HARRISBURG, PA— Hersha Hospitality Trust reported total revenues for the fiscal year ended Dec. 31, 2001 increased by approximately 10.2% to $14.1 million from $12.8 million for the previous year. The company also said funds from operations increased by approximately 6.1% to $7.1 million from $6.6 million during the year-ago period. The increase in revenues and FFO was primarily attributable to the full year of operations from several properties acquired in 2000 along with three additional acquisitions completed during 2001. Lease revenues were offset by the disposition of six assets during 2001 and lower percentage lease revenues from a few of the hotels owned during the 2001. Hasu Shah, chairman/CEO, said “we are pleased with our financial results in light of the significant impact in travel and tourism following the terrorist attacks…of 2001. We are equally pleased that our cash flow during the fourth quarter was strong enough to allow for the continuation of our $0.18 dividend per share while the majority of hotel REITs were forced to significantly reduce or eliminate dividends. The companys selective acquisitions strategy in conjunction with the sale of numerous non-core assets have strengthened our portfolio and has positioned our company for long-term growth and stability.”
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