Steven J. Flowers is the new vice president of finance and Robert G. Colbert, vice president of internal audit. Flowers is tasked with developing and implementing capital markets strategies to maximize shareholder value while Colbert will direct a comprehensive audit program of individual hotels and corporate departments.
The appointments came just two days before affirmation of Meditrust's double B-minus rating from Standard & Poor's. La Quinta had shown modest RevPAR improvement in the fourth quarter, but EBITDA had still been down for the year, according to Credit Wire information. RevPAR had dipped 2.2% in 2000, the second consecutive annual decrease.
Meditrust owns 300 La Quinta hotels, with 33% being in Texas and 12% in Florida. S&P says it recognizes the gains that have been made in the re-focus, but expects the negative outlook to hold firm until La Quinta's performance in the hotel market improves and a positive EBITDA growth is achieved.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
