ARLINGTON HEIGHTS, IL— Arlington Hospitality Inc., a hotel development and management company, posted second-quarter results showing total revenues of $18.6 million, up 21% from the same quarter in 2003. RevPAR came in at $35.56, up 5% from the same period in 2003 for the company’s AmeriHost Inn hotels. Net income registered at $55,000 compared to a net loss of approximately $3.4 million in second quarter 2003. These results include non-cash hotel impairment charges of $125,000 pre-tax ($75,000 after tax) and $4.6 milllion pre-tax ($2.7 million after tax) in the second quarter of 2004 and 2003, respectively. The non-cash hotel impairment charges have been recorded primarily in connection with the company’s previous plan to dispose of 25 to 35 hotels over a two-year period. Arlington paid off $6.7 million and $10.5 million of mortgage debt in connection with the sale of hotels for the second quarter and six months ended June 30, 2004, respectively. Total mortgage debt was $48.5 million as of June 30, 2004, compared to $60.1 milllion at year’s end 2003. The company has a mortgage debt of approximately $29.2 million related to hotels held for sale. It expects to pay off this debt as the hotels are sold.
