Jan. 30--Suburban Lodges of America announced Tuesday it had agreed to be acquired by InTown Suites Management for $109.1 million. 

The price tag includes $8.25 a share in cash and proceeds from a liquidating trust from the sale of assets. 

Under terms of the deal, which is expected to close in the second quarter, Suburban Lodges and its subsidiaries will become subsidiaries of InTown Suites. Both companies are based in Atlanta. 

"Clearly the board believes it's a good transaction and a good result for the company's shareholders," said Paul Criscillis Jr., Suburban's chief financial officer. 

Suburban Lodges owns, franchises and manages Suburban Lodges hotels and franchises GuestHouse International hotels. 

The company will continue previously announced plans to sell undeveloped real estate. 

Shares closed Tuesday at $8.30, up 30 cents. 

David Vickers, president of InTown Suites, said the acquisition fits in with his company's growth strategy. 

"The Suburban Lodges hotels pair up nicely with our assets with little to no overlap (geographically)," Vickers said. InTown Suites has 53 hotels in 13 states, including Georgia. It could not be determined how many employees are in Georgia. 

Vickers said the company was still in the initial stages of planning and that it was undecided whether any hotels would be sold. 

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