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August 7, 2012

Strategic Hotels & Resorts reports loss in Q2 2012

Strategic Hotels & Resorts has reported a net loss of $3m for the second quarter (Q2) ended 30 June 2012, compared with a net income of $39.5m during the same period of 2011.

By admin-demo

Strategic Hotels & Resorts has reported a net loss of $3m for the second quarter (Q2) ended 30 June 2012, compared with a net income of $39.5m during the same period of 2011.

Comparable funds from operations (FFO) were $21.4m, up from $8.8m a year ago.

Comparable earnings before interest, taxes, depreciation and amortisation (EBITDA) in the second quarter of 2012 rose by 19.8% to $50.9m against $42.5m in the prior year period.

Total US portfolio revenue per available room (RevPAR) was up by 8.9% during the reporting period, due to a 6.3% increase in average daily rate (ADR) and a 1.8% increase in occupancy, compared to the same period last year.

Total RevPAR grew by 7% between periods, driven by 4.9% increase in non-rooms revenue between periods.

"Comparable EBITDA in the second quarter of 2012 rose by 19.8% to $50.9m against $42.5m in the prior year period."

Same store RevPAR in North America was up by 9.5% in the second quarter of 2012, owing to a 5.8% rise in ADR and a 2.5% increase in occupancy.

Strategic Hotels & Resorts president and CEO Laurence Geller, commenting on the results, said: "Notably, the positive operating trends we have previously been reporting continue unabated. Looking forward to the remainder of the year, we reiterate our full year guidance."

RevPAR was down by 6.6% in Europe, primarily due to a 6.2% decline in ADR and a 0.3% fall in occupancy between periods.

Total RevPAR in Europe decreased by 6.5%, compared to the prior year period.

Strategic Hotels & Resorts owns and provides asset management of high-end hotels and resorts in the US, Mexico and Europe.

The company currently has ownership interests in 17 properties with an aggregate of 7,762 rooms and 840,000ft² of meeting space.

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