ATLANTA— InTown Suites has posted operating results for year’s end 2001, showing occupancy for the budget extended-stay chains 53 hotels— including 13 new properties opened during the year— was 87%, outpacing the overall segment, which came in at 73.7% according to The Highland Group. In addition, InTowns RevPAR for stabilized properties declined less than 1%, the company reported. “Our occupancy was off only slightly in the fourth quarter, but we held the decline in average same store net operating income to less than $500 per property for the 13-week period. Guest loyalty is at an all time-high with the average guest staying more than nine weeks, said David Vickers, president of InTown Suites. Initial results show signs of an improving year for 2002. InTown Suites recorded 87% occupancy chainwide in January 2002, compared to 83% for the year-ago period. February 2002 occupancy was 92%, with 11 hotels posting occupancies of 95% or higher. “Room rates have held up well, and we expect to increase rates in the first quarter, Vickers added. The company also expects to begin construction on two new hotels in the second quarter. The properties, both in Florida, will be located in Tampa (121 rooms) and the West Palm Beach area (121 rooms). The chain also is currently in talks to merge with publicly held Suburban Lodges of America, which, if approved, would give InTown Suites the Suburban Lodge and GuestHouse International brands.
