On October 30, 2014, La Quinta Holdings Inc. filed a Registration Statement on Form S-1 with respect to shares of the company's common stock to be sold by funds affiliated with The Blackstone Group L.P. As disclosed in the Registration Statement, William J. Stein and Jonathan D. Gray have informed the Company that, effective upon consummation of the Offering, they will resign from the company's Board of Directors. The Board of Directors will appoint a Chairman of the Board of Directors effective upon Mr. Stein's resignation.