ResortQuest’s earnings
decline 40.7 percentBut occupancy levels in Hawaii
and Florida boosted revenues
for the third quarter
Revenues at ResortQuest International, a vacation rental firm with properties on the Islands, rebounded in the third quarter largely from improved occupancy in Hawaii and a strong average daily rate in Northwest Florida.
ResortQuest's total revenues rose to $58.2 million from $58 million last year. However, the company's profit declined 40.7 percent to $3.2 million from $5.4 million in the same quarter last year, while diluted earnings per share declined to 17 cents from 28 cents, Florida-based ResortQuest said yesterday.
Hawaii lodging revenues increased 10.1 percent to $41.8 million in the third quarter of 2003 from $37.9 million last year as the state continued to experience a strong rebound in occupancy levels, said Jim Olin, president and chief executive officer of ResortQuest.
"Improved occupancy in Hawaii and strong average daily rate in Northwest Florida were the primary growth drivers, and we are excited to see the early signs of a broad industry turnaround," Olin said.
ResortQuest, through its Aston Hotels & Resorts in Hawaii and Maui Condominium and Home subsidiaries, manages 33 Hawaii properties, including hotels and resort condominiums in Waikiki, Maui, Kauai and the Big Island.
Hawaii occupancy in the second quarter was 81.9 percent, compared with 70.6 percent last year. The average daily room rate was off 1.1 percent at $112.32, compared with $113.57, while revenue per available unit increased 14.8 percent to $91.99 from $80.13 a year ago.
Included in the third quarter of 2003 are $2 million of general and administrative expenses related to the company's relocation to Destin, Fla. and transaction costs associated with the company's pending acquisition by Gaylord Entertainment. In August, Gaylord Entertainment Co., owner of the Grand Ole Opry musical show, bought ResortQuest for about $109 million in stock.
