BETHESDA, MD- Crestline Capital Corp. reported third quarter 2000 EBITDA of $28.2 million, a 1.7% decrease compared to 1999 EBITDA of $28.6 million. Third quarter diluted earnings were $0.51 per share.
YTD EBITDA was $90.4 million, a 10% increase over the 1999 EBITDA of $82.2 million. YTD diluted earnings were $1.74 per share, a 26.1% increase over the companys 1999 figure.
Overall, third quarter results were in line with expectations. Crestline has been implementing its strategy of growing its hotel management business and repurchasing company shares. Six new management contracts were added late in the third quarter and early in the fourth quarter, which increased the companys brand diversity by adding the Hyatt, Sheraton and Hilton Garden Inn flags to its portfolio.
Hotel revenues increased 10.9% to over $1 billion for the third quarter of 2000, driven largely by full-service RevPAR growth of 8.7%. YTD hotel revenues increased 7.8% to approximately $3.1 billion, also driven largely by full-service RevPAR growth of 6%. (10/17/00)