Fairmont Hotels sees 1st-Quarter Improvement

Fairmont Hotels & Resorts said it recorded first-quarter income from continuing operations of $13.6 million, or 17 cents a share, compared with a loss from continuing operations of $4.5 million, or 8 cents a share, in the first quarter of 2001.
Meanwhile, revenue fell to $126.7 million in the quarter, down 6% from $134.5 million in 2001.

The company said operating results were better than expected and the company raised its earnings before interest, taxes, depreciation and amortization forecast to between $190 million and $200 million, compared with an earlier forecast of $180 million to $190 million.

Fairmont`s portfolio comprises 77 luxury and first class properties, including the Fairmont San Francisco and the Plaza in New York.