Filed pursuant to Rule 424(b)(2) File No. 333-00309 Pricing Supplement No. 3 dated July 16, 1997 (to Prospectus Supplement dated September 16, 1996 and Prospectus dated January 25, 1996). LA QUINTA INNS, INC. MEDIUM-TERM NOTES DUE MORE THAN NINE MONTHS FROM DATE OF ISSUE - ------------------------------------------------------------------------------- Principal Amount: $ 50,000,000 Registered Holder: Cede & Co. Taxpayer Identification No.: Book Entry X --- Certificated --- Fixed Rate Medium-Term Note: Original Issue Date: 7/18/97 Interest Accrual Date: 7/18/97 Interest Rate: 7.33% Original Maturity Date: 4/1/08 Applicability of Extension of Maturity Date: N/A If yes, state Final Maturity Date: Initial Redemption Date: N/A Initial Redemption Percentage: N/A Annual Redemption Percentage Reduction: N/A Optional Repayment Date(s): N/A Applicability of Modified Payment Upon Acceleration: N/A If yes, state Issue Price: Applicability of Annual Interest Payments: N/A Total Amount of OID: None Original Yield of Maturity: N/A Record Date (if other than January 1 and July 1): N/A Other Terms: N/A Floating Rate Medium-Term Note: N/A Original Issue Date: Interest Accrual Date: Base Rate: Spread (Plus or Minus): Spread Multiplier: Alternate Rate Event Spread: Initial Interest Rate: Initial Interest Reset Date: Maximum Interest Rate: Minimum Interest Rate: Index Maturity: Interest Accrual Date: Interest Payment Date(s): Interest Payment Period: Interest Reset Period: Interest Reset Dates: Original Maturity Date: Applicability of Extension of Maturity Date: If yes, state Final Maturity Date: Initial Redemption Date: Initial Redemption Percentage: Applicability of Modified Payment upon Acceleration: If yes, state Issue Price: Annual Redemption Percentage Reduction: Optional Repayment Date(s): Calculation Agent: Total Amount of OID: Original Yield to Maturity: Initial Accrual Period OID: Reporting Service: Other Terms: 2