La Quinta Franchise Agreement

Under the terms of the agreement, La Quinta shareholders will receive $US 8.40 per share in cash (approximately $1 billion in total), and Wyndham Worldwide will repay approximately $715 million of La Quinta`s debt minus cash and set aside a reserve of $240 million for estimated taxes, that are likely to be related to the taxable spin-off of La Quinta`s real estate assets into CorePoint Lodging Inc. indirectly prior to the sale of La Quinta to Wyndham Worldwide, La Quinta will relocate its own real estate assets to a listed real estate investment trust, CorePoint Lodging. Keith Cline, President and CEO of La Quinta, adds: “As we expected, the separation of our business allows for greater strategic clarity and allows our company to seize the growth opportunities that naturally arise from any business model. . . .