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LA QUINTA ANNOUNCES PROPOSAL FROM EXEL INNS

 LA QUINTA ANNOUNCES PROPOSAL FROM EXEL INNS
 SAN ANTONIO, Texas, July 14 /PRNewswire/ -- La Quinta Motor Inns


Limited Partnership (the partnership) (NYSE: LQP) announced today that it had received an unsolicited proposal from Exel Inns of America, Inc., in which Exel proposes to lease all of the partnership's motor inns and restaurants. Exel's proposal is subject to a number of conditions, many of which are outside the control of the partnership, including consent of Aetna who holds mortgages on the partnership's properties and La Quinta Motor Inns, Inc., who manages the partnership's inns pursuant to a management agreement. La Quinta Realty Corp., the general partner of the partnership, will begin to review Exel's proposal immediately and although it does not expect to respond within the 10-day period Exel requested in its proposal, La Quinta Realty Corp. will respond after it has had an opportunity to thoroughly consider the proposal. Although the relationship between the Exel proposal and Ronin Partners recently announced consent solicitation is unclear, unitholders are cautioned not to take any action which might further Exel's proposal, including executing any consent solicited by Ronin Partners, until La Quinta Realty Corp. has had an opportunity to evaluate Exel's proposal and make a recommendation.
 La Quinta Motor Inns Limited Partnership owns 31 La Quinta Inns and 20 restaurants in 15 states.
 -0- 7/14/92
 /CONTACT: Joyce Hyde of La Quinta Realty, 512-366-6135/
 (LQP) CO: La Quinta Motors Inns Limited Partnership; Exel Inns of America
 Inc. ST: Texas IN: LEI SU:


KD -- NY028 -- 9015 07/14/92 10:21 EDT
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Publication:PR Newswire
Date:Jul 14, 1992
Words:259
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