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Red Lion Hotels Corporation ( RLH ) reported third-quarter 2012 earnings from continuing atlanta hotels operations of 2 cents per share, missing the Zacks Consensus Estimate of 6 cents. However, this was ahead of the approximately breakeven result in the year ago quarter.
Total revenue came in at $45.4 million, ahead of the Zacks Consensus Estimate of $44.0 million and year-ago revenue of $44.5 million. The increase was attributable to a 1.6% increase in hotel revenue and 27.7% surge in franchise revenues, partially offset by 25.4% dip in other revenues and 2.9% decline atlanta hotels in entertainment atlanta hotels revenue.
Comparable atlanta hotels hotel revenue increased 3.6% year over year to $42.0 million. Revenue per Available Room (RevPAR) for comparable owned and leased hotel increased 4.6% year over year to $65.99, while RevPAR for franchised hotels upped 3.1% to $72.64.
atlanta hotels Occupancy in owned and leased hotels increased 270 basis points (bps) to 74.6%, but decreased 110 bps to 76.7% in franchised hotels. Average daily rate (ADR) increased 0.9% to $88.49 for owned and leased hotels and 4.6% to $94.76 for franchised hotels.
The company is focused on a long-term strategy of expanding its franchise network. In connection atlanta hotels with this, the company signed three new franchise agreements for three hotels - Red Lion Hotel Woodlake Conference Center Sacramento, Red Lion Inn Suites Cathedral City and Red Lion Inn Suites Denver Airport.
In the reported quarter, Red Lion sold two previously owned hotels ??? Red Lion Colonial atlanta hotels Hotel in Helena, Montana and Red Lion Hotel Denver Southeast ??? for $5.6 million and 13.0 million respectively to the franchise. Along with these, the company also sold California-based Red Lion Hotel Sacramento at Arden Village hotel for $9.0 million in the quarter.
The company increased its RevPAR for owned and leased hotels guidance and now expects it to increase in the range of 3% - 5%, up from the previous atlanta hotels range of 2% - 4%. Red Lion affirmed its investment for capital improvement expense guidance and continues to expect it be around $10.0 million.
We remain bullish on the stock, given the company s significant atlanta hotels portfolio restructuring activity, expansions atlanta hotels in core markets as well as system wide RevPAR and occupancy atlanta hotels growth. Based on these positives, we expect analysts to increase their estimates in the coming days. Currently the Zacks Consensus Estimate for 2012 and 2013 is pegged at loss of 27 cents and loss of 15 cents, respectively.
Red Lion competes with the likes of Starwood Hotels Resorts Worldwide Inc. ( HOT - Analyst Report atlanta hotels ), which reported its third quarter 2012 adjusted earnings of 58 cents per share, surpassing the Zacks Consensus Estimate by 5 cents.
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