ARLINGTON, Va., Feb. 27 /PRNewswire-FirstCall/ -- Interstate Hotels & Resorts (NYSE: IHR), a leading hotel real estate investor and the nation's largest independent operator of full- and select-service hotels, today reported strong operating results for the fourth quarter and year ended December 31, 2007. The company's complete report may be obtained from Carrie McIntyre, senior vice president and treasurer, at 1- 703 387 3320. Fourth quarter 2007 versus fourth quarter 2006 results included:
Total revenue--$58.6 million v. $41.6 million.
Net income--$6.8 million v. $10.8 million
Diluted earnings per share--21 cents v. 34 cents.
Adjusted EBITDA--$22.7 million v. $19.7 million.
Adjusted net income--$10.5 million v. $9 million.
Adjusted diluted EPS--33 cents v. 28 cents.
Full year 2007 versus full year 2006 results included:
Total revenue--$156 million v. $140.7 million
Net income--$22.8 million v. $29.8 million.
Diluted earnings per share--71 cents v. 94 cents
Adjusted EBITDA--$45.9 million v. $65 million.
Adjusted net income--$14.6 million v. $28.8 million
Adjusted diluted EPS--46 cents v. 91 cents.
"During the fourth quarter, we not only achieved impressive operating results, as evidenced by the 7.9 percent RevPAR increase on our six wholly- owned assets, we continued to execute on our growth strategy to selectively acquire wholly-owned hotels by purchasing the Sheraton Columbia Hotel in Maryland," said Thomas F. Hewitt, chief executive officer. (photo top left)
"In early 2005, we set out to diversify and stabilize our income streams," he said. "With the acquisition of the Sheraton Columbia, we have now reached our near-term target of generating 50 percent of our Adjusted EBITDA from whole ownership. Although we will remain opportunistic in seeking additional wholly-owned assets, we expect the majority of our dollars invested in owned assets in 2008 to come through value-added capital improvements at our existing hotels."
Hewitt said that the company will invest approximately $35 million to upgrade its owned hotels in 2008, including $27 million related to completion of the comprehensive $30 million renovation of the Westin Atlanta Airport and Sheraton Columbia hotels. Room renovations are underway at both hotels.
IHRContact:
Carrie McIntyre
Senior Vice President
and Treasurer
(703) 387-3320
Media Contact:
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