MEMPHIS, TN RFS Hotel Investors reported that operating results for the fourth quarter and the year ended December 31, 2000, substantially exceeded analysts expectations. 2000 was the most profitable year in the companys history.
Funds from Operations (FFO) for the quarter ended December 31 increased from $12.3 million, or $0.45 per share, to $13.5 million, or $0.50 per share, an increase in FFO per share of approximately 11%. FFO for the year ended December 31, 2000, was $64.2 million or $2.37 per share, representing an increase of 3.5% over 1999 FFO per share of $2.29.
Comparable hotels RevPAR increased 7.1% and lease revenue increased 8.3% for the quarter. RevPAR for all 60 owned hotels increased 10.2% for the quarter and 5.8% for the year. The recently renovated Hilton San Francisco Fishermans Wharf produced a RevPAR increase of 91% for the quarter and 21% for the year. (1/25/01)