MEMPHIS, TN— RFS Hotel Investors Inc., which owns 58 hotels in 24 states, reported funds from operations (FFO) of $10.4 million for the third quarter, down from $12.4 million in the year-ago period. The companys FFO for the nine months ended Sept. 30 totaled $29.7 million, compared with $44.3 million in the same period last year. RFS said operating results were in line with the reduced guidance given in early September. “Operating conditions in travel-related businesses continue to be very difficult,” said Randy Churchy, president/COO. “The third quarter represented the sixth consecutive quarter of declining RevPAR in the hotel business. The good news is that, despite a 4.1% decline in RevPAR for the third quarter, occupancy actually increased from 71.1% to 72%.” RFS hotel portfolio includes such leading brands as Sheraton, Residence Inn by Marriott, Hilton, Doubletree, Holiday Inn, and Hampton Inn.
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