Wyndham International Reports 1Q Loss

DALLAS— Wyndham International Inc. reported a first-quarter loss on lower revenues but said it expects demand and occupancy rates to rise, according to a report by Reuters. The company said its net loss was $343.2 million, or $2.25 a share, compared with a profit of $12.5 million a year ago. On a pro forma basis, adjusted for acquisitions and sales of properties, earnings before interest, taxes, depreciation and amortization (EBITDA) were $114.3 million, down from $172.3 million a year earlier. Wyndham said it expects second-quarter EBITDA of $122 million to $127 million, according to Reuters. First-quarter revenues fell to $499.6 million from $614.2 million in 2001. The hotel operator said occupancy on Wyndham-branded comparable owned and leased properties was 67% in the quarter, up from 58.8% in fourth-quarter 2001 but down from 70.9% in the first-quarter 2001. “Occupancy grew each month in the first quarter, indicating the return in demand … the company anticipates the monthly improvement in demand from the first quarter to continue,” Wyndham reported in a statement. Source: Reuters