Because of a decline in outstanding shares, however, funds per diluted share rose to $1.04 from 99 cents. Revenues went up 6.3% to $98.6 million while earnings before expense, income taxes, depreciation and amortization rose 5% to $84.5 million.
DC-based MeriStar, the nation's third largest hotel real estate investment trust, benefited from holding hotels in a diverse set of locations with high barriers to new competition.The average daily rate for its hotel rooms rose to $103.83, up 7% while occupancy fell slightly to 74%.
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