WASHINGTON, D.C. MeriStar Hotels & Resorts, an independent hotel management company, recently announced results for the first quarter ended March 31, 2001. Revenues for the first quarter rose 49.5% to $79.8 million from $53.4 million in the 2000 first quarter. Excluding non-recurring items, net income for the quarter was $0.2 million, or $0.01 per share on a diluted basis. EBITDA increased 86% to $6.5 million from $3.5 million in the 2000 first quarter.
ADR for all full-service, managed hotels in the 2001 first quarter advanced 4.1% to $116.59, while occupancy declined 0.3% to 68.6%. RevPAR rose 3.7% to $79.97, compared to the 2000 first quarter. RevPAR for all limited-service, leased hotels in the 2001 first quarter improved 1.6% to $52.77. ADR rose 6.8% to $81.56, and occupancy decreased 4.9% to 64.7%. (5/8/01)