HotelNewsNow.com summarizes news from publicly traded hotel companies each Friday. Today’s update includes: Chatham Lodging Trust, InterContinental Hotels Group, Home Inns & Hotel Management, Hospitality Properties Trust, Orient-Express Hotels, Pebblebrook Hotel Trust, Rezidor Hotel Group, and Supertel Hospitality.
Hotel Stock Index
The Baird/STR Hotel Stock Index was at 2195.64 as of 10 a.m. this morning. It closed Thursday at 2196.15.
Chatham Lodging Trust
Real estate investment trust Chatham Lodging Trust (NYSE: CLDT) said it has fully invested the capital from its initial public offering in acquiring seven hotels for US$135 million.The Palm Beach, Florida-based company also reported third-quarter funds from operations for the quarter totaled US$510,000.
Also Friday, Chatham said it would execute an offering of 7 million shares. Proceeds will be used to repay debt, to acquire additional hotels and for general corporate purposes.
The company’s stock closed Thursday at US$18.15 per share. The stock is down 11.5% year-to-date.
InterContinental Hotels Group
InterContinental Hotels Group (NYSE: IHG) of Buckinghamshire, England, reported third-quarter revenue of US$421 million, up 5% year over year or 6% adjusted for constant currency. Operating profit grew by 14% during the quarter when excluding the impact of performance-based, long-term incentive costs.
“The recovery, which started in Asia/Pacific, is now well-established globally,” CFO and head of commercial development Richard Solomons told United Kingdom analysts during a conference call Tuesday.
The company’s stock finished Thursday at US$17.87 per share. Year-to-date, the stock is up 24.4%.
Home Inns & Hotel Management
Home Inns & Hotel Management (NASDAQ: HMIN) of Shanghai reported net income increased during the third quarter by 6.7% to RMB146.9 (US$22 million).
Occupancy dropped slightly to 96.7%; RevPAR grew by 16.6% to US$27.63; and average daily rate also increased by 17.4% to US$28.53.
The stock closed at US$51.60 per share Thursday and is up 46% year-to-date.
Hospitality Properties Trust
Newton, Massachusetts-based Hospitality Properties Trust (NYSE: HPT) reported a 3.9% increase in third-quarter earnings to US$50.2 million on revenue of US$281.2 million.
Funds from operations were US$101.1 million, up 11%.
Shares ended Thursday at US$22.36 per share. Year-to-date, the stock is down 5.7%.
Orient-Express Hotels Limited
Hamilton, Bermuda-based Orient-Express Hotels Limited (NYSE: OEH) announced plans to sell 8.5 million shares as part of an offering of Class A common shares. Proceeds will be used for general corporate purposes.
Underwriters will be granted a 30-day option to purchase up to an additional 1,275,000 shares to cover any overallotments.
The stock closed Thursday at US$11.21 per share and is up 10.6% year-to-date.
Pebblebrook Hotel Trust
Pebblebrook Hotel Trust (NYSE: PEB) of Bethesda, Maryland reported a loss of US$300,000 during the third quarter.
The company, though, did record a 6% gain in RevPAR to US$125.74, a 4.4% bump in average daily rate to US$162.76 and a 1.6% increase in occupancy to 77.9% during the quarter.
The stock closed Thursday at US$18.79. Year-to-date the stock is down approximately 13.5%.
Rezidor Hotel Group
Rezidor Hotel Group of Brussels, Belgium said like-for-like RevPAR increased 12.6% to €66.6 (US$91.31). Total earnings per share increased to €0.03 (4 cents) from a loss of €0.04 (5 cents).
“Although fragile and coming from a low base, the recovery is now evident across all our geographic segments. A further strengthening of demand led to a solid RevPAR growth in our key markets, notably Sweden, Germany, France, Belgium and the Netherlands. For the first time in two years, room rates increased, which contributed to the acceleration in
RevPAR growth,” president and CEO Kurt Ridder said in a statement.
Norfolk, Nebraska-based Supertel Hospitality (NASDAQ: SPPR) said its net loss improved to US$91,000 from a loss of US$1 million a year earlier.
RevPAR went up 6.6% on an 8.4% rise in occupancy. Revenue increased 6.4% to US$24.9 million.
The stock ended Thursday at US$1.59 per share and is up 6% year-to-date.