Second Quarter Is Rough On Hotel Companies
Dallas Business Journal
Two Dallas-Fort Worth area companies in the hotel business felt the impact of the recession, with two reporting net losses for the latest earnings period. Irving-based upscale hotel operator FelCor Lodging Trust Inc. (NYSE: FCH), which is behind hotel brands Embassy Suites Hotels, Doubletree, Hilton, Marriott, Renaissance, Sheraton, Westin and Holiday Inn, posted a second-quarter loss of $20 million, or 33 cents per share, on revenue of $242.5 million during the quarter. That is down from a second-quarter profit of $13.6 million, or 21 cents per share, on revenue of $306 million for the same period last year. The $20 million loss includes $9.7 million in preferred dividends.