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PITTSBURGH - Nov. 4, 1999- Interstate Hotels Corporation (Nasdaq:IHCO),
one of the largest independent hotel management companies in the United
States, today announced results for the third quarter ended September 30,
1999.
The Company�s pro forma results assume that the June 1999 spin-off and transactions related to the spin-off including the sale of Interstate�s interests in The Charles Hotel Complex had occurred on January 1, 1998. The pro forma data may not reflect the Company�s future results of operations or be indicative of actual results had the spin-off and sale occurred on such date. For the 1999 third quarter, the Company reported a pro forma net loss of $.8 million, or $.13 per share, on pro forma revenues of $64.8 million. Pro forma earnings before interest, income tax expense and depreciation and amortization (EBITDA) were $.4 million. During the third quarter, revenue per available room (RevPAR) for comparable U.S. full-service hotels managed by the Company grew 5.5% to $88.69, average daily room rate (ADR) increased to $117.47 from $112.87, and occupancy rates rose one point to 75.5% from the same quarter of last year. For comparable leased hotels, ADR improved 2.9% to $76.91, while occupancy rates were 72.2% compared to 75.6%, which led to RevPAR of $55.53, a 1.8% decline from the same quarter last year. Interstate Hotels also announced today that it has acquired the Pittsburgh Airport Residence Inn by Marriott from Syracuse Office Associates, L.P. for $12.6 million. The Company is currently seeking financing for the property. The Pittsburgh Airport Residence Inn by Marriott is a first-class extended stay lodging facility with 156 suites. The hotel, situated among two office parks and two new retail complexes, is located only three miles from the Pittsburgh International Airport. Interstate Hotels developed the hotel in 1998 and has managed the property since its opening. Interstate Hotels Corporation operates approximately 165 hotels with
more than 31,000 rooms in 37 states in the United States as well as Canada,
the Caribbean and Russia.
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. |
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