David Krischer, Suburban Lodges' CEO, is shouldering the blame.
"I regret that the capital environment for technology companies has been so poor these past 12 months," Krischer says in a prepared statement. "That has resulted in HotelTools being reliant solely on continued loans from Suburban Lodges, which in turn, we believe, contributed to doubts by HotelTools' potential customers as to its ability to deliver services over the long run."
Seth Christian formed HotelTools a year ago. Radiant Systems Inc. of South Plainfield, NJ has purchased certain assets of HotelTools and repaid Suburban Lodges $168,000 on the secured loans.
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