NEW YORK (
) -- Hotel stocks were mostly in negative territory Friday as the
major indexes slid on economic recovery worries
Morgans Hotel Group
(MHGC - Get Report)
led the sector lower in terms of share price percentage losses.
7 Days Group Holdings Limited
bucked the trend, gaining share value in morning trading.
Shares of Orient-Express, the owner or part-owner of 50 hotel and travel properties in 24 countries, including deluxe hotels,
grew revenue per available room, or revPAR, in every region it operates
last quarter, helping it drastically narrow quarterly losses.
The Bermuda-based hotelier's overall performance was "a solid and better than expected report driven by international markets,"
Orient-Express' performance in the period was far from stellar, but results were a marked improvement from the corresponding period in 2009. RevPAR grew in North America by 16% in local currency. RevPar in South Africa surged 57%, 32% in South America, 12% in Asia Pacific and 1% in Europe.
Quarterly revenue and earnings included insurance income of $2.8 million from PeruRail, which was impacted by the damage to tracks caused by regional floods during the first quarter of 2010.
>> Orient-Express Shares Play Catch Up
InterContinental shares tumbled 3.1% in the first hour of trading. The operator of InterContinental, Crowne Plaza and Holiday Inn hotels said earlier this month it had returned to profitability in the second quarter, and the hotelier
increased its dividend by 5% to 12.8 cents per share