SILVER SPRING, MD- Sunburst Hospitality Corp., a hotel ownership and management company, reported earnings for the third quarter of 2000.
On a per share basis, Sunburst reported a loss before extraordinary loss from early debt redemption and the cumulative effect of an accounting change of $0.04 in the third quarter of 2000 compared to income of $0.20 in the prior year.
Revenues for the three months ended September 30, 2000 were $56.6 million, compared to $56.8 million in the same period of 1999. The slight decrease is primarily due to the 8.9% decrease in the number of rooms from 11,340 rooms in 1999 to 10,329 in 2000 as a result of the companys program to sell mature properties to reduce debt. RevPAR increased 9.4% in the third quarter 2000, and the company saw a 12.3% increase in revenues per available room for its extended-stay hotels. (10/26/00)