Press Release: La Quinta Corporation
July 5, 2002
DALLAS, TX -- La Quinta® Corporation (NYSE: LQI) announced July 3 that it has recently prepaid the outstanding
balance of its bank term loan. As of June 21, 2002, total indebtedness has been reduced to $812 million with no
significant near-term debt maturities this year and the company maintains significant liquidity with cash on hand
of $125 million. The company has no borrowings under its $225 million revolving line of credit.
"Our strategy of selling non-strategic assets continues to generate significant cash proceeds," commented
David L. Rea, Executive Vice President and Chief Financial Officer. "Proceeds from additional asset sales,
cash on hand and availability under our revolver gives us the financial flexibility to pursue investment opportunities
as well as manage 2003 debt maturities."
About La Quinta Corporation
Dallas-based La Quinta Corporation, a mid-scale limited service lodging company, owns, operates or franchises over
330 La Quinta Inns and La Quinta Inn & Suites in 33 states. This news release, as well as other information
about La Quinta, is available on the Internet at www.LQ.com .
SOURCE: La Quinta Corporation