MHI Hospitality Corporation Reports Financial Results for First Quarter 2010
Total revenue for the first quarter 2010 increased 13.0% over first quarter 2009, or approximately $2.0 million, to approximately $17.5 million.
HIGHLIGHTS:
- Total revenue for the first quarter 2010 increased 13.0% over first quarter 2009, or approximately $2.0 million, to approximately $17.5 million.
- Total room revenue for the first quarter 2010 increased 15.7% over first quarter 2009, or approximately $1.6 million, to approximately $12.1 million.
- Consolidated portfolio Revenue per Available Room ("RevPAR") increased 7.1% over first quarter 2009.
- Adjusted operating income for the first quarter 2010 increased 44.7% over first quarter 2009, or approximately $1.1 million, to approximately $3.4 million.
- Funds from Operations ("FFO") increased 7.2% over first quarter 2009, or approximately $0.1 million, to approximately $1.2 million, or $0.09 per share, for first quarter 2010.
Andrew M. Sims, President and CEO of MHI Hospitality Corporation, commented, "We are pleased to report strengthened performance in the first quarter, including gains in Funds From Operations, total revenue and RevPAR, as well as a nearly 45 percent increase in adjusted operating income. We believe this progress is a direct result of our repositioned hotel assets gaining traction within each of their markets. We remain committed to increasing customer share across the portfolio and are cautiously optimistic about stabilizing industry fundamentals."
