Fueled by a non-recurring gain of $23.7 million, or 59 cents pershare, the Boca Raton-based owner-operator of luxury resorts inFlorida is reporting a net gain for the three months ended Sept.30, compared with a net loss for the same period last year.
However, the sale comes as the company reports thatfirst-quarter occupancy at its Florida reports dropped to 51.2%,compared with occupancy of 64.1% for the same period in 2000.
The same trend held true for revenue per available room. RevParfor the three-month period dropped to $67.35, down from $82.65during the same period last year.
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