Suburban Lodges $15.4 M in red in '01 | WABE 90.1 FM

Suburban Lodges $15.4 M in red in '01

Atlanta – Suburban Lodges of America Inc. ended 2001 in the red, unable to overcome the recession and the falloff in travel following the Sept. 11 terrorist attacks.
The Atlanta-based hotel owner and franchisor (Nasdaq: SLAM) reported a net loss of $15.4 million on $75.5 million in revenue, compared with net income of $5.3 million on $75.3 million in revenue in 2000.
The results for 2001 include a $12.2 million loss on loans to HotelTools Inc., $1.5 million in charges related to the agreement to merge with Intown Suites Management Inc. and other charges.
On the fourth quarter, the company had a net loss of $5.2 million on $17.1 million in revenue, compared with net income of $788,000 on $18.7 million in revenue for the same period of 2000.