Total revenue of $123.3 million in the full year 2011 was generated by the company’s same-stores. For the year, same-store revenue was up $6.8 million over the full year 2010. RevPAR of $59.98 was up 5.9 percent over the same period in 2010. Full year RevPAR consisted of 65.9 percent occupancy, up 4.0 percent over full year 2010, and ADR of $91.07 up 1.9 percent over full year 2010. Same-store income from hotel operations, which, as explained above, represents same-store total revenue less same-store hotel operating expenses, were $36.8 million, up 4.3 percent over full year 2010. Hotel operating margins were 29.5 percent, contracting 38 bps when compared to the same period in 2010. Hotel operating margins expanded by 224 basis points when $3.1 million of additional public company costs were applied to income from hotel operations for the full year of 2010 on a pro forma basis. As explained above, these costs were not incurred by the company’s private company predecessor in the fourth quarter of 2010.
The Company continues its process in rebranding the eleven hotels that had their franchise licenses terminated in the first quarter of 2011. During the fourth quarter 2011, two additional hotels were rebranded. As of year-end, a total of 10 hotels have been rebranded. For the quarter ended December 31, 2011, revenues of $3.5 million were generated as compared to $4.4 million generated in fourth quarter 2010. RevPAR was $37.80, down 18.2 percent when compared to the same period in 2010. RevPAR consisted of occupancy of 49.2 percent, down 18.7 percent, and ADR of $76.84, an increase of 0.6 percent in comparison to fourth quarter 2010. Income from hotel operations of $0.3 million and hotel operating margins of 9.8 percent were realized in the quarter as compared to $0.8 million and 18.8 percent, respectively, in the comparable quarter of 2010. Hotel operating margins contracted by 606 bps when $0.3 million of additional public company costs were applied to income from hotel operations for the fourth quarter 2010 on a pro forma basis.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
24/7 market commentary from Jim Cramer and 20+ veteran Wall Street gurus. Get access to the latest trading ideas on stocks, options, and ETFs as well as a real-time forum to see the pros exchanging their investment ideas.
- Jim Cramer + 20 Wall Street pros
- Intraday commentary & news
- Real-time trading forum
- Actionable trade ideas
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV