ResortQuest International Inc. said today its loss widened in the fourth quarter to $17.5 million from a loss of $6.2 million a year ago, despite a 23.9 percent gain in lodging revenues from its Hawaii holdings.
ResortQuest gets lift
from Hawaii sales
Revenues, however, increased 11.6 percent to $34.4 million from $30.8 million in the fourth quarter of 2001.
ResortQuest, which owns the Aston Hotels & Resorts chain in the islands and operates dozens of vacation businesses on the mainland, said its Hawaii resorts' same-store gross lodging revenues were $33.1 in the fourth quarter, up from $26.7 million a year earlier, as it benefited from higher occupancy rates and revenue per available unit. Same-store lodging refers to properties that have been operated by ResortQuest for at least a year.
Overall, total gross lodging revenues rose 10.5 percent in the quarter to $58.5 million from $52.9 million a year earlier.
"We are encouraged by the quarter's sharp increase in total gross lodging revenues," said Park Brady, chief operating officer of ResortQuest. "Most notably, same-store sales in Hawaii, while still not up to historical levels, are continuing their strong rebound."
Excluding special items and charges, ResortQuest had a net loss in the quarter of $7.2 million.
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