Hotel Properties Inc., a real estate investment trust based in Woodland Hills, earned $2.2 million in its second quarter, up 89% from the same quarter a year ago. Revenue was up 30%, to $2.65 million.
Per-share earnings were 52 cents in the most recent quarter, versus 31 cents a year ago.
Hotel Properties, which has agreed to merge with Hotel Investors of Chevy Chase, Md., said the higher earnings stem largely from the sale of two hotels--one in Stockton and the other in Modesto. The company attributed its higher revenue to increased rental income.
Cash flow available for pay-out to investors in the second quarter was $2.2 million, or 57 cents a share, versus $3.3 million, or 94 cents a share, a year ago. The company noted that the earlier quarter included a $1.3-million gain from the sale of properties.
For the six months ended June 30, cash flow available for pay-out totaled $3.85 million, or $1.02 a share, down from $4.2 million, or $1.52 a share.