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.

Rebranded Hotels

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.

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