BEE enters into an agreement to sell the Hyatt Regency New Orleans and reports strong financial results
Strategic Hotels & Resorts, Inc. (NYSE:BEE) today reported results for the third quarter ended September 30, 2007.
Third Quarter Financial Highlights
-- Comparable funds from operations (FFO) was $0.39 per diluted share, an
increase of 11 percent compared with $0.35 in the prior year. Included
in third quarter 2007 Comparable EBITDA and FFO is a $1.4 million
charge, or $0.02 per diluted share, for a lease termination related to
the planned reorganization of the employees at the Paris Marriott.
-- Quarterly Comparable EBITDA was $69.6 million, an increase of 25
percent compared with $55.7 million in the prior year.
-- North American same store total revenue per available room (Total
RevPAR) increased 9.8 percent and revenue per available room (RevPAR)
increased 9.3 percent driven by a 5.2 percent increase in average daily
rate (ADR) and a 4.0 percent increase in occupancy. Non-rooms revenues
grew by 11.0 percent.
-- Total North American Total RevPAR increased 8.8 percent and RevPAR
increased 8.6 percent driven by a 4.7 percent increase in ADR and 3.7
percent increase in occupancy. Non-rooms revenues grew by 9.6 percent.
-- European Total RevPAR increased 6.1 percent and RevPAR increased 5.9
percent driven by a 9.5 percent increase in ADR and partially offset by
a 3.3 percent decline in occupancy. Non-rooms revenues grew by 6.8
percent.
-- Total North American gross operating profit margins expanded 210 basis
points. North American same store EBITDA margins expanded 150 basis
points.
-- Total North American gross operating profit per room increased 15.7
percent. North American same store EBITDA per room increased 16.9
percent.
-- Residential activity contributed $5.9 million in EBITDA and $2.6
million of Comparable FFO, or $0.03 per diluted share.
