Second Quarter 2010 Operational Results:
• Total revenue was $181.0 million.
• Pro forma RevPAR was $111.91.
• Loss attributable to common stockholders was $4.9 million.
• Loss attributable to common stockholders per diluted share was $0.05.
• Adjusted EBITDA was $43.2 million.
• Pro forma Adjusted EBITDA for the 30 hotel portfolio was $39.9 million.
• Adjusted FFO available to common stockholders was $17.8 million.
• Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma Adjusted FFO available to common stockholders per diluted share was $0.18.
• Pro forma hotel EBITDA margin was 26.9%.
Art Buser, President and Chief Executive Officer, stated,
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Saturday, August 7, 2010
Morgans Hotel Group Reports Second Quarter 2010 Results
Adjusted EBITDAfor the second quarter was $14.0 million, a $2.3 million or 19.7% increase from the second quarter of 2009. On a comparable basis, Adjusted EBITDA increased by 25%.
Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 13.3%, or 14.0% in constant dollars, in the second quarter of 2010 from the comparable period in 2009 led by a 23.1% increase at MHG's New York hotels.
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Revenue per available room ("RevPAR") for System-Wide Comparable Hotels increased by 13.3%, or 14.0% in constant dollars, in the second quarter of 2010 from the comparable period in 2009 led by a 23.1% increase at MHG's New York hotels.
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Hotels spring up as Colombia grows safer for tourists
Reporting from Bogota, Colombia — If you seek a monument to the security gains Colombia has made under President Alvaro Uribe's eight-year administration, the newly inaugurated JW Marriott Hotel here is a good place to look.
Improved security, the dynamic economy and some tax breaks are attracting the major international hotel chains that for decades shied away from Colombia. Uribe, who leaves office Saturday, officiated at the 264-room Marriott's ribbon-cutting ceremony last week.
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Improved security, the dynamic economy and some tax breaks are attracting the major international hotel chains that for decades shied away from Colombia. Uribe, who leaves office Saturday, officiated at the 264-room Marriott's ribbon-cutting ceremony last week.
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South Beach Hotels see rates drop
Some of South Beach's trendiest hotels saw their rates fall in the second quarter of the year compared to 2009 -- though they would hardly qualify as bargains.
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Thursday, August 5, 2010
Hersha Hospitality Announces Second Quarter 2010 Results
For the second quarter ended June 30, 2010, net income applicable to common shareholders increased to $3.4 million, or $0.02 per diluted common share, compared to a net loss of $(0.2) million, or $(0.01) per diluted common share for the comparable quarter of 2009.
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STRATEGIC HOTELS & RESORTS REPORTS SECOND QUARTER 2010 RESULTS
CHICAGO – August 4, 2010 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the second quarter ended June 30, 2010.
Chief Executive Officer Laurence Geller remarked, “During the first half of the year we made tremendous progress in advancing our strategic plan. We are especially encouraged by significant revenue and profitability growth which was driven by broadly improving lodging demand and strength within both the corporate group and transient
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Chief Executive Officer Laurence Geller remarked, “During the first half of the year we made tremendous progress in advancing our strategic plan. We are especially encouraged by significant revenue and profitability growth which was driven by broadly improving lodging demand and strength within both the corporate group and transient
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Red Lion Hotels Reports Second Quarter 2010 Results
RevPAR for owned and leased hotels declined 1.8% year-over-year
ADR at owned and leased hotels up 0.2%; occupancy down 1.2 points
ADR performance up 2.4% against competitive set
EBITDA decreased $2.3 million, impacted primarily by:
Investments in direct sales and franchise development activities
Non-recurring franchise termination settlement in 2009
Closed hotel in Astoria, Oregon
Reduction in group business and competitive rate pressures
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ADR at owned and leased hotels up 0.2%; occupancy down 1.2 points
ADR performance up 2.4% against competitive set
EBITDA decreased $2.3 million, impacted primarily by:
Investments in direct sales and franchise development activities
Non-recurring franchise termination settlement in 2009
Closed hotel in Astoria, Oregon
Reduction in group business and competitive rate pressures
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New hotel fee sought to promote L.A. tourism
Hotel owners in Los Angeles are pushing a plan to add a new fee to hotel bills that would generate more money to promote the city as a worldwide tourist destination.
While the city already spends $11.4 million a year to attract tourists, proponents of the new fee say Los Angeles spends far less to promote itself than other top tourism towns such as Las Vegas, San Diego and Orlando, Fla.
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While the city already spends $11.4 million a year to attract tourists, proponents of the new fee say Los Angeles spends far less to promote itself than other top tourism towns such as Las Vegas, San Diego and Orlando, Fla.
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HYATT REPORTS SECOND QUARTER 2010 RESULTS
Adjusted EBITDA was $135 million compared to $120 million in the second quarter of 2009, an increase of 12.5% (11.8% excluding the effect of currency).
