Bristol Hotels & Resorts Reports Second Quarter Earnings Per Share of $0.25.DALLAS--(BUSINESS WIRE)--Aug. 4, 1999-- Bristol Hotels & Resorts (NYSE NYSE See: New York Stock Exchange :BH)(the "Company" or "Bristol") is pleased to report earnings of $4.5 million, or $0.25 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share for the second quarter. Revenues for the same period totaled $196.9 million. Revenue, earnings and diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the six-month period ending June 30, 1999 were $373.1 million, $5.6 million and $0.31, respectively. Financial results are not presented for comparable prior periods as the Company was not conducting operations in its current format prior to July 28, 1998. Quarterly revpar (revenue per available room) growth for the total leased portfolio was 4.7%. Occupancy, average daily rate and revpar for the quarter were 69.5%, $87.31 and $60.68, respectively. Statistics for the same period last year were 70.7%, $82.00, and $57.97, respectively. Revpar growth for assets under redevelopment during the second quarter of 1998 was 25.0% while those under redevelopment during second quarter of 1999 showed an 8.3% decline. Revpar growth for assets not under redevelopment was 0.4%. "We are pleased with our financial performance" noted J. Peter Kline, Chairman and Chief Executive Officer. "We believe this to be indicative of our ability to continue being profitable in an environment where increases in supply growth and modest reductions in corporate travel have resulted in revenue growing at a slower rate, more in-line with inflation. With respect to our portfolio's revpar performance, it is important to understand that the reported statistics do not necessarily reflect the underlying performance of the majority of our assets. Excluding 10 assets whose revpar decline exceeded 11%, total portfolio and same-store growth would have been 6.4% and 2.6%, respectively. These ten assets were confronted with a variety of hurdles including difficult quarterly comparisons, the effect of short-term cutbacks in the oil industry, and an unusual increase in the competitive supply in two markets." Mr. Kline also commented on the lease agreement entered into during the quarter with an entity that will be 15% owned by the Company and 85% collectively by two other parties, Winston Hotels, Inc. ("Winston") and Regent REGENT. 1. A ruler, a governor. The term is usually applied to one who governs a regency, or rules in the place of another. 2. In the canon law, it signifies a master or professor of a college. Dict. du Dr. Call. h.t. 3. Partners, Inc. "We are pleased to have procured another lease through Winston while concurrently increasing the number of Hilton Garden Inn Hilton Garden Inn is the name of a chain of hotels operated by Hilton Hotels Corporation. Hilton Garden Inns are considered to be upscale, mid-priced hotels that are designed for both business and leisure travelers. The hotel brand is similar to that of the Courtyard by Marriott brand. rooms that will ultimately be managed by the Company to 803. We are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that our relationship with both Winston and Hilton Hotels
The Company also continued to oversee the renovation and/or re-branding of the assets transferred to FelCor, and for the three months ending June 30, this activity encompassed 18 hotels and 5,493 rooms. Of this total, the following 15 hotels containing almost 4,700 rooms were completed and placed fully back in service: -- The 443-room Allerton 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. in Chicago, IL. Formerly The Allerton Hotel The Allerton Hotel or Allerton Crowne Plaza is a 25-story 360 foot hotel skyscraper along the Magnificent Mile in the Near North Side community area of Chicago, Illinois. , designated by the city of Chicago as a historic landmark, reopened after an extensive restoration. Exquisitely ex·qui·site adj. 1. Characterized by intricate and beautiful design or execution: an exquisite chalice. 2. decorated dec·o·rate tr.v. dec·o·rat·ed, dec·o·rat·ing, dec·o·rates 1. To furnish, provide, or adorn with something ornamental; embellish. 2. , the Allerton Crowne Plaza features 443 deluxe de·luxe also de luxe adj. Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. guestrooms, including 60 suites, all with first class amenities. The Renaissance Ballroom
A ballroom is a large room inside a building, the designated purpose of which is holding formal dances called balls. , the space that once was home to the Tip Top Tap, a popular lounge in the 1940's and 1950's, now provides a new venue for upscale, intimate gatherings. Original arched masonry masonry: see brick; concrete; stonework; tile. masonry Craft of building in stone, brick, or block. By 4000 BC, Egypt had developed an elaborate cut-stone technique. windows provide breathtaking breath·tak·ing adj. 1. Inspiring or exciting: a breathtaking view; a breathtaking ride. 2. Astonishing; astounding: breathtaking insensitivity. views of Michigan Avenue and Lake Michigan. The lobby was relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. to the third floor with a new two-story atrium atrium (ā`trēəm), term for an interior court in Roman domestic architecture and also for a type of entrance court in early Christian churches. The Roman atrium was an unroofed or partially roofed area with rooms opening from it. . A gallery surrounds the mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. , overlooking o·ver·look tr.v. o·ver·looked, o·ver·look·ing, o·ver·looks 1. a. To look over or at from a higher place. b. the lobby. Taps on Two, the 130-seat signature restaurant and 50-seat lounge features heartland cuisine Cuisine (from French cuisine, "cooking; culinary art; kitchen"; ultimately from Latin coquere, "to cook") is a specific set of cooking traditions and practices, often associated with a specific culture. . A state-of-the-art fitness center on the 25th floor offers stunning views of the city. Using historic photographs and blueprints, architects are restoring the Allerton's distinctive exterior to closely match the original. The Allerton's Northern Italian Renaissance style of architecture includes decorative brickwork, carved carve v. carved, carv·ing, carves v.tr. 1. a. To divide into pieces by cutting; slice: carved a roast. b. stone details, and a picturesque picturesque, term used in 18th-century England to refer to a landscape that looked as if it had come out of an academic painting. Used as derogatory criticism of such painting, the picturesque was considered pretty rather than beautiful. roofline roof·line n. The profile of or silhouette made by a roof or series of roofs. . The limestone limestone, sedimentary rock wholly or in large part composed of calcium carbonate. It is ordinarily white but may be colored by impurities, iron oxide making it brown, yellow, or red and carbon making it blue, black, or gray. The texture varies from coarse to fine. facade facade (fəsäd`), exterior face or wall of a building. The term implies ordered placement of its openings and other features and thus seems inapplicable to a wall without design. that decorates the first three floors is being painstakingly pains·tak·ing adj. Marked by or requiring great pains; very careful and diligent. See Synonyms at meticulous. n. Extremely careful and diligent work or effort. replicated, and the familiar Allerton and TipTop Tap signs at the top of the building are also being restored. -- The 382-room Holiday Inn Select in Nashville, TN. Renovations included new furniture, wall coverings, and carpet in the lobby and atrium areas. A new porte cochere porte cochere (French: “coach door”) Passageway through a building, or gateway in an outer wall, designed to let vehicles pass from the street to an interior courtyard. was constructed, and the hotel ballroom received new floor and wall coverings and decorative lighting. -- The 530 room Holiday Inn Nikki Bird Resort in Orlando, FL. The renovation included the addition of 75 KidSuites(R), a new Holiday Inn guestroom concept for families, featuring a themed children's area within each guestroom. Guestrooms were completely remodeled with new carpet, draperies, bedspreads, lighting, and furnishings furnishings the extra type or quantity of hair on the head, tail, ears or legs, specified for a particular breed. For example, the feathers in setters, the beard in Bearded collies, the eyebrows in Schnauzers. , while guest baths received new fixtures, floor tile tile, one of the ceramic products used in building, to which group brick and terra-cotta also belong. The term designates the finished baked clay—the material of a wide variety of units used in architecture and engineering, such as wall slabs or blocks, floor , and lighting. The lobby, front desk, and gift shop were completely remodeled, and meeting facilities were updated with new floor and wall coverings, draperies, lighting, and accessories. All three of the hotel's pools were revamped and a children's area was added. Other recreational facilities Noun 1. recreational facility - a public facility for recreation recreation facility facility, installation - a building or place that provides a particular service or is used for a particular industry; "the assembly plant is an enormous facility" were also upgraded, including a new fitness facility and basketball court. The hotel's exterior received extensive remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling . New lighting and landscaping were added throughout the resort grounds. -- The 335-room Crowne Plaza in Irvine, CA. The former Holiday Inn Select completed upgrades to the lobby, banquet rooms banquet room n. A large room, as in a restaurant, suitable for banquets. , and meeting space with new lighting, flooring, and wall coverings. Guestrooms were remodeled during the first phase of construction, which was completed during the summer of 1998. Guestroom renovations at the time included new carpet, furniture, draperies, bedspreads, and bathroom tile and paint. -- The 364 room Holiday Inn Independence Mall Independence Mall is a description of several places including:
