Hotel Online  Special Report


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Wyndham Reports Net Loss of $29.4 million for 1st Qtr
2004 Compared to Prior Year Loss of $107.4 million;
Sold 11 Hotels During First Quarter
Hotel Operating Statistics

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DALLAS - May 6, 2004--

First Quarter 2004 Results Summary:
    
Wyndham International, Inc. experienced substantial increases in its first quarter 2004 results. Result highlights are as follows: 

(1) Pro forma EBITDA, as adjusted, was $84.9 million; actual EBITDA, as adjusted, was $86.1 million, surpassing guidance by $6.0 million; 
(2) The Company's comparable owned and leased properties that are Wyndham branded and -operated continued to outperform the Company's non Wyndham branded properties, posting a positive 5.5 percent RevPAR change or a RevPAR of $99.82; 
(3) Considerable RevPAR gains for the Company's proprietary branded business segments were as follows: Summerfield Suites by Wyndham -- 9.9 percent increase, Wyndham Luxury Resorts -- 9.1 percent increase, and Wyndham Hotels & Resorts -- 6.0 percent increase, versus the same period last year; 
(4) Wyndham-branded comparable owned and leased properties had a strong RevPAR penetration index of 102.9; 
(5) wyndham.com bookings were up 104 percent over the same period last year, and for the first time, wyndham.com revenue exceeded all third-party Internet site revenues combined; 
(6) Wyndham sold 11 hotel assets for a total of $148.5 million. Net proceeds were used to pay down debt; 
(7) Wyndham's liquidity was approximately $188.5.; and, 
(8) Total Company EBITDA margins increased 20 bps.

Surpassing its original first quarter 2004 EBITDA guidance by over $6.0 million, as well as its mid-point RevPAR guidance by 2.0 percent, Wyndham International, Inc. (AMEX:WBR) today reported that for the first quarter ending March 31, 2004, actual EBITDA, as adjusted, was $86.1 million and pro forma EBITDA, as adjusted, excluding assets sold and held for sale, was $84.9 million. The Company's comparable owned and leased Wyndham-branded properties posted a RevPAR of $99.82, an increase of 5.5 percent versus the same period in 2003. This increase was comprised of a 4.0 percentage-point increase in occupancy and a flat ADR.
    
Fred J. Kleisner, Wyndham chairman and chief executive officer stated, "The first quarter was a strong start to the next sustained growth period for our industry. We are especially pleased with the performance of our proprietary Wyndham brand, posting solid RevPAR gains."
    
Larger RevPAR gains were realized by the Company's owned and operated, proprietary-branded segments, including Summerfield Suites by Wyndham, which posted a RevPAR of $79.09, an increase of 9.9 percent year over year; Wyndham Luxury Resorts, which posted a RevPAR of $127.39, an increase of 9.1 percent compared to the same period last year; and, Wyndham Hotels & Resorts, which posted a RevPAR of $96.92, a 6.0 percent increase compared to the same period last year.
    
Total Company EBITDA margins increased 20 bps quarter over quarter aided by the increase in management contracts and franchise fees associated with new business and the careful management of corporate level expenses.
    
Kleisner stated, "The industry has begun a new growth cycle. Positive recovery indicators can be seen in the global economy with improvement in consumer confidence, a 10-year low in supply growth and growth in demand. Demand is now outpacing supply across the industry by a ratio of 3.2-to-1. Using past recoveries as a guide, the hotel industry is positioned for a multi-year period of material RevPAR, margin and cash flow growth."
    
Wyndham reported a net loss of $29.4 million and a pro forma net loss of $23.5 million for the first quarter 2004 versus a $107.4 million net loss and a $19.4 million pro forma net loss for the same period in 2003. After the effect of the Company's preferred dividend, the net loss per share was $0.42 on a fully diluted basis and the net loss on a pro forma basis was $0. 38 per share compared to a $0.87 net loss on a fully diluted basis and a pro forma net loss of $0.34 for the same period last year.
    
