Hotel Investors Trust and Hotel Investors Corp., whose shares are paired together and which jointly report their financial results, said they suffered a combined $1.09-million loss in the third quarter despite a 15% increase in revenue.
Hotel Investors Trust, based in Woodland Hills, invests in lodging properties and San Diego-based Hotel Investors Corp. manages hotels. Their latest loss compared with year-earlier net income of $1.39 million, which included one-time gains totaling more than $1.6 million on the sale of assets. There were no asset sales in the quarter that ended Sept. 30.
Hotel Investors' third-quarter revenue climbed to $29.5 million from $25.6 million.
For the first nine months of the year, Hotel Investors reported a $1.34-million loss, compared with profit of $3.51 million a year earlier. Nine-month revenue rose 28% to $86.6 million from $67.7 million.
Last month, the companies announced plans to sell their investments and management interests in more than 30 traditional hotels, citing the disappointing performance of the properties. But they said they would keep their two hotel-casinos in Las Vegas.