Jameson Inns' Revpar, Rates Down

ATLANTA-Jameson Inns Inc., a locally based, 120-hotel company that owns the Jameson Inn and Signature Inn brands, reports revenue per available room in November was $26.65, down 1.3% from November 2002. The average daily rate decreased 80 cents for the month while occupancy was flat.

Smith Travel Research’s preliminary November figures for the economy segment of the hospitality industry show Revpar ranging from flat to an increase of 2% from November 2002. For the total US lodging industry, Smith Travel estimates an increase of 2% to 4% in Revpar for November.

By brand comparison, Jameson Inns has posted average 11-month occupancy of 50.4% versus 49.2% in 2002; average daily rate of $57.95 compared to $58.43 last year; and Revpar of $29.19 versus $28.73 in 2002.

Signature Inns has year-to-date average occupancy of 34.6% versus 37.2% last year; average daily rate of $63.18 against $64.25 in 2002; and Revpar of $21.87 compared to $23.89 in the first 11 months last year.

Jameson Inns will be paying cash dividends Jan. 20 to shareholders of its two series of preferred stock. The company will be paying about 58 cents per share on its 9.25% series A cumulative preferred stock for the fourth quarter of 2003; and about 43 cents per share on its series S cumulative convertible preferred stock.

Jameson Inns Inc. plans to shed its REIT status in 2004, a move that would allow the company to buy its leasing arm, Kitchin Hospitality LLC, for $1.3 million, as GlobeSt.com previously reported.