<PAGE>   1
                                    FORM 10-Q
                        SECURITIES & EXCHANGE COMMISSION
                              WASHINGTON, DC 20549

                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

For Period Ended: June 30, 1997

Commission File Number: 2-67456

SUPER 8 MOTELS NORTHWEST I

Washington                                                            91-1101310

                                     PART 1
                              Financial Information

Item 1.  Financial Statements

See attached unaudited June 30, 1997 Financial Statements and the partnership's
balance sheet for the year ended December 31, 1996. The Statement of Cash Flows
is omitted from the attachment and is presented as follows:

<TABLE>
<CAPTION>
                                                                                       PERIOD ENDED JUNE 30,
                                                                                    1997                1996
                                                                                 -----------         -----------
<S>                                                                              <C>                 <C> 
CASH FLOWS FROM OPERATING ACTIVITIES
    Revenues and other income received in cash                                   $ 1,359,193         $ 1,307,540
    Operating expenses paid in cash                                               (1,002,870)           (741,727)
    Interest paid                                                                    (60,584)            (64,702)
                                                                                 -----------         -----------

              Net cash provided by operating activities                              295,739             501,111
                                                                                 -----------         -----------

CASH FLOWS FROM INVESTING ACTIVITIES
    Purchases of property and equipment                                                 --               (89,669)
    Sale of land                                                                      26,606                --
                                                                                 -----------         -----------

                Net cash provided by (used in) investing activities                   26,606             (89,669)
                                                                                 -----------         -----------

CASH FLOWS FROM FINANCING ACTIVITIES
    Principal payments on long term debt                                             (25,016)            (20,599)
    Distributions to partners                                                       (303,028)           (303,030)
                                                                                 -----------         -----------

                Net cash used in financing activities                               (328,044)           (323,629)
                                                                                 -----------         -----------

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS                                  (5,699)             87,813
CASH AND CASH EQUIVALENTS, beginning of period                                       544,684             222,146
                                                                                 ===========         ===========

CASH AND CASH EQUIVALENTS, end of period                                         $   538,985         $   309,959
                                                                                 ===========         ===========
</TABLE>


<PAGE>   2
<TABLE>
<CAPTION>
                                                                                       PERIOD ENDED JUNE 30,
                                                                                    1997                1996
                                                                                 -----------         -----------
<S>                                                                              <C>                 <C>        
RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING
    ACTIVITIES
    Net income                                                                   $   452,655         $   395,012
                                                                                 -----------         -----------
    Adjustments to reconcile net income to net cash provided by operating
       activities:
       Depreciation and amortization                                                  43,626              59,917
       Change in assets and liabilities
          Accounts receivable                                                          2,888               3,646
          Inventory                                                                     --                   (63)
          Prepaid expenses                                                              (637)            (13,891)
          Deposits                                                                    (3,898)              1,282
          Accounts payable                                                            56,683              64,367
          Accrued expenses                                                            (5,578)             (9,159)
          Accrued management fees                                                   (250,000)               --
                                                                                 -----------         -----------
                                                                                    (156,916)            106,099
                                                                                 ===========         ===========

NET CASH PROVIDED BY OPERATING ACTIVITIES                                        $   295,739         $   501,111
                                                                                 ===========         ===========
</TABLE>


Item 2.  Management's Discussion and Analysis of Financial Condition and Results
         of Operations.

See attached Second Quarter (6/30/97) Update from the Issuer delivered to its
limited partners.


                                     PART 2
                                Other Information

Item 1.  Legal Proceedings
         None

Item 2.  Changes in Securities
         None

Item 3.  Defaults Upon Senior Securities
         None

Item 4.  Submission of Matters to a Vote of Security Holders
         None

Item 5.  Other Information
         None

Item 6.  Exhibits and Reports on Form 8-K.
         None.