The hotel's guestrooms received a complete refurbishment re·fur·bish tr.v. re·fur·bished, re·fur·bish·ing, re·fur·bish·es To make clean, bright, or fresh again; renovate. re·fur , including new furniture, flooring, and wall coverings. Existing meeting space was refurbished, and approximately 8,000 square feet of new meeting space was constructed. The renovation also included a makeover of the hotel lobby, restaurant and lounge. A fitness center was also added to the facility. -- The 397-room Holiday Inn Select-Airport in San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. , TX. As part of the final phase of redevelopment, guestrooms received new carpet, draperies, and, in one-third of the guestrooms, new lighting, wall coverings and furniture. The hotel's largest ballroom received new floor and wall coverings, lighting and furniture. During the previous phase of renovation, which was completed in the spring of 1998, the hotel's public areas and restaurant were updated and the lounge was converted into a 4,500 square foot ballroom. -- The 305 room Crowne Plaza in San Jose San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , CA. The former Holiday Inn completed upgrades to virtually every area of the hotel. Floor-to-ceiling remodeling in guestrooms included new lighting, draperies, bedspreads, carpet, and wall coverings. The lobby, banquet rooms, restaurant, and meeting spaces received new carpet, wall coverings, lighting, and artwork. New furniture was added to the restaurant, bar, and lobby areas. A state-of-the-art fitness room was added to the facility. -- The 500-room Holiday Inn-Oceanfront Resort in Cocoa Cocoa, city, United States Cocoa, city (1990 pop. 17,722), Brevard co., E Fla., on the Indian River (a lagoon), a segment of the Intracoastal Waterway; inc. 1895. It is a tourist and arts center in a region where citrus fruits are grown. An 8-mi (12. Beach, FL. In addition to bringing the property's guestrooms and public areas to "like-new" condition, the renovation included the addition of 75 KidSuites(R), the new Holiday Inn guestroom concept for families. The resort's lobby, lounge and restaurant areas were renovated and redecorated with new wall coverings, carpet, furniture and tile flooring. Meeting rooms were updated with new carpet, wall coverings and lighting. In August 1999, the pool area of the resort will be upgraded with the addition of a children's pool and pirate play ship with water cannons water cannon n. A truck-mounted apparatus that fires water at high pressure, used especially to disperse crowds or control rioters. water cannon Noun and slides. Feature towers and a new facade will also be completed during this phase. Other properties completed and placed back in service during the quarter include the: -- 190-room Holiday Inn in Beaumont, TX -- 155-room Holiday Inn in Peterborough, Ontario -- 139-room Holiday Inn in Cambridge, Ontario
Cambridge -- 210-room Holiday Inn in Texarkana, AR -- 247-room Holiday Inn in Amarillo, TX -- 251-room Holiday Inn Select in Pittsburgh, PA -- 223-room Holiday Inn in Columbus, GA The Company has overseen in excess of $280 million in renovation and/or re-branding activity encompassing 42 hotels and 13,231 rooms since the current program began in late 1997. By the year 2000, Bristol Hotels & Resorts will have overseen the investment of over $400 million in the redevelopment of Crowne Plaza and Holiday Inn hotels. Bristol is one of the largest independent operators of 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. The Company's portfolio at June 30, 1999, segregated by brands was as follows: -0-
BRAND No. HOTELS No. ROOMS
Bass Hotels & Resorts
Crowne Plaza 17 5,736
Holiday Inn Select 11 3,703
Holiday Inn 53 15,189
Holiday Inn Express 6 652
----------------------------
87 25,280
----------------------------
Marriott International
Courtyard by Marriott 2 420
Fairfield Inn 5 931
---------------------------
7 1,351
----------------------------
Promus Hotels
Hampton Inn 11 1,521
Homewood Suites 1 108
----------------------------
12 1,629
-----------------------------
Other Brands
Harvey/Bristol 5 1,389
Independent 2 586
Four Points Hotel 1 187
----------------------------
8 2,162
----------------------------
TOTAL PORTFOLIO 114 30,422
============================
Bristol operates principally in the mid-priced to upscale
segments of the industry and its hotels are located in 19 of the top
25 lodging markets in the United States. Locations with the greatest
concentrations at June 30, 1999, were as follows:
Location No. of Hotels/Rooms
Dallas, Texas 11 3,142
San Francisco/Bay Area, California 6 2,497
Atlanta, Georgia 8 2,190
Houston, Texas 9 2,262
Orlando, Florida 3 1,470
Ontario, Canada 6 1,444
Los Angeles/Santa Barbara, California 3 613
Omaha, Nebraska 6 1,056
San Antonio, Texas 3 1,025
Jackson, Mississippi 3 695
San Diego/Orange County, California 2 935
Quad Cities, Illinois/Iowa 5 884
Philadelphia, Pennsylvania 2 809
Nashville, Tennessee 2 682
New Orleans, Louisiana 2 447
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 & Resorts
First Six Months 1999 vs. 1998 (1)
Available First Six Months 1999
Hotel Rooms Occupancy Avg Rate RevPAR
----------- --------- -------- ------
Same-Store Hotels (2)
Leased (3) 13,956 67.4% $81.00 $54.59
Managed (4) 1,160 72.0% $85.08 $61.26
1998 Redevelopment
Leased (3) 6,801 70.4% $98.56 $69.39
1999 Redevelopment
Leased (3) 5,735 59.8% $86.89 $51.96
Total
Leased (3) 26,492 66.5% $86.92 $57.80
Managed (4) 1,160 72.0% $85.08 $61.26
First Six Months 1998 Occupancy Avg Rate RevPAR
Occupancy Avg Rate RevPAR Chg (pp) % Chg % Chg
--------- -------- ------ -------- ----- -----
Same-Store Hotels (2)
Leased (3) 69.3% $79.12 $54.83 -1.9% 2.4% -0.4%
Managed (4) 74.6% $81.02 $60.44 -2.6% 5.0% 1.4%
1998 Redevelopment
Leased (3) 64.3% $88.44 $56.87 6.1% 11.4% 22.0%
1999 Redevelopment
Leased (3) 72.9% $78.45 $57.19 -13.1% 10.8% -9.1%
Total
Leased (3) 68.8% $81.20 $55.87 -2.3% 7.0% 3.5%
Managed (4) 74.6% $81.02 $60.44 -2.6% 5.0% 1.4%
Notes
(1) Excludes non-comparable Single-Acquisition and Sale Assets (one
asset held for sale containing 200 rooms).
