|
Parsippany, N.J., May 6, 1998 � Super 8 Motels, Inc. reported a strong first quarter and predicts a healthy year for franchisees. North America�s fastest growing economy lodging chain opened 37 new motels in the first quarter of 1998 in the U.S. and Canada. Demand for economy motels in Canada has been particularly strong with four new motels, bringing the total to 54 properties. Royop Properties Corporation (TSE:RYP), which signed the first Super 8 Canadian master franchise license in 1992, also announced plans to build 23 motels over the next 18 months.
Super 8 also reported a "RevPAR" increase of 4.1 percent over first quarter 1997. RevPAR, or revenue per available room, is a common indicator of return on investment in the lodging industry.
"Super 8 franchises are doing well because customers are enjoying their stays at Super 8 motels and returning and referring their friends. That drives the development for more franchises," said Robert N. Weller, president and ceo of Super 8 Motels, Inc.
"Our growth is particularly strong in the Southeast and we are certainly seeing more demand in Canada," said Weller. Continuing with this growth, Super 8 should reach 1,800 motels by 1999.
Super 8 Motels, Inc., a subsidiary of Cendant
Corporation (NYSE: CD), was founded in America's heartland in 1974
and has more than 1,600 motels and 100,000 rooms throughout the United
States and Canada. It is the fastest-growing economy lodging chain in North
America. Motel locations and on-line reservations are available on the
Super 8 Internet home page at http://www.Super8.com.
Super 8's toll-free reservations number in North America is 1-800-800-8000.
|