Red Lion Hotels’ Q3 revenue falls
US-based hospitality firm Red Lion Hotels has recorded a decline in total revenue for the third quarter (Q3) of 2011 to $46.2m, compared with $49.8m in the same period of 2010.
US-based hospitality firm Red Lion Hotels has recorded a decline in total revenue for the third quarter (Q3) of 2011 to $46.2m, compared with $49.8m in the same period of 2010.
The company’s net loss from continuing operations for the quarter stood at $100,000, compared with $3.2m last year.
Earnings before interest, taxes, depreciation and amortisation from continuing operations before special items stood at $8.2m, compared with $12.4m for Q3 2010.
During Q3 2011, occupancy for comparable hotels, excluding the Seattle Fifth Avenue, increased to 71.3%, and the average daily rate increased by 0.3%, both contributing to a 3.5% rise in comparable revenue per available room (revPAR) year on year.
Red Lion Hotels president and chief executive officer Jon E Eliassen said that the group was pleased with its revPAR growth for Q3 2011, particularly when compared with national results among other midscale hotels.