As of March 31, 2004, the Company's total debt was $2.54 billion (excluding the $170.3 million mortgage debt related to the Wyndham Anatole, a third-party owned hotel), a reduction of $140.6 million from Dec. 31, 2003. Total debt breaks down as follows: Revolver $158.5 million; IRL's $15.2 million; Term Loan I $1.03 billion; Term Loan II $334.7 million; Mortgage and Other Indebtedness $1.01 billion. The consolidation of the Anatole management agreement, as required by Financial Interpretation Number 46, increases the Company's total debt by $170.3 million (as stated above), notwithstanding the fact that Wyndham has absolutely no obligation to repay this debt.
    
Wyndham's liquidity, defined as revolver availability plus cash in its overnight account, was substantially improved to approximately $188.5 million, an increase of $27.5 million or 17.0 percent from the fourth quarter, 2003. Cash and equivalents were $204.4 million, inclusive of $108.5 million of restricted cash.
    
Operating & Brand Performance:
    
Wyndham's focus on driving revenues through proprietary booking channels and a shift in market segments is reflected by the quarter's positive improvements in RevPAR. For the first quarter 2004, Wyndham-branded owned and leased properties had a RevPAR penetration index of 102.9.
    
Kleisner added, "During the last three years of industry challenges, the success of our operating strategy can be seen through our positive RevPAR results. Our occupancy has been stabilized since the second half of 2002, and as we move further into 2004, we will manage the mix of business in order to drive rate and maximize EBITDA flow-through."
    
The Company's aggressive management of the online reservation marketplace resulted in several key brand programs that drive consumers to its proprietary Web site, including Wyndham's Best Rate Guarantee, which states that www.wyndham.com will have the best online rates for Wyndham guest rooms or the guest's first night's stay is free; the addition of a Booking Bonus, which allows guests booking online to choose from four different bonus options, including free breakfast or a free round of golf; and, exclusively providing Wyndham ByRequest(R) member benefits (customized guest room, free long distance, free high-speed Internet access, welcome amenity, etc.) for those online reservations booked through wyndham.com.
    
This revenue strategy of driving business to its proprietary Web site, www.wyndham.com, rather than third-party Internet sites, garnered successful results for the Company in the first quarter. For the first time, wyndham.com revenue exceeded all revenue generated by third-party Internet sites for Wyndham guest rooms, driven primarily by Wyndham WebRates(R), which yield a rate premium over the third-party sites. Consumer-direct bookings through www.wyndham.com yielded an ADR of $131.37 versus $82.69 for all third-party Internet site bookings, a rate premium of over $48 -- growing from a fourth quarter 2003 rate premium of $27.00 in just three months. With the best rate initiative on wyndham.com, the consumer is guaranteed to pay the best rate on the proprietary site with added value benefits not delivered on the third-party sites.
    
"We believe that the vast growth in our proprietary online reservations is directly correlated to the successful marketing of our online incentive programs. The last six months have been focused on educating consumers to understand that the best rates, complete with value-added incentives, can only be found on proprietary sites like www.wyndham.com," stated Kleisner. "While third-party Internet sites are still important to the hotel industry and are true business partners when they drive new customers that we cannot reach directly -- filling occupancies that we could not otherwise fill -- we want to be the direct distribution channel to our existing customers."
    
Wyndham ByRequest(R), the Company's guest recognition program, continued to maintain strong growth, increasing membership to over 1.85 million active members and driving revenues. The strength of Wyndham's brand programs, specifically Wyndham ByRequest and its online booking programs, have been key contributors to the brand's strong performance.
    
In addition, net reservations through brand-direct channels, which include both voice and wyndham.com reservations, are up 36.3 percent or $22.0 million over first quarter last year. Wyndham's central reservations office continues to post strong call conversion numbers with 43.5 percent of all voice reservations being converted into actual reservations compared to 40.6 percent for the first quarter last year.
    
The Company's proprietary Golden Door(R) brand, which currently boasts four spas in its portfolio saw significant growth this quarter, posting a 30.5 percent EBITDA gain. In the second quarter, Wyndham continues to build the momentum with the recent launch of the Golden Door Cuisine Menu, offered at all Wyndham Hotels, Resorts and Luxury Resorts. The meals are not only healthy, but appeal to a variety of palates and were developed in conjunction with the Golden Door's award-winning chef Michel Stroot to feature a sophisticated selection of global cuisine. Also, in June, Wyndham will introduce an in-room exercise program developed in conjunction with Golden Door fitness experts to allow guests to easily stay fit while traveling. These two new programs are in addition to the brand's current Golden Door Bath Care Collection, offered in every Wyndham-branded guestroom across its portfolio.
    
