La Quinta Properties 8K Regulation FD Disclosure | SEC 16 Sep 04

Exhibit 99.1

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Investor Presentation

September 2004

SAFE HARBOR STATEMENT

Certain matters discussed in this presentation may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believes,” “anticipates,” “expects,” “intends,” “estimates,” “projects” and other similar expressions, which are predictions of or indicate future events and trends, typically identify forward-looking statements. Our forward-looking statements are subject to a number of risks and uncertainties which could cause actual results or the timing of certain events to differ materially from those projected in or contemplated by the forward- looking statements. Accordingly, we cannot assure you that the expectations set forth in these forward-looking statements will be attained. Some of the factors that could cause actual results or the timing of certain events to differ from those described in these forward-looking statements include, without limitation, our ability to successfully grow revenues (through our revenue initiatives, including our franchising program, our internet distribution initiatives and our frequent stayer program, or otherwise) and profitability of our lodging business and franchising program; concentration of our properties in certain geographic areas; our ability to realize sustained labor or other cost savings; the availability and costs of insurance for our properties and business; competition within the lodging industry, including in the franchising of the La Quinta® and Baymont Inns & Suites® brands; our ability to generate attractive rates of return on new lodging investments; the cyclicality of the lodging business; the impact of U.S. military involvement in Iraq and/or additional terrorist activities; the effects of the general economic slowdown, including decreases in consumer confidence and business spending, which may continue to adversely affect our business and industry; interest rates; the ultimate outcome of litigation filed against us; the availability of capital for corporate purposes including for debt repayment, acquisitions and capital expenditures; the conditions of the capital markets in general; acquisition-related risks, including our ability to successfully integrate Baymont Inns & Suites and Woodfield Suites into La Quinta’s operations; and other risks detailed from time to time in our filings with the Securities and Exchange Commission, including, without limitation, the risks described in our Joint Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 15, 2004, in the section entitled “Certain Factors You Should Consider About Our Companies, Our Businesses and Our Securities”. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

STATEMENT CONCERNING NON-GAAP MEASUREMENT TOOLS

La Quinta uses Adjusted EBITDA as a supplemental measure of the Company’s performance because we believe it gives the reader a more complete understanding of our financial condition and operating results. We use this metric to calculate various financial ratios and to measure our performance, and we believe some debt and equity investors also utilize this metric for similar purposes. Adjusted EBITDA includes adjustments for non-cash income or expenses such as depreciation, amortization and other non-cash items. Adjusted EBITDA is also adjusted for income taxes, interest expense and minority interest (which includes our preferred stock dividends of La Quinta Properties, Inc.), as well as certain cash income or expense that we believe otherwise distort the comparability of the measure. Adjusted EBITDA is intended to show unleveraged, pre-tax operating results. The impact of investing and financing transactions, as well as income taxes, should also be considered in evaluating overall results. Adjusted EBITDA is not intended to represent any measure of performance in accordance with generally accepted accounting principles (“GAAP”) and our calculation and use of this measure may differ from our competitors. This non-GAAP measure should not be read in isolation or as a substitute for a measure of performance or liquidity prepared in accordance with GAAP. A detailed schedule reconciling GAAP net loss to Adjusted EBITDA is included in the presentation.

CERTAIN INFORMATION OF OTHER COMPANIES

Certain historical financial and operating information pertaining to the limited service lodging business of The Marcus Corporation, which La Quinta acquired on Sept. 3, 2004, has been derived from the public filings of, or data provided by, The Marcus Corporation and La Quinta has not independently verified this information.

[LOGO]

Creating Shareholder Value

Today

• Proven management team

• Strong brands

• High quality assets with recent capital investments

• Strong balance sheet with access to capital

• Enhanced sales and marketing programs

• Successful franchising program

Engines of Growth

• Enhance RevPAR(1), margin and Adjusted EBITDA growth

• Continued revenue initiatives and cost management

• Lodging industry recovery

• General economic recovery

• Local market improvement

• Growth and profitability of franchise program

• Leverage revenue and cost synergies to grow Baymont’s cash flows

(1) Revenue per available room

COMPANY OVERVIEW