InTown Suites Reports Continued Growth In Third Quarter

ATLANTA— InTown Suites, reportedly the largest economy-segment extended-stay brand, has reported a weekly RevPAR of $150.17 for the third quarter of 2002 for its 53 original InTown Suites hotels, an improvement over $149.84 for the same hotels in the 2001 third quarter. Occupancy for the original InTown suites was also up slightly during the quarter ended Sept. 30th, at 90%, compared to 86.9% in the same period a year earlier. The 65 former Suburban Lodges in the Intown Suites portfolio, which were acquired in the second quarter and converted to the Intown Brand, had a weekly RevPAR of $135.60 during the third quarter, a three percent improvement over the 2002 second quarter. Occupancy for these hotels was 73.3%. Company-wide, for both the original InTown Suites and the former Suburban Lodges, occupancy was 80.8%. David Vickers, president of InTown Suites, pointed out that the renovations necessary to convert the former Suburban Lodges to the InTown Suites brand has taken a number of rooms out of inventory. Vickers also stated that InTown Suites has a continued interest in acquiring other brands or substantial portfolios of hotels that can be converted to the InTown Suites brand. InTown Suites now has 118 properties with 15,400 rooms open in 21 states. Three new projects are planned to break ground in the first quarter of 2003: two in Denver, CO and one in south Florida. A typical InTown property features 121 studio suites and is located in major urban and suburban areas on main thoroughfares with high visibility, usually near high concentrations of retail facilities. Suites measure approximately 300 square feet of space with full-size refrigerator, two-burner cook-top stove, microwave oven and dining area. Furnishings include a full-size bed, foldout sofa, television set and chest of drawers.