FelCor Lodging Trust Earnings: Hotels are Recovering
FelCor Lodging Trust (NYSE:FCH) reported its results for the first quarter. Felcor Lodging Trust, Inc. is a real estate investment trust, which is engaged in hospitality business.
FelCor Lodging Earnings Cheat Sheet for the First Quarter
Results: Loss narrowed to $31.7 million (43 cents/diluted share) by 49.1% from $62.4 million in the same quarter a year earlier.
Revenue: Rose 8.4% to $235.3 million YoY. (Correction)
Actual vs. Wall St. Expectations: FCH beat the mean analyst estimate of a loss of 4 cents/share. Estimates ranged from a loss of 2 cents per share to a loss of 8 cents per share. (Correction)
Quoting Management: “Our portfolio RevPAR growth continues to accelerate as lodging industry fundamentals improve. We are very pleased with our first quarter results given the severe travel disruptions due to record setting storms in January and February. Our RevPAR grew 7.6% in March, which was ahead of our expectations. Economic data points that correlate to demand growth indicate a strong and lasting recovery, while limited supply growth further improves our ability to drive average rate and occupancy,” said Richard A. Smith, FelCor’s President and Chief Executive Officer.
Competitors to Watch: Chatham Lodging Trust (NYSE:CLDT), DiamondRock Hospitality Co. (NYSE:DRH), Sunstone Hotel Investors, Inc. (NYSE:SHO), Supertel Hospitality Inc. (NASDAQ:SPPR), Hersha Hospitality Trust (NYSE:HT), Strategic Hotels & Resorts Inc. (NYSE:BEE), LaSalle Hotel Properties (NYSE:LHO), Hospitalities Properties Trust (NYSE:HPT), Pebblebrook Hotel Trust (NYSE:PEB) and InnSuites Hospitality Trust (AMEX:IHT).
Today’s Performance: Shares of FCH are trading at $6.58 as of April 25, 2011 at 10:35 AM ET, up 1.8% from the previous close.