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Press Release: Jameson Inns, Inc.
October 17, 2002
ATLANTA, GA -- Jameson Inns, Inc. (Nasdaq: JAMS), a hotel real estate investment trust (REIT), and owner of Jameson
Inn and Signature Inn hotels, yesterday announced that revenue per available room ("REVPAR") was $29.22
in September, a $1.49 or 4.9% decrease from September 2001. Average daily rate increased 1.0% for the month while
occupancy declined 2.9 points.
Average Daily
Occupancy Rate REVPAR
2002 2001 2002 2001 2002 2001
Jameson Inns 50.6 % 50.6 % $57.67 $56.57 $29.15 $28.62
Signature Inns 42.8 % 50.9 % $68.80 $67.62 $29.41 $34.41
Combined
Brands 47.8 % 50.7 % $61.18 $60.57 $29.22 $30.71
Smith Travel Research recently reported that preliminary September figures show REVPAR declining 2%-4% for the
economy segment, where the majority of our hotels are categorized. STR has also estimated a 6%-8% improvement in
the total U.S. lodging industry, due mainly to favorable comparisons of hotels categorized in the upscale segments
which had experienced large REVPAR declines in September 2001.
Commenting on the September results, CEO Thomas W. Kitchin stated, "Even with a slowdown in travel over the
Labor Day weekend and in the first part of September, we believe we are beginning to see an overall stabilization
and improvement of our business and industry. Operationally, our lessee, Kitchin Hospitality, LLC, continues to
strive to grow revenues by offering consistent, quality services to our leisure and business clients."
Jameson Inns, Inc. is a REIT that develops and owns the Jameson Inn and Signature Inn limited service hotel properties.
For more information, visit the Company's website at www.jamesoninns.com
.
Forward-Looking Statements
Certain matters discussed in this press release are forward-looking statements within the meaning of federal securities
regulations. All forward- looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual transactions, results, performance or achievements to be materially different from any future
transactions, results, performance or achievements expressed or implied by such forward-looking statements. General
economic conditions, competition, and governmental actions will affect future transactions, results, performance,
and achievements. These risks are presented in detail in our filings with the Securities and Exchange Commission.
Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable
assumptions, it can give no assurance that our expectations will be attained or that any deviations will not be
material. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking
statements that may be made to reflect any future events or circumstances.
Source: Jameson Inns, Inc.