ORLANDO-Completing one of its strongest dealmaking seasons in years, locally based CNL Hotels & Resorts Inc. has posted a nine-month net income of $23.2 million after losing $28.6 million in 2004, the company reports. For the third quarter, the company decreased its net loss by 45% to $18.6 million.

Revenue per available room increased 12.4% for the quarter, resulting from a 2.8% increase in occupancy to 76.9% and an 8.4% increase in average daily room rate. RevPar for adjusted comparable properties increased 10% year-to-date.

Hotel and resort operating profit margin for adjusted comparable properties was 27.3% for the quarter, up 2.7%. The year-to-date margin increased 1.6% to 31%. Adjusted EBITDA rose 17% to $77.3 million for the quarter and 38.2% to $306.1 million for the nine-month period. Adjusted funds from operations increased 62.5% per diluted share to 13 cents for the quarter and jumped 22.7% to 92 cents per diluted share year-to-date.

CNL Hotels & Resorts CEO Thomas J. Hutchison III calls the third-quarter and nine-month numbers "exceptional." Hutchison says the performance was "driven by strong RevPar and margin growth and further improvements in adjusted EBITDA and adjusted FFO."

Hutchison expects similar strong financials for the rest of the year and through 2006. "As lodging demand is expected to maintain momentum and outpace supply growth, we look to the remainder of 2005 and 2006 with great enthusiasm," he says.