<PAGE>   3
                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

SUPER 8 MOTELS NORTHWEST I
a Washington limited partnership


By:                                                      Date:   August 8, 1997
   -----------------------------------------
     Gerald L. Whitcomb, General Partner


<PAGE>   4

                           SUPER 8 MOTELS NORTHWEST I

                                 BALANCE SHEET

                             JUNE 30, 1997 AND 1996
                                  (Unaudited)

                                     ASSETS
<TABLE>
<CAPTION>
                                                   1997            1996
                                                ----------      ---------- 
<S>                                             <C>             <C>         
CURRENT ASSETS
  Cash                                          $  538,985      $  309,959
  Accounts receivable                               18,630          15,513
  Inventory                                         42,093          42,340
  Prepaid expenses                                   7,849          27,213
                                                ----------      ---------- 

        Total current assets                       607,557         395,025

PROPERTY AND EQUIPMENT   
  Land                                           2,026,804       2,053,409
  Land improvements                                 79,671          79,671
  Buildings                                      2,836,155       2,882,913
  Equipment, furniture, and fixtures             1,021,107       1,020,685
  Construction in progress                               0               0
                                                ----------      ---------- 
        Subtotal                                 5,963,737       6,036,678
  Less accumulated depreciation                 (2,063,793)     (1,968,023)
                                                ----------      ---------- 
        Total property and equipment, net        3,899,944       4,068,655

OTHER ASSETS
  Franchise fees                                    30,000          30,000
  Appraisal fees and loan fees                      15,000          15,000
                                                ----------      ---------- 
        Subtotal                                    45,000          45,000
  Less accumulated amortization                    (27,750)        (24,750)
                                                ----------      ---------- 
        Subtotal                                    17,250          20,250
  Deposits                                          38,241          32,428
                                                ----------      ---------- 
        Total other assets                          55,491          52,678
                                                ----------      ---------- 
        Total assets                            $4,562,992      $4,516,358
                                                ==========      ==========

                LIABILITIES AND PARTNER'S CAPITAL EQUITY
                                                        
                                                   1997            1996
                                                ----------      ---------- 
CURRENT LIABILITIES                
  Accounts payable - trade                      $   86,134      $   96,497
  Accounts payable - Affiliates                     37,661          93,673  
  Accrued expenses                                  82,729          75,140
  Current portion of long-term debt                 45,584          38,434
                                                ----------      ---------- 
        Total current liabilities                  252,108         303,744

NONCURRENT LIABILITIES
  Long-term debt, net of current                                          
    portion shown above                          1,307,191       1,359,416
  Property management fees                         355,348         605,348
                                                ----------      ---------- 
        Total noncurrent liabilities             1,662,539       1,964,764

PARTNER'S CAPITAL EQUITY                                                   
  General partner                                  393,934         193,709
  Limited partners                               2,254,411       2,054,141
                                                ----------      ---------- 
        Total partner's capital equity           2,648,345       2,247,850
                                                ----------      ---------- 
        Total liabilities and partner's
          capital equity                        $4,562,992      $4,516,358
                                                ==========      ========== 
</TABLE>
<PAGE>   5

                           SUPER 8 MOTELS NORTHWEST I

                              STATEMENT OF INCOME

                FOR THE SIX MONTHS ENDING JUNE 30, 1997 AND 1996
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                   1997            1996
                                                ----------      ---------- 
<S>                                             <C>             <C>         
SALES
  Rooms                                         $1,284,477      $1,247,036
  Other                                             62,621          53,259
                                                ----------      ---------- 

        Total sales                              1,347,098       1,300,295

DIRECT OPERATING EXPENSES
  Payroll and related expenses                     247,999         230,418
  Supplies and maintenance                          59,358          80,851
  Utilities                                         74,665          72,746
  Other                                             12,694          15,966
                                                ----------      ---------- 

        Total direct operating expenses            394,716         399,981

INDIRECT OPERATING EXPENSES
  Advertising and promotion                         34,199          31,671
  Bank and credit card charges                      19,894          20,645
  Insurance                                         16,864          14,730
  Property and business taxes                       66,583          62,727
  Other                                              4,458           6,505
                                                ----------      ---------- 

        Total indirect operating expenses          141,998         136,278

ADMINISTRATIVE AND GENERAL EXPENSES
  Administrative service fees                       89,762          85,987
  Franchise fees                                    51,379          49,689
  Property management fees                          67,355          64,906
  Professional services                             16,806          14,220
  Other                                             15,074          13,118
                                                ----------      ---------- 
        Total administrative and general
          expenses                                 240,376         227,920                        

