Fueled by a non-recurring gain of $23.7 million, or 59 cents per share, the Boca Raton-based owner-operator of luxury resorts in Florida is reporting a net gain for the three months ended Sept. 30, compared with a net loss for the same period last year.
However, the sale comes as the company reports that first-quarter occupancy at its Florida reports dropped to 51.2%, compared with occupancy of 64.1% for the same period in 2000.
The same trend held true for revenue per available room. RevPar for the three-month period dropped to $67.35, down from $82.65 during the same period last year.
The company reported first-quarter net income of $12.2 million, or 31 cents per share, on total revenue of $39.5 million, compared with a net loss of $27.6 million, or 68 cents per share, on revenue of $59.6 million for the same period in 2000.
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