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Suburban Lodges Revenue Up, Net Income Down

ATLANTA-The locally based extended-stay hotel owner/franchisor scales back the number of anticipated hotel openings in 2001 because of the slowing economy and tight hotel financing.

By Judith Schonbak | Updated on February 28, 2001

ATLANTA-Locally based Suburban Lodges of America, Inc., which owns or franchises Suburban Lodge and GuestHouse International hotel brands, reported strong revenue growth for the fourth quarter and the year.

For the quarter, total sales rose 14% to $18.7 million from $16.5 million in fourth quarter 1999.. Revenue for the year grew 14% to a record $75.3 million from $65.9 in 1999, the company reported.

Net income, however, declined. The company reported fourth quarter net income of $788,000, or seven cents per share compared to $1.09 million, or eight cents per share for the same period in 1999. For all of 2000, net income was $5.3 million, or 41 cents per share versus $8 million, or 53 cents per share the previous year.

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