FIXED CHARGES
  Amortization                                       2,250           3,750
  Depreciation                                      41,376          56,167
  Interest                                          62,708          64,702
  Lease expense                                     20,226          20,085
                                                ----------      ---------- 

        Total fixed charges                        126,560         144,704
                                                ----------      ---------- 

INCOME FROM OPERATIONS                             443,448         391,412
                                                ----------      ---------- 

OTHER INCOME
  Interest income                                    6,507             900
  Gain on sale of asset                                  0          
  Rental income                                      2,700           2,700
                                                ----------      ---------- 

        Total other income                           9,207           3,600
                                                ----------      ---------- 

NET INCOME (LOSS)                               $  452,655      $  395,012
                                                ==========      ==========   
</TABLE>


<PAGE>   6

                        SUPER 8 MOTELS NORTHWEST I UPDATE

VOL. 17 NO. 2/JUNE 30, 1997                                  SECOND QUARTER 1997


                                  NATIONAL NEWS

                       SUPER 8 ROOMS NEARING 100,000 MARK

Super 8 Motels President, Robert Weller, reminds us in the May issue of the
Super 8 newsletter StrEIGHTTalk that the chain continues to expand its services
nationwide in 1997. Currently, a new Super 8 Motel opens every 2.5 days, a new
franchise is sold every working day, and a guest joins the VIP Club every
minute!

Another benchmark will be reached this summer when the 101 motels now under
construction open their doors, bringing the number of guest rooms to over
100,000. This exposure of product, in combination with the VIP Club membership
rapidly approaching the five million mark, will assure Super8's position as the
finest franchise lodging chain in the industry.

Investors should note, further, that Super 8 continues to keep pace with design
and service developments within the industry--maintaining an edge in the
marketplace. Consider the following nationwide statistics:

    -   95% of all Super 8 Motels now offer non-smoking rooms
    -   90% of all Super 8 Motels offer fax machine services
    -   66% of nationwide Super 8s offer a continental breakfast --and--
    -   Over one-third offer meeting rooms, swimming pools, and suites.

Of course, all motels comply with current standards to accommodate the
physically disabled guest, and the hearing and/or visually impaired guest. All
motels are in the process of converting to the newer security-conscious
electronic lock systems, and many newly constructed and renovated properties are
offering computer data ports in the guest rooms.

              PENINSULA MANAGEMENT PROPERTIES SWEEP TOP VIP HONORS

During the 1996 National VIP Challenge, over 606,000 guests joined and began
receiving the benefits of VIP membership. The 1996 National Awards were
presented at the 1997 Regional Meetings by Super 8's Vice President of
Marketing, Tom McNulty. Peninsula Management Northwest properties competed in
four of the six size categories, and proudly took top honors in three of those
four categories:

    -   SeaTac Airport Super 8 Motel--First Prize 89-290 Room Category-over
        6,000 VIPs
    -   Portland Airport Super 8 Motel--First Prize 66-88 Room Category-over
        6,200 VIPs
    -   Klamath Falls Super 8 Motel--First Prize 57-61 Room Category-over 2,800
        VI Ps

The staffs at the SeaTac and Portland Airport properties continue this
leadership role in 1997.


                                                                               1
<PAGE>   7
Also at the national level, Peninsula Management Northwest was honored with the
newly created "Curb Appeal Award" on behalf of the Grants Pass, Oregon, Super 8,
for its outstanding exterior appearance.

                                  REGIONAL NEWS

            RESER-V-8 NOW INSTALLED in WASHINGTON, OREGON, AND ALASKA

One of the immediate results of PMNW's President H. Samuel Polack's newly formed
five-member President's Advisory Council, was the development of the innovative
"Reser-v-8 Now" system. This intracompany reservation concept was referred by
Polack's P.A.C. to the Marketing and Training Departments for co-design and
implementation. After being carefully tested at the Managers Training School
location in Lacey, Washington, the program was adjusted, then installed at all
Northwest locations by the 4th of July holiday weekend.

