Strategic Hotels & Resorts Reports First Quarter 2008 Results
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Strategic Hotels & Resorts Reports First Quarter 2008 Results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-05-08
Reaffirms Full Year EBITDA and FFO Guidance
Strategic Hotels & Resorts (NYSE:BEE) today reported results for the first quarter ended March 31, 2008.
First Quarter Company Highlights
-- Comparable funds from operations (Comparable FFO) was $0.31 per diluted
share, an increase of 6.9 percent compared with $0.29 in the prior
year. Quarterly Comparable EBITDA was $55.4 million, a decrease of
2.0 percent compared with $56.6 million in the prior year.
-- First quarter results were reduced by disruption associated with
renovation activity at the Fairmont Chicago, Marriott London Grosvenor
Square and the Renaissance Paris Hotel Le Parc Trocadero.
North American Operating Results
-- Total revenue per available room (Total RevPAR) increased 0.8 percent
and revenue per available room (RevPAR) increased 1.3 percent driven by
a 5.5 percent increase in average daily rate (ADR).
-- Excluding the Fairmont Chicago, Total RevPAR increased 2.5 percent and
RevPAR increased 3.1 percent.
-- EBITDA margins contracted 50 basis points. Excluding the Fairmont
Chicago, EBITDA margins remained unchanged and EBITDA per room
increased 3.7 percent.
European Operating Results
-- European Same Store Total RevPAR increased 7.1 percent and RevPAR
increased 12.1 percent driven by a 17.4 percent increase in ADR.
Excluding the Marriott London Grosvenor Square, European Same Store
Total RevPAR increased 21.5 percent and RevPAR increased 23.8 percent.
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