Valuation Opinion

Duff & Phelps Advised Blackstone Real Estate Advisors, L.P. and La Quinta Management, LLC on an IPO Transaction

Affiliates of Blackstone has contributed interests of certain entities to La Quinta Inns & Suites to its IPO.

Duff & Phelps' Role

Duff & Phelps served as an advisor to the General Partners of Blackstone Real Estate Partners IV and V and rendered a valuation opinion in connection with the transaction. Prior to the transaction, on behalf of La Quinta Management LLC, Duff & Phelps also completed a valuation and purchase price allocation of various La Quinta Inns & Suites within the Prime Hospitality portfolio to be contributed to the IPO for financial reporting purposes.

About Blackstone Real Estate Advisors, L.P.

Blackstone Real Estate Advisors, L.P. is a real estate investment firm specializing in making direct equity investments in real property, debt investments secured by real estate, privately placed real estate securities, and joint ventures with, or outright acquisitions of, real estate operating companies. It seeks to make core-plus investments in commercial real estate, owning offices, warehouse and distribution centers, shopping centers and hotels.

About La Quinta Corporation

La Quinta Corporation is one of the largest owner/operators of limited-service hotels in the United States, with over 65,000 rooms. La Quinta Corporation owns, operates or franchises more than 590 hotels in 39 states and Canada under the Baymont Inn & Suites, La Quinta Inns, La Quinta Inn & Suites, Woodfield Suites and Budgetel brands.

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