Press Release
May 8, 2001
DALLAS, TX -- La Quinta® Inns, Inc. announced that Robert G. Colbert has been appointed vice president of internal
audit, and Steven J. Flowers has been appointed vice president of finance. The two bring more than 30 years of
combined financial experience to La Quinta, and provide additional depth to the financial operations of the company.
In his new position, Colbert will implement and direct a comprehensive audit program of financial functions necessary
to manage the financial compliance by both individual hotels and corporate departments. As vice president of finance,
Flowers' primary responsibility will be to develop and implement capital markets strategies to maximize shareholder
values. Both positions will report directly to the Chief Financial Officer, David L. Rea.
``Fortifying the financial team with Rob and Steve gives La Quinta additional experienced talent to continue our
quest to improve the existing financial operations,'' said David L. Rea, chief financial officer of La Quinta Inns,
Inc. ``They will also help La Quinta focus on growth opportunities such as our successful franchise program.''
Mr. Colbert, with his more than 20 years of experience, brings to La Quinta a strong background in audit and operational
finance. Colbert most recently acted as vice president of finance and accounting at Rare Medium, Inc. His career
prior to joining La Quinta is highlighted by his ability to develop systems and models that lead to increases in
the profitability and growth of organizations in the healthcare and high-tech industries. During his career, Colbert
spent 14 years at Price Waterhouse honing his expertise by providing financial and accounting counsel to clients.
Mr. Flowers joined La Quinta with more than 12 years in finance after acting as vice president for investments
and finance at Michigan State University in East Lansing, Mich. In this position, he advised the organization's
management and board of trustees regarding a broad scope of financing and investment concerns. Prior to his tenure
at Michigan, Flowers worked for Oryx Energy Company as vice president and treasurer and a member of the senior-management
team implementing financial strategies for the NYSE listed company. Flowers also acted in various financial capacities
for Maxus Energy Corporation and the Petro-Lewis Corporation.
About La Quinta Inns, Inc.
Dallas-based La Quinta Inns, Inc. owns, operates and franchises 229 Inns and 71 Inn & Suites in 28 states.
La Quinta is the lodging division of the Meditrust Companies (NYSE:MT), a real estate investment trust. For more
information about La Quinta, please visit its Web site at www.laquinta.com.
Other news about The Meditrust Companies is available at www.reit.com.
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Contact:
La Quinta Inns, Inc., Dallas
Hallie Currigan, 214/492-6746
or
Edelman Public Relations Worldwide
Charles Roberts/Kelly Schulz, 214/520-3555