Press Release: Suburban Lodges of America, Inc.
September 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 $166.60 in August 2001, a 1.5% decline from
weekly RevPAR of $169.07 in August 2000.
AWR for Company-owned hotels increased by 3.2% to $202.35 in August 2001 from $196.12 in August 2000, while average
occupancy declined to 82.4% from 85.9%.
Chuck Criscillis, the Company's Chief Financial Officer, stated, ``The year-over-year decline in RevPAR was purely
the result of lower current year occupancy rates. Nonetheless, given the current economic environment, we believe
it is noteworthy that we achieved a 3% increase in AWR while keeping nearly 8,600 rooms more than 82% occupied.
And, once again, our performance is outpacing the industry's, where experts anticipate as much as a 4% decline
in August 2001 RevPAR as measured against August 2000 performance. We continue to expect pressure on our RevPAR
comparisons, and the industry's, until the economy shows sustained improvement.''
This news release contains a statement concerning the Company's expectations for future periods. This ``forward-looking
statement'' is identified by the use of the word ``expect.'' This forward-looking statement involves known and
unknown risks and uncertainties that could cause actual results to differ materially from the expectations expressed
or implied in the statement. These risks and uncertainties include, among others, changes in economic conditions
or consumer demand for extended stay and other forms of lodging, the level of competition in the extended stay
and other lodging markets, and the Company's financial condition. This statement is based upon management's present
expectations and the information available at this time. The Company does not undertake any obligation to publicly
update or revise any forward-looking statements, whether as a result of new information, future events or other
factors.
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.
--------------------------------------------------------
Contact:
Suburban Lodges of America, Inc.
Paul A. Criscillis, Jr., 770/799-5000