"Reser-v-8 Now" enables a guest to make a confirmed reservation at their next
Super 8 destination, at the moment of check-in, or, from the comfort of their
room. An incentive program rewarding the motel staff for assisting guests with
the reservations is paired to the promotion.

At this writing, with only preliminary reports available, it does appear that
both guests and staff alike are warming to the new service--one that likely will
continue, in some format, into the winter months.

                PARTNER PROGRAM "FIRST CONCERN" LAUNCHED in JUNE

Handsome lapel jewelry--reminding guests in the Northwest that, "You, our Super
8 customer, are our FIRST CONCERN" will be appearing on the uniforms of many
stellar staff members in August and September. Jewelry will be awarded those
motels attaining training, sales, and VIP benchmarks for each month of the year.

                     REDMOND, OREGON GRAND OPENING A SUCCESS

After a three-day "Pineapple Kind of People" sales blitz in the
Redmond/Bend/Sisters area, and four days of rugged construction and housekeeping
inspections, the 25th PMNW Super 8 Motel opened in Redmond, Oregon on June 27th
as scheduled. Grand Opening festivities were attended by over 300 local area
residents and business persons, which began with a Chamber of Commerce
ribbon-cutting at 4:00 p.m. Tours of the facility were also offered, as were
refreshments, free VIP memberships, and a grand prize drawing.

The location is proving to be a solid one for PMNW. Over the opening weekend,
the motel completely sold out, and bookings are strong through August and into
the Fall. Further, with the Reser-v-8 Now program in place, the Redmond staff is
forwarding numerous referrals to its neighboring Super 8s in Bend, Klamath
Falls, Portland, and even SeaTac Airport.

                  WOODBURN GRAND OPENING SLATED FOR NOVEMBER 21

Woodburn construction is proceeding smoothly this summer. With assistance from
crews now concluded with the Redmond project, the job superintendent is
confident in the commitment to open prior to Thanksgiving.


                                                                               2
<PAGE>   8
Currently, aggressive pre-marketing and pre-sales work is being done in the
Woodburn area to assure a firm hold in this market for the winter of 1997-98.
Again, reservation and referrals are being crafted between PMNW's 26th new motel
and its I-5 corridor Super 8 partners in Wilsonville to the North, and Salem,
Grants Pass, and Ashland to the South.

                           SUPER 8 MOTELS NORTHWEST I

Operational results for the first six months of 1997 for Super 8 Motels
Northwest I show total sales increased by about $47,000 over the first half of
1996. This is an increase of 3.6% over 1996. Net income increased to $443,448
compared to $391,412 in 1996, for a 13% increase.

The increases were a net result of Federal Way occupancy decreasing by
approximately six occupancy points, while its average daily rate increased by
about $1.13 per rented room. These two factors combined to produce a year
to-date decline in revenue at Federal Way. In mid July a change was made in the
on-site management at Federal Way in an effort to reverse the occupancy trend.
In addition, during the Fall there will be extensive renovations done to update
and upgrade the property. The results of such a renovation are evident at
SeaTac, where occupancy grew by about two percentage points and average daily
rate increased by over $3.25 compared to the same period in 1996. This situation
created an increase in total sales of about 10% at the SeaTac Super 8. Operating
expenses were generally well controlled in both properties, allowing net income
to rise as noted.

Second quarter distribution is in the amount of $25.00 per partnership unit.
This represents a 10% annualized return on your original partnership investment.
In addition, you will find occupancy and average daily room rate charts, and
year to date through June 30 unaudited financial statements.

Once again, it should be noted that there continue to be offers made by various
liquidity funds to purchase units at far below the original unit cost of $1,000.
The partnership has assets which were appraised in August, 1996. These
appraisals indicated values of $7,400,000 for the SeaTac property, and
$3,500,000 for the Federal Way property. While there can be no assurance as to
the actual value which may be realized upon sale of the assets and/or
liquidation of the partnership, each investor should be aware of the value of
the assets in order to make an informed decision as to the disposition of their
respective units. If you find a need to dispose of your units, you are urged to
call your NASD registered securities representative or the partnership office so
that you may be assisted in disposing of your units.