Wyndham along with three other prominent hotel companies have joined forces to form a worldwide alliance based on the shared philosophy of providing guests with unique, personalized guest services. The new Global Hotel Alliance (GHA), consisting of hotel chains Kempinski Hotels & Resorts, Pan Pacific Hotels and Resorts, Rydges Hotels & Resorts and Wyndham Hotels & Resorts, has united 235 upscale and luxury hotels and resorts, and over 63,000 guest rooms on five continents in a shared marketing partnership to offer customers a wider range of worldwide accommodations.
    
The GHA provides customers the convenience of a one-stop shop Internet site, www.globalhotelalliance.com and hotel amenities exclusive to members of each partner's guest recognition program, including late check out, free room upgrade and complimentary room night vouchers for preferred guests who stay in a Global Hotel Alliance hotel by Dec. 31, 2004.
    
Development & Dispositions:
    
During the first quarter 2004, the Company converted the Marriott Harrisburg in Pennsylvania to a Wyndham Hotel. The Wyndham Harrisburg-Hershey, which is currently undergoing a $3 million renovation, marks the 21st such conversion of a Wyndham-owned asset to its proprietary brand name, further reducing franchise and management fees paid to its competitors.
    
At the beginning of April, Wyndham expanded its off-shore resort portfolio with the addition of the Wyndham Bermuda Resort & Spa. Shuttered since September 2003 after the effects of Hurricane Fabian, Wyndham will reopen the property in June 2004, as part of a recently signed, long-term management agreement. The resort is currently undergoing a $38 million renovation.
    
Also in April, the Company converted five Summerfield Suites by Wyndham properties, formerly leased with InnKeepers USA Trust, to long-term franchise agreements. The properties include Summerfield properties in Addison, Texas; Belmont, Calif.; El Segundo, Calif.; Las Colinas, Texas; and, Mt. Laurel, N.J.
    
Wyndham announced earlier this week a new branded franchise concept through Wyndham Vacation Ownership, the industry's first program that allows independent timeshare owners to align under a committed brand. Developed in conjunction with joint-venture partner, Tempus Resorts International, Ltd., a leading vacation ownership-company, Wyndham Vacation Ownership invites independent timeshare owners to participate in a mutually beneficial franchise agreement and to reach a broad audience, as well as a competitive advantage by offering brand affiliation, distribution and exchange opportunities and discounted rates at Wyndham properties for timeshare unit owners.
    
In the first quarter 2004, Wyndham sold 11 assets for gross proceeds of approximately $148.5 million and at an average trailing 12-month EBITDA multiple of 16.7 times. Sold properties include seven Doubletree Hotels, The Radisson Akron, Ohio, The Pickwick Hotel in San Francisco, The Holiday Inn Select North Dallas and The Ramada San Francisco. The Company currently has three hotels under contract for gross proceeds of approximately $22.8 million. The sales of these properties are expected to close by the end of the third quarter.
    
Wyndham intends to sell all non-strategic assets, as well as select Wyndham branded properties that will remain in the brand portfolio pursuant to new management and franchise opportunities. The net proceeds will be used to pay down debt.
    
Future Guidance:
    
The Company expects second quarter EBITDA to be approximately $80.0 million, subject to additional asset sales, and RevPAR growth is estimated to be positive 6.0 to 7.0 percent.
    
Asset sale adjusted EBITDA guidance for the full year is increased by $10.0 million. Despite a $10 million decrease from assets sold, Wyndham expects full year EBITDA guidance to be in the range of $275.0 to $285.0 million, before additional asset sales. Further, full year RevPAR growth is increased to be positive 5.0 to 6.0 percent.
 
