"By every measure, 2000 was an excellent year for Innkeepers," Jeffrey H. Fisher, Innkeepers president and chief executive officer, says in a prepared statement. "Our efforts were rewarded as our total return to shareholders, dividend and share price appreciation, was 49% for 2000."
Revenue per available room for the year and the fourth-quarter ended Dec. 31 reflected continuing demand from consumers for the company's 67 lodging properties. RevPAR increased by 7.4% to $85.64 from $79.73 for the year, compared with an 8.6% jump to $80.88 from $74.49 for the quarter. Average occupancy rates increased by 1.6% to 80% for the year from 78.8% for the same period the year before.
"Our RevPAR results were broad-based for the full year, with our eight Silicon Valley properties leading the way with a 18.4% increase," Fisher says. "Excluding the Silicon Valley hotels, which represent 28% of our total percentage lease revenue, RevPAR for the remainder of our portfolio rose 4.3%, with every region reporting positive RevPAR growth during the year."
Such fiscal performance apparently accounts for the continuing shareholder confidence in the company's publicly traded shares, which closed up 38 cents Monday at $12.25 on the New York Stock Exchange--just 18 cents off the 52-week high. Shares have traded as low as $7.81 over the same time period.
The company reported net income of $44.8 million, or $1.02 a share, on total revenue of $125.8 million for the year ended Dec. 31, compared with net of $36.6 million, or 78 cents a share, on total revenue of $114.2 million for the same period the prior year.
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