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FORT LAUDERDALE, FL—The opening of five new properties and average occupancy rates in the mid-80% range pushed up latest quarterly revenues at locally-based Extended Stay America Inc. by 22% to $142.2 million from the same year-earlier three months, while net income soared 40% to $22.7 million.

The company had 383 facilities in operation at the close of its latest reporting period and another 23 under construction. Its flags include Extended Stay Efficiency Studios and Crossland Economy Studios.

In a prepared statement, company CEO George D. Johnson Jr. explained the decision to beef up expansion plans was made despite general cutbacks by competitors in its lodging niche.

“The existing capacity under our credit facilities, combined with substantial internally generated cash flows, position us to increase our development and market share,” Johnson says.

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