La Quinta Enjoys Strong Growth
In The First Half Of 2006 31 Franchised and Corporate Hotels Opened, Pipeline Continues Strong
AUGUST 29, 2006. La Quinta announced it opened 31 hotels in the first half of 2006, as a result of its aggressive franchising and corporate development programs. The hotels are located in thirteen states in all parts of the country and added more than 3,400 rooms to the La Quinta system. Additional rapid growth is expected in the second half of the year thanks to an active and expanding pipeline of new properties.
'We are pleased to share these numbers that indicate the pace of La Quinta's growth,' said Wayne Goldberg, President and CEO for La Quinta. 'Our expansion in the first part of the year is continuing testimony to the value of the La Quinta brand in the marketplace and the positive reception we continue to receive among the development and franchise communities.'
La Quinta's industry-leading franchise program continued its impressive performance, adding 24 properties in the first half of 2006. Newly opened franchised hotels range in size from 50 to 169 rooms, in markets as diverse as San Diego, California, and Rapid City, South Dakota. (See below for a complete listing of La Quinta properties opened in the first half of 2006.)
Rajiv Trivedi, La Quinta's Executive Vice President for Franchising said, 'We are pleased with the results of our franchising efforts, which include the opening of some of the finest properties in the La Quinta system.' He concluded, 'I am especially glad to note the continued loyalty of our long-time franchisee base, which forms the backbone of our system. Together with all our franchisees, our corporate sales and service teams look forward to operating, maintaining and further expanding the highest-caliber franchise system in the hotel industry.'
La Quinta's franchising program was launched in 2000. Since that time, it has grown rapidly and developed some of the most innovative service, support and property performance enhancement programs in the industry. La Quinta now has 176 franchised properties.
La Quinta's corporate development and acquisition program continued strong, adding seven properties in the first half of 2006. Corporate acquisitions included high-profile locations in markets such as Bloomington, MN near the Minneapolis-St. Paul International Airport and Mall of America and Islip, NY less than a mile from Long Island's MacArthur Airport. In downtown Little Rock, Arkansas, a newly acquired hotel brought more than 200 rooms into the La Quinta system.
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