Suburban Lodges Reports Declines In Nov. Performance From Last Year

ATLANTA— Suburban Lodges of America, owner/franchisor of the Suburban Lodge and GuestHouse International hotel brands, announced that weekly revenue per available room (`RevPAR) at its owned properties was $140.29 in November 2001, an 8.3% decline from weekly RevPAR of $152.92 in November 2000. Average weekly rate (AWR) declined 2.2% to $190.22 in November 2001 from $194.56 in November 2000. Occupancy rates for company-owned hotels averaged 74.1% in November 2001, a 6.0% decline from average occupancy of 78.8% in November 2000. Commenting on the November numbers, Chief Financial Officer Chuck Criscillis stated, “Our occupancy and room rates, and those of our competitors, continue to be negatively impacted by reduced levels of business and personal travel resulting from current economic conditions. Hotel industry experts have estimated that the industry as a whole experienced at least a 15% year-over-year decline in RevPAR in the month of November. Our performance continues to lead the industry as all hotel operators progress through this down cycle.