La Quinta Inns to expand into Canada
Dallas Business Journal
Dallas-based La Quinta Inns Inc. said Tuesday it is expanding into Canada, its first international foray, with the signing of a master franchise agreement with Toronto-based AFM Hospitality Corp. (TSE: AFM).
Under the agreement, AFM Hospitality unit La Quinta Inns Franchises Canada Inc. will have exclusive rights to franchise the La Quinta brand in Canada.
AFM Hospitality expects to develop more than 30 franchised La Quinta properties throughout Canada over the next five years. With the addition of La Quinta, AFM Hospitality now franchises 10 different hotel brands in Canada.
"Canada is the first of several international expansion initiatives for La Quinta,'' Butch Cash, president and CEO of La Quinta Inns, said in a statement. "We continue to grow the La Quinta brand through our aggressive franchise/development program. Expanding into Canada not only shows the success of the franchise program, but our positive financial growth track for the future.''
La Quinta, owned by La Quinta Cos. (NYSE: LQI), formally launched its franchise program in September last year. Since then, it has signed 39 franchisees with 40 more currently in development. La Quinta owns, operates or franchises 228 Inns and 74 Inn & Suites in 30 states and has about 8,000 employees. Company Web sites: http://www.laquinta.com and http://www.afmcorp.com.
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