Press Release: Suburban Lodges of America, Inc.
December 12, 2001
ATLANTA, GA -- Suburban Lodges of America, Inc. (Nasdaq:SLAM), owner/franchisor of the Suburban Lodge and GuestHouse
International hotel brands and operator of 65 Company-owned Suburban Lodge hotels, yesterday announced that weekly
revenue per available room (``RevPAR'') at its owned properties was $140.29 in November 2001, an 8.3% decline from
weekly RevPAR of $152.92 in November 2000.
Average weekly rate (``AWR'') declined 2.2% to $190.22 in November 2001 from $194.56 in November 2000. Occupancy
rates for Company-owned hotels averaged 74.1% in November 2001, a 6.0% decline from average occupancy of 78.8%
in November 2000.
Commenting on the November numbers, Chief Financial Officer Chuck Criscillis stated, ``Our occupancy and room rates,
and those of our competitors, continue to be negatively impacted by reduced levels of business and personal travel
resulting from current economic conditions. Hotel industry experts have estimated that the industry as a whole
experienced at least a 15% year-over-year decline in RevPAR in the month of November. Our performance continues
to lead the industry as all hotel operators progress through this down cycle.''
Suburban Lodges of America, Inc. owns, franchises and manages Suburban Lodge hotels, the nation's largest chain
of economy extended stay hotels, and franchises GuestHouse International hotels, the mid-market nightly stay hotel
chain with a franchisee-friendly franchise agreement.
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Contact:
Suburban Lodges of America, Inc.
Paul A. Criscillis, Jr., 770/799-5000