Interstate Hotels & Resorts swings to 3Q loss

ARLINGTON, Va. - Interstate Hotels & Resorts Inc. said Wednesday it swung to a third-quarter loss, dragged down by writeoffs related to hotel sales.

The hotel management company reported a loss of $1.4 million, or 5 cents per share, in the three months ended Sept. 30 compared with a profit of $800,000, or 3 cents per share, in the previous year.

Excluding one-time items, Interstate's loss was $1.2 million, or 4 cents per share, compared with a profit of $1.4 million, or 4 cents per share.

Analysts surveyed by Thomson Reuters predicted breakeven performance. Analysts' estimates typically exclude one-time items.

Revenue rose 9 percent to $36.8 million from $33.7 million. Including revenue from managed properties, the total was $192.2 million, up from $181.3 million a year ago.

Same-store revenue per available room, also known as revpar, for all managed hotels rose 1.6 percent to $103.93. Same-store revpar for all full-service managed hotels increased 1.6 percent to $113.64, while same-store revpar for all select-service managed hotels climbed 1.4 percent to $81.73.

Revpar is a key gauge of a hotel company's performance.

The company warned that likely would not experience revpar growth in the fourth quarter.

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