WICHITA— Candlewood Hotel Co. reported that its RevPAR for the third quarter of 2002 was $43.38, a 3.6% decrease from the same period in 2001. Occupancy for the quarter was 78.4%, up from 76.3% in 2001. However, the ADR decreased to $55.36 from $58.98 in 2001. The company reported that operating revenue for the quarter was $33.3 million, a 3.8% drop from the third quarter of 2001. Losses before preferred dividends for the quarter were $1.5 million, as compared with losses of $525,000 in the third quarter of 2001. Four new franchise hotels went under construction during the quarter, bringing the total Candlewood franchised hotels currently under construction to six. Candlewood Hotel Company owns, operates and franchises Candlewood Suites and Cambridge Suites, which cater to mid-market and upscale business and personal travelers seeking multiple night stays.
