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PSH MASTER L.P. I ANNOUNCES THIRD QUARTER, 1992 RESULTS

 PSH MASTER L.P. I ANNOUNCES THIRD QUARTER, 1992 RESULTS
 DUBLIN, Ohio, Oct. 30 /PRNewswire/ -- PSH Master L.P. I (NASDAQ: PSHPZ) today announced the results of its third quarter ended Sept. 30, 1992. The partnership incurred a cash loss (net loss before depreciation and amortization expense) of $320,451 compared to a cash loss of $465,097 in the same quarter of 1991. Year-to-date, the partnership incurred a cash loss of $358,462 compared to a cash loss of $832,324 for the same period in 1991. For 1992, an agreement with the first mortgage lender provides that the payment of debt service will not exceed cash flow, thereby providing the funding for the 1992 cash losses computed at the contractual interest rate. Improvement in occupancy resulted in a 5.3 percent increase in revenues compared to the third quarter of 1991 and continued cost containment is reflected in the improved results of both the third quarter and the nine month results when compared to the same periods of 1991.
 Combined occupancy during the third quarter of 1992 was 71.5 percent, up from 70.4 percent in 1991. Operating revenues of the partnership were $4,481,686 in the third quarter of 1992, resulting in a net loss of $1,097,934, or $.35 per unit. Comparative results for the third quarter of 1991 were revenues of $4,255,941 and a net loss of $1,385,229, or $.44 per unit. Year-to-date, operating revenues totaled $14,612,650 on 74.1 percent occupancy, resulting in a net loss of $2,692,150, or $.86 per unit. Comparative results for the first nine months of 1991 were operating revenues of $14,008,369, on occupancy of 71.5 percent, and a net loss of $3,479,966, or $1.11 per unit.
 Agreements with the first mortgage lender to restructure the partnership's debt and with the hotel operator to make loans to fund capital improvements and operating deficits, as necessary, are expected to be finalized during the fourth quarter.
 -0- 10/30/92
 /CONTACT: Stephen C. Denz of PSH Master L.P. I, 614-889-6500)
 (PSHPZ) CO: PSH Master L.P. I ST: Ohio IN: LEI SU: ERN


BM -- CL017 -- 7360 10/30/92 17:45 EST
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Publication:PR Newswire
Date:Oct 30, 1992
Words:378
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