Corporate officials blamed the decline largely on the drop in business due to the Sept. 11 terrorist attacks as well as a weaker economy overall, which proceeded that date.
"In the third quarter, the country's travel industry experienced an acute drop in business unlike any we have ever seen," Donald Barbieri, chairman, president and CEO, said in announcing the news. "The hotel segment of the travel industry has not been spared, and we find ourselvesoperating in a different and difficult environment. But, that doesn't change the need to look forward and I remain confident that the industry will regain its strength and continue to serve the millions of people who rely on us to provide our essential services."
Hotel & Restaurant division revenue decreased 11.6% during the quarter, while room revenue at all owned, managed and franchised properties decreased 8.5%, from $51.8 million in the third quarter of 2000, to $47.4 million during the third quarter of this year.
During the quarter, real estate division revenues increased 6.1%, from $2.3 million in the third quarter of 2000, to $2.5 million during the same period this year. The increase in revenues was a result of higher occupancies and lease income in company owned and managed commercial and residential properties.
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