ResortQuest's net income falls

Advertiser Staff

The parent of the Aston hotel chain, ResortQuest International Inc., said its net income fell 22 percent to $5 million, or 26 cents per diluted share, in the third quarter compared with 34 cents a share a year earlier.

ResortQuest CEO David Levine said tourism was slowing before the terrorist attacks on Sept. 11, which exacerbated the problem.

Still, the company said revenue climbed to $48.7 million in the three months to Sept. 30 from $47 million a year earlier because of beach resort acquisitions.

ResortQuest's Hawai'i resorts reported a drop in lodging revenues of 11.5 percent to $37.5 million.