Legacy Hotels REIT nixes distributions again, but sees improvements
Legacy Hotels Real Estate Investment Trust, which owns 24 upscale hotels and resorts, says it won't pay first-quarter distributions to unitholders but is hoping for a second-quarter payout.
Legacy suspended distributions in last year's second quarter, citing "the challenging operating environment" after the travel industry downturn. "We recognize the importance of regular distributions to our unitholders and will continue to evaluate the distributions on a quarterly basis," CEO Neil Labatte said Monday in a release. "Our performance through the first two months of the year met our expectations. Existing bookings for group business for 2004 remain ahead of last year's pace for 2003, before the impact of SARS."
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