CALGARY - Royal Host Real Estate Investment Trust (TSX:RYL.UN) said its first-quarter net income increased to $12.1 million from $2.3 million a year-ago period, boosted by a gain of $11.7 million on the sale of one of its Travelodge hotels.
The REIT sold the Travelodge Hotel Burlington on the Lake during the quarter, and repurchased about 5.4 million trust units, about 20 per cent of the total outstanding.
The quarterly income amounted to 44 cents per unit, compared to 10 cents per unit last year.
But hospitality revenue decreased 2.4 per cent to $29.3 million in the three months ended March 31, as occupancy decreased due in part to the early timing of the Easter holiday, Royal Host said.
The trust, which owns 33 hotels under brands that include Best Western, Country Inns & Suites, Hilton and Holiday Inn, said its average daily room rate grew by 3.1 per cent, but revenue per available room from continuing operations decreased 1.4 per cent to $56.25.
The trust narrowed its loss from continuing operations to $200,000, from $2.1 million loss in the first quarter of 2007.
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