FORT LAUDERDALE Extended Stay America reported the fourth quarter and year 2000 results. Net income for the fourth quarter increased by 56% to $14.8 million or $0.15 per diluted share, compared with $9.5 million or $0.10 per diluted share for the fourth quarter last year. Net income for the year ended December 31, 2000 was $70 million or $0.72 per diluted share, an increase of 47% compared to 1999.
The company realized average occupancies of 76% and average weekly room rates of $307 for the quarter. Nine properties opened during the fourth quarter, and 19 facilities were under construction. A total of 30 properties were opened during the year ended December 31, 2000 with total costs of approximately $256 million. (1/23/01)