DALLAS (May 31, 2009) - La Quinta announced it has signed a deal to bring the La Quinta brand to Panama for the first time. La Quinta signed the agreement with Panama City-based Coldwell Banker Premier Real Estate, Inc., which plans to develop 13 La Quinta Inn & Suites in locations throughout Panama. The first and anchor property will be in Panama City overlooking the Panama Canal and positioned in the center of this newly emerging market. Additional hotels will be located at the Panama Airport, in Coronado and Las Tablas. This announcement is part of La Quinta's continued growth in the United States, Mexico and Canada as well as parts of North and South America.
"We are delighted to bring La Quinta to Panama. Panama is a dynamic, growing hotel market and we are impressed with La Quinta's value proposition as a partner in development as well as guest service," said Lincoln Garcia, President of Coldwell Banker Premier Real Estate. "We look forward to a long and mutually beneficial relationship."
"Bringing the La Quinta brand to a dynamic market such as Panama is very exciting. We are strategically looking for markets where there are growth prospects," said Rajiv Trivedi, La Quinta's Executive Vice President for Franchising and Chief Development Officer. "Building on our current growth underway in Mexico, the agreement in Panama is another step in the brand's expansion plans throughout Latin America." He concluded, "We thank Lincoln Garcia for his confidence and look forward to his breaking ground on the first La Quinta in Panama very soon."
In addition to its international expansion, La Quinta has opened 17 hotels in 10 states adding more than 1,400 rooms. La Quinta has also executed 28 new franchise agreements and expects its strong pace of growth to continue during the remainder of 2009.
"We are pleased by the continued strong pace of our franchise growth in spite of the challenging economic environment," said Wayne Goldberg, La Quinta's President and Chief Executive Officer. "We welcome Lincoln Garcia and his team to the La Quinta family!"
La Quinta's franchising program was launched in 2001 and since then has signed more than 600 franchise agreements, including multiple projects currently underway in Mexico. Its rapid pace of growth makes La Quinta a top franchise choice and the industry leader in the mid-market segment.
About La Quinta
LQ Management L.L.C. is one of the largest operators of limited-service hotels in the United States. Based in Dallas, Texas, the Company operates and provides franchise services to more than 700 hotels in 45 states, Canada and Mexico under the La Quinta Inn® and La Quinta Inn & Suites® brands. For reservations or more information about La Quinta, please visit www.LQ.com or call 1-800-SLEEPLQ.
Director Communications & Public Relations
LQ Management L.L.C.