Holloway Lodging Real Estate Investment Trust (TSX: HLR.UN, HLR.DB and HLR.DB.A) announced its unaudited financial results for the three and six months ended June 30, 2008. All amounts are in Canadian dollars unless otherwise indicated.
This press release should be read in conjunction with the REIT's unaudited interim consolidated financial statements and management's discussion and analysis, copies of which are available on the REIT's website at www.hlreit.com and on the Sedar website at www.sedar.com .
Highlights - Second Quarter
The following summarizes the key highlights that occurred during the three months ended June 30, 2008:
- Distributable income increased over 104% - distributable income increased by 104% to $3.2 million ($0.08 per unit) from $1.6 million ($0.08 per unit) for the three months ended June 30, 2008 and 2007, respectively;
- Hotel revenues increased over 82% - hotel revenues increased to $23.7 million from $13.0 million for the three months ended June 30, 2008 and 2007, respectively;
- Hotel EBITDA per available room increased 7.2% - hotel EBITDA per available room increased to $36.61 from $34.16 per room for the three months ended June 30, 2008 and 2007, respectively; and
- Hotel EBITDA margin increased by 4.5 percentage points - hotel EBITDA margin increased to 34.1% from 29.6% for the three months ended June 30, 2008 and 2007, respectively.
"Our strong increases in same store occupancy, rate, RevPAR and EBITDA margin for the quarter on a year over year basis is very encouraging and positions Holloway nicely for the remainder of 2008," said Glenn Squires, Chief Executive Officer of Holloway Lodging REIT. -- www.cnxmarketlink.com
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