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Located in Prattville and Auburn, Alabama |
| May 9, 2006 - The rapidly expanding extended stay chain, Home-Towne
Suites, has acquired Arbor Suites, which has locations in Prattville, AL
and Auburn, AL.
Michael Tetterton, the President of Home-Towne Suites, plans to re-flag the properties under the Home-Towne Suites name. The 64 unit properties consist of extended stay studios and 1-bedroom suites, which include fully equipped kitchens. To stay consistent with the Home Towne Suites brand, each property will undergo a complete renovation. The renovation will include flat mounted plasma TV�s in the suites, as featured in the chain�s new prototype in Bowling Green, KY. With the acquisition of Arbor Suites, Home-Towne Suites now has 8 properties throughout the southeast in its portfolio and also manages another 2 hotels operating separate from the Home-Towne Suites name. Home-Towne Suites is a Christian based organization that was founded in 1997 by Michael L. Tetterton after he spent more than 14 years in the extended stay lodging business. Home-Towne Suites was designed to take care of the travelers who not only need lodging for a week or longer, but also desire more than just a hotel. Our hotels cater to the individual who are seeking the comforts of home and especially the need for a kitchen. Home-Towne Suites offers affordable lodging with a warm atmosphere that allows travelers to relax and feel more "at home". Extended stay hotels consistently enjoy annual occupancies in the mid to low 80% range, while the average transient hotel occupancy in the United States average's between 63% and 66% annually. Home-Towne Suites features limited services. We average 6 full-time employees per hotel. This compares with an average of 15-20 employees for similar 70 unit transient hotels. We have found that the extended stay traveler does not have the same needs as a traveler that is staying for only 1-3 days. Because of this we have limited office hours. Monday - Friday we close our office at 11pm and reopen at 8am. The weekend hours are also limited based on local and market demands. Low weekly rates make us a winner with our customers. High occupancies together with limited services and reduced expenses make us a winner with our investors. Both are important factors in achieving our high rate of returns. |
| Contact:
Michael Hutson
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