Hotel Investors Trust and Hotel Investors Corp. said their combined earnings were $2.3 million, or 19 cents a share, in the first quarter ended Nov. 30, a 46% increase from the $1.6 million, or 17 cents a share, earned a year earlier.
The companies said the quarterly results included a $520,000 gain from the sale of property. Revenue in the period rose 92%, to $17 million, because of acquisitions, the companies said.
Hotel Investors Trust is a Woodland Hills company that owns 55 mid-priced hotels, averaging about 150 rooms each, nationwide. Hotel Investors Corp., based in San Diego, manages 48 hotels. They are affiliated companies whose shares are combined and trade on the New York Stock Exchange.