Press Release: Suburban Lodges of America, Inc.
October 9, 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 $153.47 in September 2001, a 5.6% decline from
weekly RevPAR of $162.55 in September 2000.
Average weekly rate (``AWR'') declined to $196.26 in September 2001 from $197.71 in September 2000. Occupancy rates
for company-owned hotels averaged 78.3% in September 2001, a 4.5% decline from average occupancy of 82.0% in September
2000.
Company Chief Financial Officer Chuck Criscillis also disclosed information regarding the performance of the Company's
hotels following the terrorist attacks on New York and Washington, D.C.
``For the first ten days of September, as a result of the already declining economic conditions, our hotels' average
occupancy rate of 79.0% was about 2.7% lower than the occupancy rate for the same nights a year earlier,'' Criscillis
stated. ``From September 11 on, average occupancy rates of 78.0% were 5.5% lower than those of the comparable period
in the prior year. It is encouraging to see that the Company's hotels have thus far been less affected by the tragic
events of September 11 than have others in our industry.''
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.