Suburban Lodges’ Shareholders Approve InTown Suites Merger

ATLANTA— Suburban Lodges of Americas shareholders have approved the companys proposed agreement to be acquired by privately-held InTown Suites Management for $8.25 per share cash, plus a proportionate interest in a liquidating trust. The deal was first reported Jan. 29. Suburban Lodges expects to complete the closing in the next few days, according to a statement. As reported in January, the liquidating trust would be responsible for selling any assets transferred to it, and after the first anniversary of closing, distributing any available sales proceeds to the shareholders. InTown Suites owns 53 InTown Suites hotels with more than 6,800 rooms in 13 states. Suburban Lodges has 65 company-owned hotels with 8,586 guestrooms, as well as franchised GuestHouse International hotels. SOURCE: Dow Jones Newswires