Net income attributable to Hyatt was $25 million, or $0.14 per share, compared to a net loss attributable to Hyatt of $50 million, or $0.34 per share, in the second quarter of 2009. Net income attributable to Hyatt included an unfavorable impact from special items of $8 million after-tax, or $0.04 per share, during the second quarter of 2010 compared to an unfavorable impact from special items of $64 million after-tax, or $0.43 per share, during the second quarter of 2009. See the table on page 3 of the accompanying schedules for a summary of special items.
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Net income attributable to Hyatt was $25 million, or $0.14 per share, compared to a net loss attributable to Hyatt of $50 million, or $0.34 per share, in the second quarter of 2009. Net income attributable to Hyatt included an unfavorable impact from special items of $8 million after-tax, or $0.04 per share, during the second quarter of 2010 compared to an unfavorable impact from special items of $64 million after-tax, or $0.43 per share, during the second quarter of 2009. See the table on page 3 of the accompanying schedules for a summary of special items.
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Consumers rank favorite restaurant chains
The nation’s most popular casual-dining chains — including The Cheesecake Factory, which was the runaway favorite in a recent customer survey — will stand to benefit from more optimistic consumer sentiment if they focus on the experience provided, convenience and food quality
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Wednesday, August 4, 2010
Palm Jumeirah hotel development falls victim to delays
DUBAI—Nearly all 10 planned hotel properties on Dubai’s Palm Jumeirah archipelago have seen setbacks.
The US$12-billion artificial island is a flagship project constructed by United Arab Emirates-based developer Nakheel, a subsidiary of the Dubai government that sent shockwaves throughout the region after defaulting on US$26 billion dollars of debt last November.
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The US$12-billion artificial island is a flagship project constructed by United Arab Emirates-based developer Nakheel, a subsidiary of the Dubai government that sent shockwaves throughout the region after defaulting on US$26 billion dollars of debt last November.
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Shooting at Baltimore Hilton
BALTIMORE - Baltimore City Police are investigating a shooting inside a room at the Pratt Street Hilton.
A police spokesperson says that an unidentified woman believed to be in her mid-20's shot her boyfriend in the stomach following a dispute at the hotel at around 7pm on Tuesday.
The man, in his mid-30's, was taken to Shock Trauma with non-life-threatening injuries.
Police Commissioner Fred Bealefeld says hotel security was alerted to the shooting inside a fourth-floor room and called for police and medics.
"Officers responded to the fourth floor in the area of the room and were able to convince both the victim and the suspect to exit the room and throw the weapon out."
The woman, who had lacerations to her back, was also taken to a hospital. Police say she was the registered owner of the gun.Both she and the man are believed to be from the Baltimore area.
A police spokesperson says that an unidentified woman believed to be in her mid-20's shot her boyfriend in the stomach following a dispute at the hotel at around 7pm on Tuesday.
The man, in his mid-30's, was taken to Shock Trauma with non-life-threatening injuries.
Police Commissioner Fred Bealefeld says hotel security was alerted to the shooting inside a fourth-floor room and called for police and medics.
"Officers responded to the fourth floor in the area of the room and were able to convince both the victim and the suspect to exit the room and throw the weapon out."
The woman, who had lacerations to her back, was also taken to a hospital. Police say she was the registered owner of the gun.Both she and the man are believed to be from the Baltimore area.
Three metro Atlanta hotels to close, change course
The Wyndham Garden Hotel and Baymont Inn and Suites on Piedmont Avenue are expected to close sometime during the middle of August while Marriott's Renaissance Hotel on West Peachtree Street has announced it is laying off 142 employees in anticipation of closing later this year.
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Smartphones pose a threat to debit and credit cards in the US
The British bank has reportedly teamed up with AT&T, Verizon and TMobile to test out technology that would allow US consumers to buy products and services simply by waving their phone at a reader.
The trials – involving smartphones such as Blackberries and iPhones – involve embedding a radio frequency identification (RFID) tag inside a phone to allow it to be linked to a customer's bank account.
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The trials – involving smartphones such as Blackberries and iPhones – involve embedding a radio frequency identification (RFID) tag inside a phone to allow it to be linked to a customer's bank account.
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Chesapeake Lodging Trust Reports Second Quarter Results
For the second quarter 2010, the Company reported total revenue of $11.8 million and net income of $1.4 million, or $.15 per diluted share. Funds from operations (FFO) were $2.1 million, or $.23 per diluted share, and Adjusted FFO was $2.7 million, or $.30 per diluted share. Net income before interest, income taxes, and depreciation and amortization (Corporate EBITDA) was $2.1 million, or $.23 per diluted share, and Adjusted Corporate EBITDA was $2.7 million, or $.29 per diluted share.
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