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PSH MASTER L.P. I ANNOUNCES SECOND QUARTER 1993 RESULTS

 COLUMBUS, Ohio, Nov. 12 /PRNewswire/ -- PSH Master L.P. I (NASDAQ: PSHPZ) today announced the results of its third quarter ended Sept. 30, 1993. Combined operating results for the Partnership's hotels during the third quarter reflect an increase in revenues of 2.9 percent over last year to $4,610,227 from $4,481,686, primarily from higher food and beverage sales; however, increases in labor-related costs and higher interest expense resulted in a net loss of $764,603 or $.24 per unit compared to a net loss of $1,097,934 or $.35 per unit reported in the third quarter of 1992. Occupancy declined slightly during the quart ?to 70.6 percent from 71.5 percent recorded in the third quarter of 1992 while the average daily rate improved 2.2 percent in the current quarter compared to last year. Year-to-date, the hotels incurred a net loss of $1,346,577 or $.43 per unit on revenues of $15,187,190 compared to a net loss of $2,692,150 or $.86 per unit on revenues of $14,612,650 through the first nine months of 1992. These improved results reflect a 3.9 percent increase in revenues including a 2.8 percent increase in average daily rate. Occupancy remained relatively flat at 74.7 percent compared to 74.1 percent in the first nine months of 1992.
 The Tampa, Fla., and Raleigh/Durham, N.C., hotels have recorded steady improvement in both average daily rate and occupancy percentage during 1993, resulting in substantial increases in bottom line performance. The Partnership's Disney hotel, however, struggles in a local market which continues to be negatively impacted by the construction of new hotels, especially rooms added by the Walt Disney organization. This construction activity will continue into the foreseeable future and, combined with the negative impact of the economy and the publicity surrounding violent crimes involving tourists in Florida, is expected to place additional pressure on hotel operating results. During 1993, the Partnership has paid interest to Aetna at the rate of 9 percent in accordance with its restructured mortgage loans. Cash from operations, after required reserves, fell short of this pay rate by $208,881 during the third quarter but exceeded the pay rate by $228,998 through the first nine months of 1993.
 -0- 11/12/93
 /CONTACT: Stephen C. Denz of PSH Master L.P. I, 614-227-4235/
 (PSHPZ)


CO: PSH Master L.P. I ST: Ohio IN: LEI SU: ERN

AR-BM -- CL016 -- 3843 11/12/93 16:06 EST
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Publication:PR Newswire
Date:Nov 12, 1993
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