InTown Suites Wraps Up Suburban Lodge Acquisition

ATLANTA, GA— InTown Suites has completed the acquisition of Suburban Lodges of America, ostensibly making the combined entity the industry’s largest owner/operator of economy extended-stay facilities. As a result of the acquisition by the privately held InTown Suites, Suburban Lodge stock was delisted and ceased trading on NASDAQ on May 1. Suburban Lodges shareholders approved the acquisition at a special meeting on Apr. 29. Suburban Lodges owns and operates 65 economy, extended-stay hotels and franchises an additional 62 Suburban Lodge properties. In addition, Suburban Lodges franchises 73 GuestHouse International properties, described as mid-market, limited-service hotels. David Vickers, president of InTown Suites, noted the company still intends to proceed with previously planned construction on two new Florida hotels in the fourth quarter. As set out, the twin 121-room properties— slated for Tampa and the West Palm Beach area, respectively— are expected to open in early 2003. While the combined property portfolio continues to set its sights on growth, it appears there is bound to be at least a few personnel casualties coming out of this transaction. For starters, calls placed by HOTEL BUSINESS® to Suburban Lodge offices here revealed Brand President Dan Berman is no longer working for the company. Further details were not made available at this time.—Michael Billig