Hotel Investors Companies Post Joint Quarterly Loss
Hotel Investors Trust and Hotel Investors Corp., which jointly report their financial results and have their stocks paired on the New York Stock Exchange, said they lost $1.11 million in the first quarter, compared with a year-earlier loss of $388,000.
The deeper loss in the quarter that ended March 31 came despite an increase in the companies’ revenue to $29.3 million from $27.5 million and mainly reflected lower earnings at their two hotel-casinos in Las Vegas, the companies said.
Hotel Investors Trust, based in Woodland Hills, invests in lodging and gaming properties and Hotel Investors Corp. manages such properties. The companies, however, have announced plans to sell most of their holdings and seek other opportunities.