Boykin Lodging Company (NYSE: BOY), a hotel real estate investment trust, today reported financial results for the first quarter of 2001.
For the three months that ended March 31, 2001, funds from operations (FFO) were $10.1 million versus $10.2 million reported for the same period the year before. The first-quarter FFO per share was $0.55 for both quarters.
Total revenues for the first quarter of 2001 were $18.3 million, as compared with $17.8 million for the first quarter of 2000.
On a same-unit basis, first-quarter room revenue per available room (REVPAR) increased two percent to $59.87 from $58.72 for 2000. Occupancy during the first quarter of 2001 was down slightly to 62.2 percent from 62.6 percent, while the average daily rate increased 2.7 percent to $96.26 from $93.75.
Net loss for the 2001 first quarter was $0.5 million, or $0.03 per diluted share, compared to $0.7 million, or $0.04 per diluted share, for the same period in 2000.
“Our FFO of 55 cents for the quarter was in the range we expected,” said Robert W. Boykin, chairman and chief executive officer. “Based upon our first-quarter results and our current booking trends, which reflect softening demand from the slowing economy, our outlook is now for REVPAR growth of flat to two percent for the year. With this assumption, FFO would range between $2.41 and $2.45 per share for 2001. Second-quarter FFO is expected to be between 70 and 72 cents and third quarter FFO to be between 73 and 75 cents per share.”
The company will hold a conference call with financial analysts to discuss the first-quarter results at 10:00 a.m. eastern time tomorrow, May 8, 2001. A live webcast of the call can be heard on the Internet by visiting the company’s website at www.boykinlodging.com and clicking on the investor relations page or by visiting other websites that provide links to corporate webcasts.
Boykin Lodging Company is a real estate investment trust that focuses on the ownership of full-service, upscale commercial and resort hotels. The company currently owns 32 hotels containing a total of 9,030 rooms located in nineteen states, and operating under such internationally known brands as Doubletree, Marriott, Hilton and Radisson, among others. For more information about Boykin Lodging Company, visit the company’s web site at www.boykinlodging.com.