ARLINGTON, VA— Interstate Hotels & Resorts has posted reported results for the second quarter showing a net loss of $ 2.7 million, or $0.09 per diluted share, compared to a net loss of $0.5 million, or $0.02 per diluted share, in the same period a year earlier. Included in the results are losses on discontinued operations of $1 million related to the sale of BridgeStreet Corporate Housing Worldwide’s Toronto operations, which is made up of operating losses of $0.3 million and asset write offs and restructuring charges of $0.7 million. Adjusted EBITDA in the quarter, excluding non-recurring items, special charges and discontinued operations, was $6.4 million, compared to $7.4 million in the 2003 second quarter. Net income, excluding non-recurring items, special charges and discontinued operations, was $1.3 million, or $0.04 per share, compared to $0.8 million, or $0.04 per share, for the 2003 period. Total revenue, excluding other revenue from managed properties (reimbursable costs), was $46.5 million in the quarter, compared to $45.6 million in 2003. RevPAR for all managed hotels improved 7.4% to $74.37 from the prior year’s second quarter. Occupancy rose 2.3% to 70.8%, and ADR increased 4.9% to $105.03. Same-store RevPAR for all full-service managed hotels improved 7.7% to $79.77; occupancy increased 2.0% to 70.8% and ADR rose 5.6% to $112.71. Same-store RevPAR for all select-service managed hotels improved 5.6% to $57.76, with occupancy increasing 3.3% to 70.9% and ADR rising 2.2% to $81.45.
