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Solid gains at its Hawaii hotels helped ResortQuest International Inc. show a 13.1 percent rise in its third-quarter profit, the company said today. ResortQuest
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Memphis, Tenn.-based ResortQuest reported net income of $6.4 million, or 34 cents share, for the three months through Sept. 30, compared with a net of $5.66 million, or 31 cents a share, in the year-earlier period.
"Same-store lodging revenues increased at three of our four resort areas with Hawaii leading the charge in producing lodging revenue growth of nearly 20 percent," said David Levine, ResortQuest's chairman, president and chief executive officer.
ResortQuest reported total third-quarter revenues of $47 million, up 11.6 percent from $42.1 million in the 1999 quarter.
The Hawaii properties reported lodging revenues of $42.4 million in the latest quarter, up 19.3 percent from $35.5 million in the 1999 period. Most of ResortQuest's Hawaii business comes from its Aston Hotels & Resorts subsidiary, but it also has a smaller business on Maui.
The company's Hawaii occupancy averaged 80.9 percent through the latest three months, up 3.4 percentage points from a year-earlier 77.5 percent, ResortQuest said, and the quarterly average room rate in the islands was up 9.9 percent at $112.86, from $102.72 in the year-earlier quarter.
Companywide, ResortQuest had a third-quarter occupancy average of 64.7 percent, unchanged from last year, and an average room rate of $151.78, up 6.7 percent from $142.20. ResortQuest manages 18,000 vacation rental units in 15 states and Canada.