Bristol Hotels & Resorts Reports Fourth Quarter Statistics and Announces Two New Management Contracts.DALLAS--(BUSINESS WIRE)--Feb. 3, 1999--Bristol Hotels & Resorts (NYSE NYSE See: New York Stock Exchange :BH) (the "Company" or "BH&R") is pleased to report that fourth quarter revpar (revenue per available room) growth for assets not under redevelopment and excluding assets held for sale was 4.2%. Occupancy, average daily rate and revpar for the period were 61.6%, $79.88 and $49.20, respectively. Statistics for the same period last year were 62.6%, $75.50 and $47.24, respectively. Same-store revpar growth for the year was 6.7%. The Company is also pleased to announce it has entered into two new management contracts with one of its strategic partners, Dallas-based Lone Star Lone Star (or Lonestar) may refer to:
-- In January, Cambridge Inn-Boston was purchased for $11.5 million by a joint venture between BH&R and Lone Star. BH&R owns 15% of the venture and manages the 112-room hotel that will be converted to a Holiday Inn Express & Suites shortly. This brings to three the number of hotels BH&R manages in the Boston area, where the company's management portfolio includes Four Points Hotel in Leominster and Holiday Inn Select-Boston Government Center near downtown. -- Effective March 1, BH&R will take over management of the 82-room Hampton Inn in Saulte Ste. Marie Ste. Marie is French for St. Mary. In English the term may refer to
on the northeastern end of Michigan's Upper Peninsula Upper Peninsula Abbr. UP The northern part of Michigan between Lakes Superior and Michigan. It is separated from the Lower Peninsula by the Straits of Mackinac. Noun 1. near the Canadian Canadian (kənā`dēən), river, 906 mi (1,458 km) long, rising in NE New Mexico. and flowing E across N Texas and central Oklahoma into the Arkansas River in E Oklahoma. border. This is Bristol's 11th Hampton Inn and its first property in Michigan. "Once again our revpar performance has exceeded industry averages," noted J. Peter Kline, Chairman and Chief Executive Officer. "This is very encouraging in light of comparable same-store sales Same-store sales is a business term which refers to the revenue generated by one of a retail chain's specific outlets during a certain period of time (often a fiscal quarter or a particular shopping season), compared to an identical period in the past, usually in the previous year. results that do not yet reflect the benefits realized from last year's redevelopment. Another promising statistic statistic, n a value or number that describes a series of quantitative observations or measures; a value calculated from a sample. statistic a numerical value calculated from a number of observations in order to summarize them. is that our composite 1998 revpar growth for the company was in line with the industry at 3.4%, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite being impacted by nearly 390,000 room nights out-of-service." "We continue to remain encouraged by our new management contract activity as these two deals not only strengthen our relationship with another owner, but the Cambridge venture in particular reflects our willingness to make limited investments with opportunistic opportunistic /op·por·tu·nis·tic/ (op?er-tldbomacn-is´tik) 1. denoting a microorganism which does not ordinarily cause disease but becomes pathogenic under certain circumstances. 2. partners," Kline added. "We think our investment in the Cambridge transaction represents attractive pricing for a great piece of real estate. "In addition, we made outstanding progress toward solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. our relationship with Hilton Hotels Corporation Hilton Hotels Corporation (NYSE: HLT) is one of the leading global hospitality companies. As of April 2007 there are 2,645 hotels and 485,000 rooms employing 105,000 people in more than 80 countries. and related franchisees," Kline said. "We are currently in discussions with prospective Hilton franchisees that may ultimately add 17 hotels and 3,300 rooms to our portfolio. Our pipeline is now very full with over 30 deals representing 5,800 rooms in varying stages of