement
represents approximately 79.9 percent of the total number of shares
outstanding and entitled to vote. In addition, LQ Corporation, as
the sole stockholder of LQ Properties' voting common stock, voted
to adopt the Merger Agreement at LQ Properties' special meeting of
stockholders. The proposed merger was announced on November 9, 2005
and is expected to close on January 25, 2006, pending the
satisfaction or waiver of all of the conditions set forth in the
Merger Agreement. Under the terms of the Merger Agreement, holders
of La Quinta's paired common shares will receive a total of $11.25
per paired share in cash, without interest. 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: investor relations, Tom Ward,
+1-214-492-6689, or public relations, Teresa Ferguson,
+1-214-492-6937, both of La Quinta Corporation Web site:
http://www.lq.com/ http://www.blackstone.com/
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