(2) Same-Store Hotels exclude hotels renovated during the First Six
Months of 1998 or 1999.
(3) Canadian assets have been adjusted to remove the effect of
period-to-period exchange rate fluctuations.
(4) Excludes recently terminated contracts and those that are being
marketed for sale by the owners (five assets containing 1,496
rooms in total).
Bristol Hotels & Resorts
Second Quarter 1999 vs. 1998 (1)
Available Second Quarter 1999
Hotel Rooms Occupancy Avg Rate RevPAR
----------- --------- -------- ------
Same-Store Hotels (2)
Leased (3) 15,762 70.7% $83.90 $59.32
Managed (4) 1,160 76.7% $87.17 $66.86
1998 Redevelopment
Leased (3) 6,256 72.1% $99.84 $71.98
1999 Redevelopment
Leased (3) 4,559 61.8% $80.74 $49.90
Total
Leased (3) 26,577 69.5% $87.31 $60.68
Managed (4) 1,160 76.7% $87.17 $66.86
Second Quarter 1998 Occupancy Avg Rate RevPAR
Occupancy Avg Rate RevPAR Chg (pp) % Chg % Chg
--------- -------- ------ -------- ----- -----
Same-Store Hotels (2)
Leased (3) 72.4% $81.63 $59.10 -1.7% 2.8% 0.4%
Managed (4) 77.9% $83.25 $64.85 -1.2% 4.7% 3.1%
1998 Redevelopment
Leased (3) 64.4% $89.44 $57.60 7.7% 11.6% 25.0%
1999 Redevelopment
Leased (3) 73.3% $74.23 $54.41 -11.5% 8.8% -8.3%
Total
Leased (3) 70.7% $82.00 $57.97 -1.2% 6.5% 4.7%
Managed (4) 77.9% $83.25 $64.85 -1.2% 4.7% 3.1%
Notes
(1) Excludes non-comparable Single-Acquisition and Sale Assets (one
asset held for sale containing 200 rooms).
(2) Same-Store Hotels exclude hotels renovated during the Second
Quarter of 1998 or 1999.
(3) Canadian assets have been adjusted to remove the effect of
period-to-period exchange rate fluctuations.
(4) Excludes recently terminated contracts and those that are being
marketed for sale by the owners (five assets containing 1,496
rooms in total).
Bristol Hotels & Resorts
Consolidated Statements of Income
(Unaudited, in thousands except per share amounts)
Three Months Ended Six Months Ended
June 30, 1999 June 30, 1999
------------- -------------
Revenue:
Rooms $ 147,792 $ 279,491
Food & beverage 35,873 69,076
Construction management fees 1,009 2,391
Management fee income 1,581 2,518
Other 10,659 19,652
------- ------
Total revenue 196,914 373,128
-------- -------
Operating costs and expenses:
Rooms 41,852 80,068
Food & beverage 27,945 53,794
Other 3,958 7,387
Undistributed operating expenses:
Administrative and general 17,390 35,098
Marketing 15,088 29,116
Property occupancy costs 16,307 32,353
Tenant lease expense 61,724 113,838
Depreciation and amortization 732 1,391
Corporate expense 4,794 11,340
------ ------
Operating profit 7,124 8,743
Other income (expense):
Interest income, net 360 586
Equity in loss of joint ventures (45) (45)
---- ----
Income before income taxes 7,439 9,284
Income taxes 2,938 3,667
------ -----
Net income $ 4,501 $ 5,617
======== =======
Earnings per share:
Basic $ 0.25 $ 0.32
Diluted $ 0.25 $ 0.31
Weighted Average Shares Outstanding
Basic 17,781 17,780
Diluted 18,122 18,082
EBITDA/a 7,856 10,134
EBITDA/a margin 4.0% 2.7%
Balance sheet statistics (in millions)
Cash and short term investments $27.6
Debt $0.0
Stockholders' equity $41.2
/a Earnings before interest, income taxes, depreciation and
amortization
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