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LA QUINTA MOTOR INNS LIMITED PARTNERSHIP ANNOUNCES DEBT EXTENSION AND REPORTS THIRD QUARTER RESULTS

           LA QUINTA MOTOR INNS LIMITED PARTNERSHIP ANNOUNCES
            DEBT EXTENSION AND REPORTS THIRD QUARTER RESULTS
    SAN ANTONIO, Texas, Nov. 1 /PRNewswire/ -- La Quinta Motor Inns Limited Partnership (NYSE: LQP) announced today that AEtna Life Insurance Company has agreed to extend, until Dec. 1, 1991, the maturity of the existing $67.5 million secured indebtedness of its subsidiary limited partnership, LQM Operating Partners, L.P.
    In addition, the partnership announced that AEtna has proposed, subject to certain conditions and modifications of AEtna's existing loan agreement, that the maturity of such indebtedness be extended until Nov. 1, 1994.  The partnership is currently finalizing the terms of such proposal.
    Alan L. Tallis, president of La Quinta Realty Corp., stated, "Given the current cooperative attitude, I am optimistic that the partnership will reach a satisfactory agreement with AEtna regarding its proposal to extend the maturity of AEtna's existing loan."
    The partnership also reported results for its third quarter ended Sept. 30, 1991.  The partnership reported net earnings of $399,000 or $.10 per unit in the quarter compared with $82,000 or $.02 per unit in the third quarter of 1990.  The partnership's revenues improved 6.9 percent to $11,454,000 in the quarter from $10,719,000 in last year's comparable period.  The revenue increase was generated by a 2.6 percentage point improvement in occupancy to 74.1 percent from 71.5 percent in last year's third quarter and a 3 percent improvement in the average room rate to $41.50 compared with $40.27 in the third quarter of 1990.  "These are very strong improvements given the overall industry environment," stated Tallis.  The revenue and earnings improvements resulted in a strong cash flow available for distribution to unitholders of $1,333,000 or $.34 per unit in the quarter compared with $1,147,000 or $.29 per unit in last year's third quarter.  "Through the end of the third quarter we were on target with our cash flow projections for the year," stated Tallis.
    For the nine months ended Sept. 30, 1991, the partnership reported a net loss of $58,000 or $.01 per unit compared with a net loss of $1,075,000 or $.27 per unit in last year's comparable nine-month period. Revenues were $32,093,000 for the nine months ended Sept. 30, 1991, compared with $30,414,000 in last year's comparable period and cash flow available for distribution to unitholders was $3,194,000 or $.80 per unit compared with $3,135,000 or $.79 per unit for the nine months ended Sept. 30, 1990.
                   LA QUINTA MOTOR INNS LIMITED PARTNERSHIP
                          Selected Financial Data
     Periods ended       Three months                Nine months
     Sept. 30         1991          1990          1991         1990
    Revenues    $11,454,000    10,719,000    32,093,000   30,414,000
    Operating
     income       2,104,000     1,820,000     5,139,000    4,085,000
    Net earnings
     (loss)         399,000        82,000       (58,000)  (1,075,000)
    Earnings (loss)
     per unit          $.10          $.02         $(.01)       $(.27)
    Percentage of
     occupancy         74.1          71.5          70.0         69.5
    Average room
     rate            $41.50        $40.27        $41.28       $39.37
    -0-            11/1/91
    /CONTACT:  Alan L. Tallis, president of La Quinta Realty, 512-366-6062/
    (LQP) CO:  La Quinta Motor Inns Limited Partnership ST:  Texas IN:  LEI SU:  ERN CK -- NY077 -- 0402 11/01/91 16:47 EST
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No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Nov 1, 1991
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