The Palm Beach-based hotel real estate investment trust is attributing the revised earnings outlook to the reduced demand for travel and hospitality services following the Sept. 11 terrorist attack.
In its second-quarter earnings report, the REIT forecast FFO of 44 cents and 32 cents for the third and fourth quarters. However, the company is now reporting an estimated decline of 31.6% in RevPAR at its 66 hotels from Sept. 11 to 30. Occupancy averaged 65% during the same time period.
The decline falls in line with publicly announced RevPAR and occupancy declines for the industry during the same periods, Jeffrey H. Fisher, Innkeepers' president and chief executive officer, says in a prepared statement. In the week between Sept. 23 and Sept. 30, RevPAR decreased 28.5% and occupancy averaged 67%, Fisher says.
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