TORONTO— Fairmont Hotels & Resorts reported stronger-than-expected second-quarter earnings from operations and increased its earnings guidance for fiscal 2002, according to Reuters. Fairmont attributed the profit increase to renovations at several hotels, two of them in Bermuda, but said its U.S. properties remained the weakest performers. “Canada has largely outperformed the rest of the North American lodging industry due to stronger economic performance in Canada and the general view that it is a safer travel destination,” William Fatt, chief executive, said in a statement. Fairmont, spun off from Canadian Pacific last year, said it earned $28.9 million, or 37 cents a share, from continuing operations. Second-quarter revenues fell slightly to $150.2 million from $152.5 million in the year-ago period, mainly because of declines at hotels in the United States. RevPAR fell 7.4% at hotels managed by Fairmont. “The decrease is primarily attributable to continuing ADR pressures,” Fatt said. Fairmont, with nearly 80 hotels in Canada, the United States, Bermuda, Mexico, Barbados and the United Arab Emirates, raised its 2002 earnings per share estimate to between $1.07 and $1.10 from $1, said Reuters.
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