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LA QUINTA MOTOR INNS PARTNERSHIP URGES UNITHOLDERS TO CONSIDER THE BENEFITS OF THE LA QUINTA RELATIONSHIP AND IMPROVED OPERATING RESULTS

LA QUINTA MOTOR INNS PARTNERSHIP URGES UNITHOLDERS TO CONSIDER THE BENEFITS OF THE LA QUINTA RELATIONSHIP AND IMPROVED OPERATING RESULTS
 SAN ANTONIO, Texas, Aug. 17 /PRNewswire/ -- On Saturday, Aug. 15, 1992, the following letter was mailed to unitholders of La Quinta Motor Inns Limited Partnership (NYSE: LQP), urging unitholders to consider the benefits of its relationship with La Quinta Motor Inns and the improvement in operating performance.
 Make no mistake, the Partnership's relationship with La Quinta Motor Inns enhances the value of the Partnership's assets. The Partnership's inns are operated and managed as La Quinta(R) inns by La Quinta pursuant to a long-term management agreement executed in October 1986. Remember, if Ronin's proposal is approved and the Partnership's inns sold, the management agreement with La Quinta will be terminated. Accordingly, it is essential that you sign, date and promptly mail the enclosed WHITE renovation of consent card.
 Consider the Benefits
 It is not always the superiority of the particular property or its location that allows for a strong performance. Chain affiliation, reputation and marketing are often the greatest contributors to a property's ability to outperform the market. The 212 La Quinta(R) inns which are located in 29 states with concentrations in Texas, Florida and California feature an operating concept that distinguishes them from their competitors and provides a competitive advantage over other similarly priced lodging facilities. Removal of certain necessary functions from the individual inns and centralizing or regionalizing the performance of these tasks is the centerpiece of the La Quinta operating concept.
 Consider the following benefits:
 -- Centralized Marketing. The Partnership's inns enjoy the advantages and synergies of targeted advertising and sales programs created by La Quinta's professional marketing staff and agencies, eliminating the need for costly and duplicative sales forces at individual properties. The Partnership's inns additionally benefit from advertising discounts due to La Quinta's buying power and its ability to negotiate national accounts.
 -- Centralized Reservations. Because of the technologically sophisticated nature of La Quinta's national reservation system, the Partnership's inns do not require a reservations department, reducing payroll expense. The strength of the La Quinta reservation system is evidenced by the fact that, according to La Quinta, approximately 66 percent of all arriving guests at La Quinta(R) inns have reservations. Reservations come from a variety of sources, including the centralized reservations system, interlinkage with major airlines' reservations systems, call initiated from system-wide directories and general name recognition.
 -- Centralized Accounting and Purchasing. Centralizing the transaction intensive aspects of accounting (accounts payable, payroll and general ledger) and those areas requiring specialized professionals (audits and tax services) enables the Partnership to benefit from the economies of scale created by the size of the La Quinta system. Centralized purchasing permits volume discounts for an array of products from linens and furniture to cleaning supplies, and provides considerable savings over properties managed individually.
 -- Regionalized Maintenance. Rather than staffing each inn with highly paid maintenance engineers, on-site maintenance employees are skilled in more routine maintenance projects and skilled groups of maintenance personnel are employed regionally by La Quinta for the properties. Property services include developing specifications for major repair and maintenance projects and bidding those jobs to ensure that costs and quality standards are maintained. In addition, because maintenance contracts for sophisticated equipment such as elevators can be negotiated on regional or national levels, costs are lower than those that would be incurred by individual Partnership properties. Property services representatives also handle furniture, fixtures and equipment replacement decisions, thus, insuring uniform quality standards and reducing the workload for the on-site staff.
 In our opinion, the centralized operating concept of La Quinta enables the Partnership's properties to achieve revenues higher than industry averages as a result of higher occupancy rates. To illustrate, the Partnership's 31 inns collectively achieved an occupancy rate of 68 percent in 1991, which was more than 11 percent greater than the 60.9 percent occupancy rate of the industry as a whole. In 1990, the Partnership's properties achieved an occupancy rate of 67.2 percent, which was almost 9 percent greater than the national average of 61.8 percent. We urge you to consider the benefits of the Partnership's relationship with La Quinta. We believe the facts speak for themselves.
