ORLANDO-Locally based CNL Hotels & Resorts Inc., the second largest hotel real estate investment trust in the US, has ended its second quarter with one of the sturdiest balance sheets in the industry, the company reports.
Total revenue increased 9% to $391.4 million in the quarter ended June 30 and rose 40.1% to $791 million year-to-date. Revenue per available room increased 7.8%. Average occupancy was up two percentage points to 77%. The average daily room rate increased by 5.1%.
Hotel and resort EBITDA margin was 31.5%, representing a 1.5% increase. Hotel and resort EBITDA margin increased 1.3 percentage points to 31.9% year-to-date. Net income rose 1,398% to $32.9 million for the quarter and increased 710% to $41.8 million year-to-date.
Adjusted earnings before interest, taxes, depreciation and amortization increased 5.3% to $109.9 million for the quarter and 46.4% to $232 million year-to-date. But adjusted funds from operations, per diluted share, for the quarter dipped 13.5% to 32 cents. For the year-to-date, however, the adjusted funds increased 22.2% to 77 cents per diluted share.
Company CEO Thomas J. Hutchison III says he couldn't have asked for a better second quarter and year-to-date performance. "Our successful effort to sell non-strategic assets during an advantageous market underscores our commitment to strengthen our balance sheet while maintaining our position as a leading owner of distinctive lodging assets," Hutchison says in a prepared statement.
© 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.
