Strategic Hotels & Resorts Reports Third Quarter 2007 Financial Results
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Catégorie : Amérique du Nord et Antilles
Ceci est un communiqué de presse sélectionné par notre comité éditorial et publié gratuitement le mardi 06 novembre 2007
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.
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