X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ARLINGTON HEIGHTS, IL-Occupancy at Arlington Hospitality, Inc.’s AmeriHost Inn hotels approached the 50% mark last month, while the rest of the midscale hotel market experienced a sharp rebound. Meanwhile, the company faces de-listing from The Nasdaq Stock Market after falling $30,462 short of the exchange’s $10-million stockholders’ equity requirement.

While occupancy dipped a full percentage point to 50.5%, revenue per available room was off 2.5% to $28.57, Arlington Hospitality reports. The company notes Smith Travel Research reports RevPAR at similar properties that do not offer food and beverage service was up more than 8% across the US. However, Smith Travel Research notes the recovery in the hotel market has lagged in the Midwest, where most of Arlington Hospitality’s 47 AmeriHost Inn hotels are located.

In addition to searching for a replacement for president and chief executive officer Jerry H. Herman, who is resigning at the end of the year, the company was appealing its de-listing and was preparing a compliance plan for Nasdaq’s staff. “Presently, the company believes it satisfies the requirements for listing on this market,” company officials say in a Securities and Exchange Commission filing. “There can be no assurance that the Nasdaq staff will accept the company’s plan to achieve compliance with the marketplace rules, or that the company will satisfy the requirements for continued listing on the Nasdaq National Market.”

Arlington Hospitality also was involved in the sale of an AmeriHost Inn it leases from PMC Commercial Trust in Smyrna, GA, one of 15 properties it has sold in 2004. The company reports it has another eight hotels under contract, which are expected to close within the next six months.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2022 ALM Global, LLC. All Rights Reserved.