Jameson Inns Reports Oct. ADR, RevPAR Up; Occupancy Down

ATLANTA— Hotel REIT Jameson Inns, Inc., which owns Jameson Inn and Signature Inn hotels, has reported an increase in revenue per available room, showing $32.72 in October, a $.14 increase from October 2001. Average daily rate also increased 1.3% for the month; however occupancy declined five points. Smith Travel Research recently reported preliminary October figures show RevPAR flat to declining 2% for the economy segment, where the majority of Jameson’s hotels are categorized. STR has also estimated a 5%-7% improvement in the total U.S. lodging industry for the month, due mainly to significantly favorable comparisons of hotels categorized in the upscale segments which had experienced large RevPAR declines in October 2001. CEO Thomas Kitchin noted, “Jameson Inns continues to outperform the trends in our industry. Not only did we see increases in our RevPAR companywide, but because of the comfortable atmosphere, the quality of our Inns and Jamesons total value package our customers are willing to pay a higher average room rate.”