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Candlewood Hotel's Occupancy Up in Q4

WICHITA, KS-The value-oriented, business-travel hotel company sees a recovering economy and tight hotel market as good signs for 2002. However, revenue was down 6% across the Candlewood Hotel Co. chain in the fourth quarter.

By Jim McCartney | Updated on March 28, 2002

WICHITA, KS-Candlewood Hotel Co., a developer and owner of value-oriented, business-travel hotels, recently disclosed its fourth quarter occupancy of 70.7% is an increase of 60 basis points over the fourth quarter of 2000 and the second-highestamong its competitors. Still, Candlewood’s revenue growth continued to be affected by the weak economy in the fourth quarter.

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.

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