(November 4 – 16:30 ET) –
Canadian Hotel Income Properties
Real Estate Investment Trust
released its results for the three
months ended September 30,1999 .
CHIP REIT’s distributable cash
for the quarter increased to $19.9
million or 54 cents per unit versus
$17.0 million or 50 cents per unit
in the comparable period last year.
RevPAR, the industry measure of
revenue per available room, was up
6.9% to $68.21 with occupancy
increasing 1.5 percentage points to
74.3% and average daily room rates
up 4.9% to $91.74.
On a year-to-date basis, CHIP
REIT recorded expenses of
approximately $800,000 related to
its hostile takeover defense and
other strategic initiatives, of
which over $500,000 was recorded
in the third quarter. Year-to-date
RevPAR is up 3.9% to $55.82 with
occupancy rates down 0.3 percentage
points to 65.2% and ADR up 4.4% to
$85.64.
-IE Staff
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