TORONTO Legacy Hotels Real Estate Investment Trust announced its unaudited financial results for the three months ended September 30, 2000.
For the third quarter in 2000, gross operating revenues totaled $146.1 million, representing a gain of 13.6% compared to the same quarter in 1999. Operating income of $48.0 million and net income of $33.3 million increased by 13.3% and 8.8%, respectively, in the quarter.
In addition, average daily rates for the current portfolio were ahead of last year by 5.5% or $8.41. Occupancy was 81.3%, which is 3.6% below occupancy levels for the same period last year. The resulting RevPAR for the current portfolio was up $1.20 or 0.9% compared to 1999 results. (10/12/00)