PALM BEACH, FL— Innkeepers USA Trust, a hotel REIT and owner of upscale extended-stay hotel properties throughout the U.S., said the continuing softness of the economy, which is dampening lodging demand and business travel, is expected to negatively impact its earnings for the remainder of 2001. As a result, the company is lowering its quarterly and year-end 2001 earnings guidance. Innkeepers is lowering FFO earnings guidance for full-year 2001 to a range of $1.72 to $1.80 from the current analysts’ consensus estimate of $1.86, and compared to the $1.92 achieved in 2000. This range assumes a RevPAR decline of between 3.5% and 5.5% for the entire year. The current estimate for second quarter FFO per share is $0.43, with a range of $0.47 to $0.51 for the third quarter and $0.37 to $0.41 for the fourth quarter.
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