Suburban Lodges Reports AWR, Occupancy and RevPAR for December 2001

ATLANTA–(BUSINESS WIRE)–Jan. 11, 2002–Suburban Lodges of America, Inc. (Nasdaq: SLAM), owner/franchisor of the Suburban Lodge and GuestHouse International hotel brands and operator of 65 Company-owned Suburban Lodge hotels, today announced that weekly revenue per available room (RevPAR) at its owned properties was $123.24 in December 2001, a 10% decline from weekly RevPAR of $137.09 in December 2000.
Average weekly rate (AWR) declined 4% to $182.81 in December 2001 from $189.76 in December 2000. Occupancy rates for Company-owned hotels averaged 67.6% in December 2001, a 7% decline from average occupancy of 72.8% in December 2000.
December's operating statistics were the most disappointing of any month this year, Chuck Criscillis, the Company's Chief Financial Officer, stated. It's clear that national economic conditions continued to deteriorate. Beyond the economic slump, however, the mood of the nation was one in which individuals who might otherwise have been travelling wanted to spend the holiday season at home with their families. Interestingly, a similar mood prevailed two years ago when concerns over potential problems surrounding the arrival of the year 2000 also resulted in less travel. In fact, our December 1999 occupancy rate of 67.4% was almost identical to, but slightly lower than, this year's.
Notwithstanding the recession and the fallout from the events of September 11, our RevPAR was down only 1% for the full year, Mr. Criscillis concluded.
For the year ended December 31, 2001, Company-owned Suburban Lodge hotels achieved an AWR of $197.68, an average occupancy rate of 78.2% and RevPAR of $154.24. For the year ended December 31, 2000, the Company's AWR was $195.78, average occupancy was 79.5% and RevPAR was $155.66.
Suburban Lodges of America, Inc. owns, franchises and manages Suburban Lodge hotels, the nation's largest chain of economy extended stay hotels, and franchises GuestHouse International hotels, the mid-market nightly stay hotel chain with a franchisee-friendly franchise agreement.