 

 
WYNDHAM INTERNATIONAL, INC.
2004 OPERATING STATISTICS
First Quarter
                                             2004     2003    % Change
                                            -------- -------- ---------
 
 COMPARABLE WYNDHAM BRANDED HOTELS (a)
 Wyndham Hotels & Resorts
   Average daily rate                       $131.55  $132.18      -0.5%
   Occupancy                                   73.7%    69.2%   4.5 ppt
   RevPAR                                    $96.92   $91.40       6.0%
 Wyndham Luxury Resorts
   Average daily rate                       $257.08  $252.34       1.9%
   Occupancy                                   49.6%    46.3%   3.3 ppt
   RevPAR                                   $127.39  $116.72       9.1%
 Summerfield by Wyndham
   Average daily rate                        $94.97   $94.23       0.8%
   Occupancy                                   83.3%    76.3%   7.0 ppt
   RevPAR                                    $79.09   $71.94       9.9%
 Wyndham Garden
   Average daily rate                        $90.70   $88.66       2.3%
   Occupancy                                   71.1%    75.3%  -4.2 ppt
   RevPAR                                    $64.45   $66.79      -3.5%
 
 
 COMPARABLE OWNED & LEASED HOTELS
 Proprietary Branded (b)
   Average daily rate                       $133.61  $133.77      -0.1%
   Occupancy                                   74.7%    70.7%   4.0 ppt
   RevPAR                                    $99.82   $94.61       5.5%
 
 Non-Proprietary Branded (c)
   Average daily rate                        $97.97   $97.45       0.5%
   Occupancy                                   57.2%    58.1%  -0.9 ppt
   RevPAR                                    $56.04   $56.63      -1.0%
 
 Total Portfolio
   Average daily rate                       $127.42  $127.07       0.3%
   Occupancy                                   70.9%    68.0%   2.9 ppt
   RevPAR                                    $90.38   $86.42       4.6%
 
 
 
 NOTE: All hotel statistics exclude assets sold to date.
 (a) Brand statistics are based on comparable owned, managed and leased hotels for respective periods.
 (b) Reflects Wyndham Hotels & Resorts, Wyndham Luxury Resorts, Summerfield by Wyndham and Wyndham Garden Hotels that were branded as of Jan. 1, 2003.
 (c) Non-proprietary brand hotels owned by the Company as of Jan. 1, 2003.
 
 
                       WYNDHAM INTERNATIONAL, INC.
             CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                             (in thousands)
                               (Unaudited)
 
 
                                             Three Months Ended
                                                 March 31,
                                                    2004
                                                 Pro Forma   Comparable
                                       Actual   Adjustments  Pro Forma
                                                                 (1)
                                     --------- ------------ -----------
  Revenues:
  Room revenues                      $192,841        $--      $192,841
  Food and beverage revenues          101,197         --       101,197
  Other revenues                       46,436         --        46,436
  Anatole hotel revenue                32,323     32,323  A         --
                                     --------- ----------   -----------
   Total hotel revenues               372,797     32,323       340,474
 
  Management fees and service fee
   income                               4,717        113  B      4,604
  Interest and other income               516         --           516
                                     --------- ----------   -----------
   Total revenues                     378,030     32,436       345,594
                                     --------- ----------   -----------
 
  Expenses:
  Room expenses                        46,512         --        46,512
  Food and beverage expenses           68,589         --        68,589
  Other expenses                      134,659         --       134,659
  Anatole hotel expenses               20,138     20,138  A         --
                                     --------- ----------   -----------
   Total hotel expenses               269,898     20,138       249,760
 
  General and administrative costs     14,351         --        14,351
  Interest expense                     52,825         --        52,825
  Interest expense - Anatole            3,195      3,195  A         --
                                     --------- ----------   -----------
   Total operating costs and
    expenses                          340,269     23,333       316,936
                                     --------- ----------   -----------
 
  Revenues net of direct expenses      37,761      9,103        28,658
 
  Adjustments:
  Professional fees and other             197         --           197
  Abandoned transaction costs              27         --            27
  Loss on derivative instruments        4,336         --         4,336
   Loss on sale of assets                  --         --            --
  Impairment of assets                     --         --            --
                                     --------- ----------   -----------
   Total adjustments                    4,560         --         4,560
                                     --------- ----------   -----------
 