 Long before Ronin Partners L.P. had any interest in the Partnership, we were consulting with investment bankers, institutional investors and real estate brokerage houses to explore ways of increasing the Partnership's asset values and cash flow. In the spring of 1991, we solicited and received several proposals from various investment banking firms and one institutional investor to assist us or evaluate a possible restructuring of the Partnership. After a thorough review of the alternatives, we determined that the best course was to refinance the Partnership's mortgage debt and work to reduce costs.
 When it became clear that we would be unable to refinance the $67.5 million mortgage debt held by AEtna Life Insurance Company on acceptable terms prior to its maturity in November 1991, we successfully negotiated a three-year extension of the existing AEtna mortgage which included a higher interest rate but preserved our right to refinance the mortgage, if market conditions improve.
 At the same time, La Quinta set about reviewing ways to improve its management and reduce costs for all La Quinta inns. Upon completion of its review, La Quinta implemented cost-reduction measures to lower the cost of operating La Quinta inns, including the Partnership's inns.
 Consider the Results
 In our opinion, we made the correct choice and we believe the results for the first half of 1992 prove it. In the first six months of 1992, operating income (before litigation and solicitation costs) increased over 27 percent to $3,857,000 from $3,035,000 over the same period in 1991 on only a 2.5 percent increase in revenues (from $20,639,000 in 1991 to $21,163,000 in 1992). We believe that this improvement resulted primarily from the cost reductions adopted by La Quinta and implemented in the last part of 1991. We anticipate that the partnership will continue to benefit from these changes. However, it is distressing that the dramatic improvement has been largely offset by the cost of the partnership's continuing dispute with Ronin Partners L.P., a holder of less than 3 percent of the units which is currently seeking to have the partnership dissolved.
 For these reasons, among others, we remain opposed to Ronin's current consent solicitation and we strongly urge you not to sign any yellow form of consent sent to you by Ronin or its agents.
 Whether or not you have previously executed a yellow consent card solicited by Ronin, we urge you to reject Ronin's solicitation by promptly signing, dating and mailing the accompanying White consent revocation card in the postage-paid envelope provided. Remember, you have the right to change your vote.
 Important Recent Development
 On Aug. 13, the board of directors of La Quinta Realty Corp., the General Partner of the Partnership, unanimously rejected the contingent lease proposal made by Exel Inns of America, Inc. Enclosed is a copy of the Partnership's press release regarding the board's decision. Please give it your careful attention.
 As explained in the press release, the board of directors thoroughly and carefully reviewed Exel's proposal and concluded that it would not be in your best interest. While Exel wants you to believe their proposal would raise distributions to Unitholders the lease proposal did not guarantee payment of any amount. The board of directors concluded that there was no reason to believe that the Partnership's properties under Exel's management could produce sufficient revenues to cover expenses and debt service -- much less pay any distributions to Unitholders.
 If your have any questions or need assistance please call D.F. King & Co., Inc., which is assisting us in this matter, toll-free at 800-522-5001.
 Thank you for your continued interest and support.
 Important
 The General Partner vigorously opposes Ronin's consent solicitation because it believes the Ronin proposal is not in the best interest of the Unitholders and urges you not to sign or return any yellow consent card you may receive from Ronin.
 Whether or not you have previously executed a yellow consent card solicited by Ronin, the General Partner urges you to reject Ronin's solicitation by promptly signing, dating, and mailing the enclosed white consent revocation card in the postage paid envelope provided. Please act today.
 If your Units are held in the name of a brokerage firm, only it can execute a white consent revocation for your units and only upon receipt of your specific instructions. Please contact the person responsible for your account and give instructions for execution of the white consent revocation card.
 If you have questions or require assistance, please call D.F. King & Co., Inc., which is assisting us at 800-522-5001.
 -0- 8/17/92
 /CONTACT: Marisa Heine or Walter Denby of D.F. King, 212-269-5550, for La Quinta Motor Inns Limited Partnership/
 (LQP) CO: La Quinta Motor Inns Limited Partnership ST: Texas IN: LEI SU:


PS-OS -- NY070 -- 0660 08/17/92 16:34 EDT
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Date:Aug 17, 1992
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