La Quinta Continues Expansion With Purchase Of Three Tage Inns In New England

DALLAS, and ANDOVER, Mass., La Quinta Corporation (NYSE:LQI) and Tage Inn Corporation today announced that La Quinta and its affiliates have acquired three Tage Inns in the greater Boston area from Tage Inn Corporation and its affiliates for a total purchase price of approximately $26 million in cash. This marks La Quinta's entry into the Boston market.

As part of the agreement, La Quinta Corporation has purchased the three- story, 181-room Tage Inn in Andover, Massachusetts; the five-story, 89-room Tage Inn in Milford, Massachusetts; and the seven-story, 148-room Tage Inn in Somerville, Massachusetts. The Tage Inn in Somerville has been rebranded as La Quinta Inn & Suites. Following renovations, the remaining hotels will be rebranded under the La Quinta and Baymont flags.

"This acquisition is consistent with La Quinta's growth strategy to enter key strategic markets," said Francis W. "Butch" Cash, chairman, president and CEO of La Quinta Corporation. "These high-quality hotels compliment our current portfolio and underscore La Quinta's commitment to increasing market share and brand presence by entering the Boston lodging market."

"Over the years, La Quinta has established itself as one of the leading lodging companies in the industry," said Joseph D. Tagliente, president and CEO of Tage Inn Corporation. "We take immense pride in the way we have built and maintained our portfolio of hotels. As an experienced owner/operator, La Quinta will continue to deliver on the commitment we have always made to provide our guests with a quality stay. We are excited about this transaction as it provides a good return for our shareholders as well as a strategic opportunity for La Quinta."

About La Quinta Corporation - La Quinta Corporation (NYSE:LQI) is one of the largest owner/operators of limited-service hotels in the United States. Based in Dallas, Texas, the Company owns, operates or franchises more than 560 hotels in 39 states under the La Quinta Inns(R), La Quinta Inn & Suites(R), Baymont Inns & Suites(R), Woodfield Suites(R) and Budgetel(R) brands. For reservations or more information about La Quinta Corporation, its brands or franchising program, please visit /.

About Tage Inn Corporation - Based in Andover, Massachusetts, Tage Inn Corporation was founded in 1989 by Joseph P. Tagliente and his son Joseph D. Tagliente with the construction and opening of their first Tage Inn in Milford, Massachusetts. Since that time, Tage has added three new properties to its portfolio in Andover, Somerville and Manchester, New Hampshire, and has been recognized as a market leader in the midscale hotel segment.