Remington Reports Double Digit Gross Operating Profit Gains in the Second Quarter of 2005
Remington Hotel Corporation reported operating results for the second quarter ended June 30, 2005, for the 34 hotels the Company managed during the current and prior-year periods.
Remington reported that gross operating profit (GOP) increased 10.8% for the second quarter of 2005 when compared with the prior year. RevPAR, or revenue per available room, increased 8.8% for the second quarter when compared with the prior-year period on the strength of increases in both average daily rate and the short term group meetings that were booked during the first half of the year.
Mark Sharkey, Chief Operating Officer of Remington, stated, "We are very pleased with the 10.8% GOP increase in the quarter as it continues to reflect the value we can add through aggressive sales and marketing efforts as well as the benefits of renovations we have executed. Continuing a trend we noted last quarter, group bookings were strong once again in the quarter for future months. The Midwest and Southwest regions of hotels are continuing to show strong results. Performance from renovated hotels was also particularly strong during the quarter as these properties are just recognizing the full benefits of their guest area renovations."
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