negotiation." Bristol Hotels & Resorts (NYSE:BH) is the largest independent operator of full-service hotels in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and operates the largest number of Bass Hotels & Resorts branded hotels in the world. Bristol's almost 120 hotels include nearly 32,000 rooms in 26 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Canada. They operate in the mid-priced to upscale segments of the industry and are located in 19 of the top 25 lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Bristol Hotels & Resorts operates nearly 90 Crowne Plaza This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. and Holiday Inn properties and is a leading franchisee in Bass' $1.5 billion modernization modernization Transformation of a society from a rural and agrarian condition to a secular, urban, and industrial one. It is closely linked with industrialization. As societies modernize, the individual becomes increasingly important, gradually replacing the family, program. By the year 2000, Bristol will have overseen the investment of $400 million in the redevelopment of Crowne Plaza and Holiday Inn hotels. Certain matters discussed in this press release may be construed as forward-looking within the meaning of the Private Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995 and as such may involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements of the Company to be different from any future results, performance or achievements expressed or implied by such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . These risks are detailed from time to time in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . -0-
BRISTOL HOTELS AND RESORTS
PROFORMA STATISTICAL SUMMARY(1)
FOR THE THREE MONTHS ENDED DECEMBER 31, 1998 AND 1997
Three Months Ended December 31, 1998
-----------------------------------
Average Average
"Same-Store" Leased Hotels(2) Occupancy Daily Rate Revpar
----------------------------- -----------------------------------
Original Bristol/United Inns 65.0% $75.66 $49.18
Holiday Acquisition
Actuals 66.1% $87.86 $58.11
Currency Adjusted(3) 66.1% $89.04 $58.88
Omaha Acquisition 45.2% $61.20 $27.68
Combined Totals
Actuals 61.6% $79.33 $48.86
Currency Adjusted(3) 61.6% $79.88 $49.20
Company Total, which reflects
the Impact of Construction
Activity(4) (5) 59.6% $83.33 $49.66
-----------------------------
Managed Hotels 66.2% $84.58 $56.03
--------------
Three Months Ended December 31, 1997
-----------------------------------
Average Average
"Same-Store" Leased Hotels(2) Occupancy Daily Rate Revpar
-------------------------- -----------------------------------
Original Bristol/United Inns 68.4% $70.40 $48.18
Holiday Acquisition
Actuals 67.8% $83.57 $56.69
Currency Adjusted(3) 67.8% $83.57 $56.69
Omaha Acquisitiouals 62.6% $75.5 Activity(4)
(5) 64.1%
Period-to-Period Change
Occupancy Daily Rate Revpar
"Same-Store" Leased Hotels(2) (pp) (%) (%)
-------------------------- -----------------------------------
Original Bristol/United Inns -3.4% 7.5% 2.1%
Holiday Acquisition
3.9%
Omaha Acquisition 5.1% 0.2% 13.1%
Combined Totals
Actuals -1.0% 5.1% 3.4%
Currency Adjusted(3) -1.0% 5.8% 4.2%
Company Total, which reflects
the Impact of Construction
Activity(4) (5) -4.5% 8.8% 1.2%
-----------------------------
Managed Hotels -1.8% 4.9% 2.g the
period.
(2) Excludes hotels under redevelopment and assets held for sale.
(3) Removes effect of but excludes assets held for
sale.
(5) There were 6 assets targeted for sale at year-end and there were
nearly 120,000 room nights out-of-service during th PROFORMA
STATISTICAL SUMMARY(1)
FOR THE YEARS ENDED DECEMBER 31, 1998 AND 1997
Year Ended December 31, 1998
-----------------------------------
Average Average
"Same-Store" Leased Hotels(2) Occupancy Daily Rate Revp
Actuals
Company Total, which reflects
----
Avera 67.7% $72.74
$49.26
C
-----------------------------------
4.4% 5.2% 15.3%
-0.8% 5.8% 4.7%
----eld for sale.
(3) Removes effect of period-to-period exchange rate fluctuations
with respect to the targeted for sale at year-end and there were
nearly 390,000 room nights out-of-service during the periode Net -
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