FFO for the first quarter was $2.8 million or 26 cents per share compared to last year's $3 million or 28 cents a share. Revenue per available room for both company brands was $29.05 for the first quarter, down $1.41 or 4.6% from the same 2000 period. Occupancy declined to 50.6% from 53.3%.
Based on a review of the investment portfolio in the first quarter, 10 Jameson Inn hotels and two Signature inn hotels did not meet investment criteria. Two Jameson Inn hotels were sold. The remaining 10 under performing properties are for sale, according to the company's prepared statement. Other inns may also be sold, the company says.As of March 31, there were 102 operating Jameson inns and 26 Signature Inns.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
