La Quinta is a leading owner, operator and franchisor of select-service hotels primarily serving the midscale and upper-midscale segments under the La Quinta brand. Based on data provided by STR, La Quinta is the fastest growing principal select-service hotel brand in the United States primarily serving these segments in terms of percentage growth of number of hotels over the last ten years ended December 31, 2013, growing our total number of hotels from 362 in 2003 to 834 as of December 31, 2013, significantly outpacing the percentage growth of hotels franchised, owned and operated by Comfort, Holiday Inn Express and Hampton, the hotel brands one or more of which is most often included in the competitive sets we determine for STR, subject to STR’s guidelines, which we refer to as our “main STR competitive set.” Our system-wide portfolio, as of December 31, 2013, consisted of 834 hotels representing approximately 84,000 rooms located predominantly across 46 U.S. states, as well as in Canada and Mexico, of which 357 hotels were owned and operated and 477 were franchised. We also have a pipeline of 187 franchised hotels as of December 31, 2013, to be located in the United States, Mexico, Canada, Colombia and Honduras (79% of which represents new construction as opposed to the conversion of an existing hotel).