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Area Hotels Buoy Florida Hotel REIT

SILICON VALLEY-Eight of trust's 67 hotels account for more than a third of FFO-swelling room revenues.

By Broderick Perkins | Updated on August 02, 2000

Palm Beach, FL-based Innkeepers USA Trust is crediting Silicon Valley hotel revenues for boosting it’s funds from operations by $2.8 million during the second quarter this year. Hampton Inns, Residence Inns and Summerfield Suites are among the REIT’s holdings.

The hotel REIT said the 13 percent increase in its FFO was fueled by an 8.4% advance in revenue per available room (RevPar) from $81.95 in the second quarter 1999 to $88.91. Eight Silicon Valley properties accounted for 3 percent of the jump among all of Innkeepers 67 hotels, the company reported.

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