PITTSBURGH Interstate Hotels Corp. reported a net loss of $0.5 million for the first quarter ended March 31, 2001, compared to a net loss of $0.9 million for the same period last year. EBITDA were $2.5 million versus $0.2 million in the first quarter of 2000. Total company revenues decreased by $43.7 million to $11.1 million in the first quarter as a result of the conversion of the Equity Inns leases into management contracts on January 1.
During the first quarter RevPAR for U.S. full-service hotels managed by the company grew 1.2% to $105.00 from $103.75, ADR increased 4% to $137.36 from $132.07, while occupancy rates were 76.4% compared to 78.6% for the same period in 2000. The company s first quarter RevPAR growth was adversely impacted by softness in the economy, particularly in the New York City and San Francisco markets. (5/9/01)