But the effects of this softer demand were offset by Candlewood's increased market share of the extended stay segment, due in part to its direct sales force efforts. The overall lodging industry experienced an estimated comparable revenue decline of 15%,compared to a 6.2% decline at Candlewood.
Candlewood officials say they believe a recovering economic combined with a historically low supply growth of 1.8% forecasted for 2002 will bode well for the hospitality business.
Total consolidated hotel operating revenues for the fourth quarter of 2001 were $29.2 million, down about 6% from the previous fourth quarter.
During the fourth quarter, Candlewood opened a Candlewood Suites franchise hotel in Colorado Springs, CO. At year-end, it had 105 hotels open, including 27 franchised hotels and 78 hotels owned, leased or managed by Candlewood. That's up from 91 hotels open; including 17 franchised hotels and 74 hotels owned, leased or managed by Candlewood at the end of 2000.
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