Hotel Industry News - Financial

Earnings before interest, tax, depreciation and amortisation increased by 19% to HK$490 million. - More

Melco China Resorts (Holding) Limited (TSX VENTURE:MCG), which is to be renamed as Mountain China Resort (Holding) Limited subject to final approval by the TSXV, today reported its financial results for the three and six-month periods ended June 30, 2010. The Company reports in Canadian Dollars. - More

Transaction Significantly Advances Deleveraging Strategy, US Credit Facility Amendment Extends Maturities at Favorable Interest Rates - More

Choice Hotels International, Inc., (NYSE: CHH) announced its intention to offer, subject to market and other conditions, $250 million aggregate principal amount of senior unsecured notes due 2020. The notes will be unsecured, unsubordinated obligations of the Company and will be guaranteed by certain U.S. subsidiaries of the Company. - More

The International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) today published a joint Exposure Draft (ED) on lease accounting.The ED, if finalized, would represent a fundamental change in how lessees and lessors account for their leasing transactions. - More

Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 111 hotels in 23 states, announced its results for the second quarter ended June 30, 2010. - More

Revenue per available room (RevPAR) for the 2010 second quarter at the company's hotels improved 10.2 percent to $81.00, led by a 15.5 percent increase in occupancy to 78.2 percent, partially offset by a 4.6 percent decline in average daily rate (ADR) to $103.55. - More

International and Domestic Airfare Rates Highest Since Pre-Recession Levels in June, Trips Up Substantially to Key Business Destinations Worldwide - More

Powerful and distinct brands: The $1 billion relaunch of Holiday Inn remains on track. 2,585 hotels are now operating under the new Holiday Inn standards, 76% of the total estate. Relaunched hotels are performing at the top end of our expected range. - More

InterContinental Hotels Group PLC, the operator of InterContinental, Crowne Plaza and Holiday Inn hotels, reported Tuesday a profit for the second quarter thanks to a pickup in business travel and growth in the Chinese market. Intercontinental posted a net profit of $87 million for the three months to June 30 -- compared with a loss of $56 mill... - More