Thank you for your continued support of Super 8 Motels Northwest I and remember,
if travel plans are in your future, CALL SUPER 8 at 1-800-800-8000 for
reservations.


              The official Publication of THE PENINSULA GROUP, INC.
            7515 Terminal St. SW, Tumwater, WA 98501 / (360) 943-8000

       Owners and operators of America's finest economy lodging serving 25
                        convenient Northwest locations:

               ALASKA: Anchorage - Fairbanks - Juneau - Ketchikan
   OREGON: Ashland - Bend - Corvallis - Grants Pass - Klamath Falls- Portland
  International Airport - Redmond - *Roseburg - Salem - Wilsonville - *Woodburn
      WASHINGTON: Bremerton - Ellensburg - Federal Way -Ferndale - Kelso -
 Kennewick - Moses Lake - Olympia/Lacey - Port Angeles - Sea-Tac International
                         Airport - Walla Walla - Yakima
                                  *Coming soon


                                                                               3
<PAGE>   9
SUPER 8 NORTHWEST I
BALANCE SHEET


                                     ASSETS

<TABLE>
<CAPTION>
                                                       DECEMBER 31,
                                              -------------------------------
                                                 1996                 1995
                                              -----------         -----------
<S>                                           <C>                 <C>        
CURRENT ASSETS
     Cash and cash equivalents                $   544,684         $   222,146
     Accounts receivable, trade                    21,518              15,718
     Accounts receivable, affiliates                 --                 3,442
     Inventory                                     42,093              42,277
     Prepaid expenses                               7,212              13,322
                                              -----------         -----------

        Total current assets                      615,507             296,905
                                              -----------         -----------

PROPERTY AND EQUIPMENT, at cost
     Land                                       2,053,409           2,053,409
     Land improvements                             79,671              79,671
     Buildings                                  2,836,155           2,818,164
     Equipment, furniture and fixtures          1,021,108           1,017,991
                                              -----------         -----------

                                                5,990,343           5,969,235
     Less accumulated depreciation             (2,022,417)         (1,934,081)
                                              -----------         -----------

        Total property and equipment            3,967,926           4,035,154
                                              -----------         -----------

OTHER ASSETS
     Loan fees                                     15,000              15,000
     Franchise fees                                30,000              30,000
                                              -----------         -----------

                                                   45,000              45,000
     Less accumulated amortization                (25,500)            (21,000)
                                              -----------         -----------

                                                   19,500              24,000
     Deposits                                      34,343              33,710
                                              -----------         -----------

        Total other assets                         53,843              57,710
                                              -----------         -----------

                                              $ 4,637,276         $ 4,389,769
                                              ===========         ===========
</TABLE>


<PAGE>   10
SUPER 8 NORTHWEST I
BALANCE SHEET


                        LIABILITIES AND PARTNERS' EQUITY

<TABLE>
<CAPTION>
                                                                      DECEMBER 31,
                                                             ----------------------------
                                                                1996              1995
                                                             ----------        ----------
<S>                                                          <C>               <C>       
CURRENT LIABILITIES
     Accounts payable, trade                                 $   37,503        $   49,240
     Accounts payable, affiliates                                29,609            76,564
     Accrued expenses                                            88,307            84,299
     Current portion of long-term debt                           46,000            38,000
                                                             ----------        ----------

               Total current liabilities                        201,419           248,103
                                                             ----------        ----------


LONG-TERM DEBT, net of current portion shown above            1,331,791         1,380,449
                                                             ----------        ----------

ACCRUED PROPERTY MANAGEMENT FEES                                605,348           605,348
                                                             ----------        ----------

PARTNERS' EQUITY
     General partner's equity                                   329,065           192,789
     Limited partners' equity (authorized, issued and
         outstanding 6,000 units)                             2,169,653         1,963,080
                                                             ----------        ----------

                                                              2,498,718         2,155,869
                                                             ----------        ----------

                                                             $4,637,276        $4,389,769
                                                             ==========        ==========
</TABLE>