HotelNewsNow.com updates the performance of publicly traded hotel companies each Friday. Included in this week’s update are: Accor; DiamondRock Hospitality Company; LaSalle Hotel Properties; Marriott International; and Wynn Resorts Limited.
Baird/STR Hotel Stock Index
The Baird/STR Hotel Stock Index closed Thursday at 2310.31. The United States' stock markets are closed today for Good Friday.
Paris-based Accor (EPA: AC) said its consolidated revenue grew by 5.5% on a like-for-like basis during the first quarter, reaching €1.35 billion (US$1.96 billion.)
The company attributed the increase to:
improved revenue per available room and increased occupancy;
the opening of 50 hotels and some 6,600 rooms during the quarter; and
positive currency exchange rates.
Accor’s stock price closed Thursday at €30.19 per share (US$43.92 per share). Year-to-date, the stock is down 9.32%.
DiamondRock Hospitality Company
DiamondRock Hospitality Company (NYSE: DRH) of Bethesda, Maryland, said it raised US$100 million through secured financing on the Hilton Minneapolis.
The loan is limited recourse and is secured by a mortgage on the Hilton. The 10-year term loan bears interest at an annual rate of 5.46% and will amortize on a 25-year schedule.
DiamondRock’s stock price closed Thursday at US$11.59 per share and is down 3.42% year-to-date.
LaSalle Hotel Properties
Hotel real-estate investment trust LaSalle Hotel Properties (NYSE: LHO) of Bethesda, Maryland, said first-quarter revenue increased to US$138.4 million during the quarter from US$108.2 million.
The net loss to common shareholders narrowed to US$19.3 million from US$25.8 million a year earlier.
The company’s stock price closed Thursday at US$28.33 per share, and is up 7.31% year-to-date.
Marriott International (NYSE: MAR) of Bethesda saw a 22% profit increase during the first quarter, the company reported.
Net income totaled US$101 million, or 26 cents per diluted share, up from US$83 million, or 22 cents per share, a year ago. Analysts were expecting earnings per share of 27 cents, according to a poll of 24 analysts by Thomson Financial Network.
Total revenue was up 6% to US$2.78 billion.
The company’s stock closed Thursday at US$35.87 per share and is down 13.65% year-to-date.
Wynn Resorts Limited
Wynn Resorts Limited (Nasdaq: WYNN) of Las Vegas said first-quarter earnings soared to US$226.34 million from US$57.86 million a year earlier.
The company saw strong performance from its operations in Macau, where revenue increased to US$865.7 million from US$590.6 million in 2010.
Closing at US$147.71 per share, Wynn’s stock price is up 42.25% year-to-date.
Compiled by Shawn A. Turner.