La Quinta Continues Strong Domestic And International franchise Growth In Second Quarter 2016
Opened 11 new franchise hotels representing more than 1,100 rooms, including in New York City, Sarasota, Florida and Cedar Rapids, Iowa • Signed 26 new franchise agreements growing the development pipeline to 238 hotels
IRVING, Texas – La Quinta Holdings Inc. ("La Quinta" or the "Company") (NYSE: LQ) is pleased to announce that franchise interest in La Quinta continues to remain exceptionally strong both domestically and internationally. During the second quarter of 2016, La Quinta opened 11 new franchise hotels, representing approximately 1,100 rooms and signed 26 new franchise agreements, growing its development pipeline to 238 hotels, representing more than 21,500 rooms. La Quinta's geographically diverse pipeline extends the brand's distribution into higher RevPAR markets, facilitating its entry into 40 new Smith Travel Research market tracts in the U.S.
The newly opened hotels in the second quarter include La Quinta Inn & Suites in New York, New York (Central Park West); Sarasota, Florida; Cedar Rapids, Iowa; Gillette, Wyoming; York, Pennsylvania; McAllen Convention Center, Texas; Far Rockaway JFK Airport, New York; Hollister, Missouri and Sturbridge, Massachusetts. The 26 new franchise agreements include contracts for new hotel locations in fundamentally strong markets, domestically and internationally, including Anchorage, Alaska; Revere, Massachusetts (Logan Airport); and San Salvador, El Salvador. Of the 238 hotels in La Quinta's development pipeline, 88 percent are new construction.
"We continue to see a tremendous amount of interest from our franchise partners in growing the La Quinta brand," said Rajiv Trivedi, La Quinta's Executive Vice President and Chief Development Officer. "The proactive steps we are taking to enhance our brand has further strengthened our value proposition, helping to fuel our domestic and international expansion into high barrier to entry urban markets. With a growing pipeline, we remain well positoned to capture market share and introduce the La Quinta brand to new business and lesisure travelers."
About La Quinta Holdings Inc.
La Quinta Holdings Inc. (LQ) is a leading owner, operator and franchisor of select-service hotels primarily serving the upper-midscale and midscale segments. The Company's owned and franchised portfolio consists of more than 880 properties representing approximately 87,500 rooms located in 48 states in the U.S. and in Canada, Mexico and Honduras. These properties operate under the La Quinta Inn & Suites™, La Quinta Inn™ and LQ Hotel™ brands. La Quinta's team is committed to providing guests with a refreshing and engaging experience. For more information, please visit: www.LQ.com.
