The average daily rate at La Quinta Inns & Suites increased 4.6 percent year over year to $85.91 during the third quarter,

the company reported Wednesday. Systemwide occupancy increased 2.8 percentage points to 71.7 percent, and the brand opened seven franchised hotels, including the company's 500th franchise property, according to La Quinta president and CEO Wayne Goldberg. As of Sept. 30, the company had a pipeline of 196 franchised hotels that totaled more than 16,000 rooms. The company reported a net income of $18.2 million for the quarter, down from $22.6 million in the third quarter of 2013, inclusive of a voluntary prepayment of $75 million on its senior secured term loan facility.