Aston Hotels parent reports revenue rise
By Kelly Yamanouchi
Advertiser Staff Writer
A rebound in Hawai'i tourism helped the financial performance for Hawai'i operations of Aston Hotels & Resorts parent ResortQuest International Inc.
The Destin, Fla.-based company reported revenues of $58.2 million in the quarter, up slightly from $58 million in the third quarter of 2002.
ResortQuest, a vacation rental management company being acquired by Gaylord Entertainment Co., reported $3.2 million in net income in the third quarter ending Sept. 30, down from $5.4 million a year ago. Diluted earnings per share amounted to 16 cents, down from 28 cents the year earlier.
The lower earnings came during a quarter when same-site gross lodging revenues increased 1.1 percent, occupancy increased by 2.9 percentage points and the average daily room rate fell 1.5 percent. Revenue per available unit increased 3.6 percent.
But for Hawai'i properties, gross lodging revenues grew 10.1 percent to $41.8 million and hotel occupancy increased to 81.9 percent from 70.6 percent in the third quarter of 2002.
"We have experienced a very strong rebound," said Aston President Kelvin Bloom. "July and August in particular were outstanding."
Discounts on hotel rooms led to a 1.1 percent decline in the average daily room rate for Hawai'i, while revenue per available unit increased 14.8 percent.
"Improved occupancy in Hawaii and strong average daily rate in Northwest Florida were the primary growth drivers, and we are excited to see the early signs of a broad industry turnaround," said ResortQuest President and Chief Executive Jim Olin in a written statement.
Aston's portfolio includes about 55 percent resort condominiums and 45 percent hotels. Maui Condominium and Home makes up another 10 percent of ResortQuest's Hawai'i inventory. The total number of units in Hawai'i declined 5.4 percent because of the Aston Waikiki Parkside's closing in February for mold-related repairs and renovation. The property is expected to reopen in early 2004, Bloom said.
The company released its earnings before trading yesterday. Shares closed up 17 cents at $7.53.
Reach Kelly Yamanouchi at 535-2470, or at kyamanouchi@honoluluadvertiser.com.
