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Arlington Hospitality, Inc. Announces July 2004 Results, Extension of Temporary Agreement |
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Arlington Hospitality, Inc. announced July 2004 same-room operating results for the AmeriHost Inn hotels in which the company has an ownership interest, and the sale of one hotel. |
In addition, the company announced an extension of its temporary letter agreement with PMC Commercial Trust ("PMC") (AMEX: PCC), the landlord of 21 AmeriHost Inn hotels operated by the company.
July Results
Same-room revenue per available room (RevPAR) in July 2004 increased 1.5 percent to $40.61, compared to July 2003. Occupancy decreased 0.7 percent to 67.4 percent, while average daily rate (ADR) increased 2.3 percent to $60.29. The July 2004 same-room results include 51 AmeriHost Inn hotels, which have been opened for at least 13 months.
One Month Seven Months Twelve Months
Ended Ended Ended
July 31 July 31 July 31
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Occupancy - 2004 67.4% 56.9% 56.4%
Occupancy - 2003 67.9% 56.0% 55.8%
Increase (decrease) (0.7%) 1.6% 1.1%
Average Daily Rate - 2004 $60.29 $57.19 $57.36
Average Daily Rate - 2003 $58.96 $56.53 $56.89
Increase (decrease) 2.3% 1.2% 0.8%
RevPAR - 2004 $40.61 $32.55 $32.36
RevPAR - 2003 $40.03 $31.64 $31.72
Increase (decrease) 1.5% 3.4% 2.3%
According to Smith Travel Research, preliminary results for July 2004 indicate that RevPAR for the midscale without food and beverage segment of the lodging industry improved between 3 percent and 5 percent, compared to July 2003.
Sales/Development Activity
The company sold one wholly owned non-AmeriHost Inn hotel in July 2004. The revenue and profit/loss from the sale of hotels, as well as the reduction of debt, will be reported in the company's financial statements during the quarter in which the sale transactions close.
Year to date, including this sale, the company has sold six wholly owned AmeriHost Inn hotels, one wholly owned non-AmeriHost Inn hotel, and facilitated the sale of one non-AmeriHost Inn hotel owned by a joint venture.
The company currently has five hotels under contract for sale, which are expected to be consummated within the next six months. When the company has hotels under contract for sale, even with nonrefundable cash deposits in certain cases, certain conditions to closing remain, and there can be no assurance that these sales will be consummated as anticipated.
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