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LQI ACQUISITION CORPORATION ANNOUNCES COMMENCEMENT OF TENDER OFFER FOR ALL OUTSTANDING UNITS OF LA QUINTA MOTOR INNS LIMITED PARTNERSHIP

 SAN ANTONIO, Nov. 1 /PRNewswire/ -- LQI Acquisition Corporation, a wholly owned subsidiary of La Quinta Inns, Inc. (NYSE: LQI) (La Quinta), today commenced a cash tender offer for all of the 3,522,300 limited partnership units of La Quinta Motor Inns Limited Partnership (NYSE: LQP) (the Partnership) not beneficially owned by La Quinta at $13 net per depositary unit in cash.
 As previously announced, the offer is being made pursuant to a merger agreement with the Partnership. The board of directors of La Quinta Realty Corp., the general partner of the Partnership, upon the unanimous recommendation of a special committee comprised solely of independent directors not affiliated with La Quinta, unanimously approved the tender offer and the merger, determined that the tender offer and merger, taken as a whole, are fair to the Partnership's public unitholders and recommended acceptance of the tender offer by the Partnership's public unitholders. Banc One Capital Corporation acted as financial advisor to the special committee and advised the special committee and the board of directors that the cash consideration of $13 net per depositary unit to be received by the Partnership's unaffiliated public unitholders in the tender offer and the merger, taken as a whole, is fair to such public unitholders from a financial point of view.
 The tender offer is conditioned on, among other things, there being validly tendered and not withdrawn prior to the expiration of the tender offer more than 50 percent of the Partnership's units not beneficially owned by La Quinta. La Quinta currently owns 11.4 percent of the outstanding Partnership units. The tender offer and the merger will be financed by La Quinta through borrowings under its existing lines of credit and are not subject to any financing contingency. Smith Barney Shearson Inc. is acting as dealer manager of the tender offer.
 La Quinta Motor Inns Limited Partnership owns 31 inns in 15 states which are managed by La Quinta. La Quinta owns and/or operates more than 200 limited service inns in 29 states.
 -0- 11/1/93
 /CONTACT: Investor Relations of La Quinta Inns, Inc., 210-302-6030/
 (LQI LQP)


CO: LQI Acquisition Corporation; La Quinta Inns, Inc.; La Quinta Motor
 Inns Limited Partnership ST: Texas IN: LEI SU:


TW -- NY021 -- 9014 11/01/93 09:31 EST
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Publication:PR Newswire
Date:Nov 1, 1993
Words:380
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