Americana Hotels and Realty announces 1994 year-end financial results.BOSTON--(BUSINESS WIRE)--March 31, 1995--Americana Hotels and Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. (NYSE NYSE See: New York Stock Exchange -- AHR AHR Aryl Hydrocarbon Receptor AHR American Historical Review (Journal of the American History Association) AHR Anchor AHR airway hyper-responsiveness AHR Assisted Human Reproduction AHR Air-Conditioning Heating Refrigeration ) today announced a net loss of $1,591,000 or $.24 per share for the year ended Dec. 31, 1994 after a $2,000,000 addition to the loss reserve. Prior to making this addition, earnings for 1994 were $409,000 or $.06 per share as compared to net earnings of $324,000 or $.05 per share for 1993. George H. Bigelow, president of the corporation, noted that the corporation's portfolio now consists of one owned property, the Canyon Hotel and Resort in Palm Springs, Calif.; a first mortgage in the amount of $16 million on the JFK Hilton Hotel in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ; and a first mortgage of $2,020,000 on the Americana Hotel in Kansas City Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo., due in June 1995. Bigelow also reported that, on March 27th, the proposed purchaser of the Canyon Resort in Palm Springs, Calif., paid an additional $300,000 to extend its purchase contract through April 1995. The agreement contains two additional one-month extensions, at the same monthly fee of $60,000, through June 1995. On March 6th, the corporation paid a liquidating distribution of $.50 per share, bringing total liquidating distributions to $12.75 per share under its plan of liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy . Bigelow noted that additional distributions were likely during 1995. It was also reported that the annual report and form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. will be distributed on April 11, 1995 and the annual meeting will be held on Thursday, May 18, 1995 at The Four Seasons Hotel in Boston. Financial Results
Year ended Dec. 31,
1994 1993
Revenues $1,966,000 $1,422,000 Expenses 1,557,000 1,098,000 Provisions for investment losses (2,000,000) -- Gain on sales of investments -- -- Net earnings (loss) $(1,591,000) $324,000 Net earnings (loss) per share $(.24) $.05 Number of shares outstanding 6,524,000 6,524,000 Americana Hotels and Realty Corp. is a real estate investment trust which is currently operating under a plan of disposition of assets and liquidation approved by stockholders in June of 1988. Its shares are listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . CONTACT: Americana Hotels and Realty Corp., Boston Sharon A. Zuk, 617/247-3358 |
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