It's official: These are bad times for luxury hotels.
LaSalle Hotel Properties
-- the latest in the line of luxury hoteliers delivering something less than five-star earnings -- announced today that its profits tanked 60% in the second quarter to $8.2 million, or 16 cents a share, compared with $20.5 million, or 51 cents, in the year-ago period.
Funds from Lasalle's operations sank 25% to $35.6 million, or 70 cents a share, compared with $47.4 million, or $1.18, in the year-prior period.
Revenues declined 13% to $174.4 million from $201 million last year, while revenue per available room decreased 22.6% to $134.15.
For what would by now be fairly obvious reasons, the company declined to provide full-year guidance.
Earlier on Wednesday,
, which partners with names like Marriott, Ritz Carlton and Four Seasons, said it, too,
That real estate investment trust also cut its full-year outlook, not expecting occupancy levels or room rates to level anytime soon.
Likewise, St. Regis Monarch beach, made famous as AIG's notorious post-bailout luxury retreat, was
after it failed to repay a $70 million loan that was in default.
Red Roof Inn, anyone?
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