  Depreciation and amortization        44,246         --        44,246
  Depreciation and amortization --
   Anatole                              2,223      2,223  A         --
  Equity in (earnings) losses from
   unconsolidated subsidiaries           (791)        --          (791)
  Minority interest in consolidated
   subsidiaries                           112         --           112
  Minority interest in consolidated
   subsidiaries -- Anatole              7,496      7,496  A         --
                                     --------- ----------   -----------
                                       53,286      9,719        43,567
                                     --------- ----------   -----------
 
 
  Loss from continued operations
   before taxes                       (20,085)      (616)      (19,469)
  Income tax (provision) benefit       (4,009)        --        (4,009)
                                     --------- ----------   -----------
  Loss from continued operations      (24,094)      (616)      (23,478)
                                     --------- ----------   -----------
 
 
  Loss from operations of
   discontinued hotels                 (1,061)    (1,061)           --
  Loss on sale of assets               (1,018)    (1,018)           --
  HPT leasehold termination costs          --         --            --
  Impairment of assets held for sale   (1,963)    (1,963)           --
                                     --------- ----------   -----------
  Loss from discontinued operations,
   before income taxes                 (4,042)    (4,042)           --
  Income tax (provision) benefit       (1,299)    (1,299)           --
                                     --------- ----------   -----------
  Loss from discontinued operations    (5,341)    (5,341) C         --
 
  Net loss                           $(29,435)   $(5,957)     $(23,478)
                                     ========= ==========   ===========
 
  EBITDA, as adjusted                 $86,054     $1,124       $84,930
                                     ========= ==========   ===========
 
 
 
 
                                            Three Months Ended
                                                 March 31,
                                                   2003
                                                 Pro Forma   Comparable
                                      Actual    Adjustments  Pro Forma
                                                                 (1)
                                   ----------- ------------ -----------
  Revenues:
  Room revenues                      $184,979    $2,668  F    $182,311
  Food and beverage revenues           97,405     1,279  F      96,126
  Other revenues                       48,343     1,370  F      46,973
  Anatole hotel revenue                    --        --             --
                                    ---------- ---------    -----------
   Total hotel revenues               330,727     5,317        325,410
 
  Management fees and service fee
   income                               4,420       570  G       3,850
  Interest and other income             1,256         7  H       1,249
                                    ---------- ---------    -----------
   Total revenues                     336,403     5,894        330,509
                                    ---------- ---------    -----------
 
  Expenses:
  Room expenses                        44,644       503  I      44,141
  Food and beverage expenses           66,451       986  I      65,465
  Other expenses                      128,053     2,306  I     125,747
  Anatole hotel expenses                   --        --             --
                                    ---------- ---------    -----------
   Total hotel expenses               239,148     3,795        235,353
 
  General and administrative costs     15,668        --         15,668
  Interest expense                     45,216        --         45,216
  Interest expense -- Anatole              --        --             --
                                    ---------- ---------    -----------
   Total operating costs and
    expenses                          300,032     3,795        296,237
                                    ---------- ---------    -----------
 
  Revenues net of direct expenses      36,371     2,099         34,272
 
  Adjustments:
  Professional fees and other           2,426        --          2,426
  Abandoned transaction costs             126        --            126
  Loss on derivative instruments       11,668        --         11,668
   Loss on sale of assets               4,937        --          4,937
  Impairment of assets                  4,093     4,093  J          --
                                    ---------- ---------    -----------
   Total adjustments                   23,250     4,093         19,157
                                    ---------- ---------    -----------
 
  Depreciation and amortization        49,264        --         49,264
  Depreciation and amortization --
   Anatole                                 --        --             --
  Equity in (earnings) losses from
   unconsolidated subsidiaries            574        --            574
  Minority interest in consolidated
   subsidiaries                            56        --             56
  Minority interest in consolidated
   subsidiaries - Anatole                  --        --             --
                                    ---------- ---------    -----------
                                       49,894        --         49,894
                                    ---------- ---------    -----------
 
 
  Loss from continued operations
   before taxes                       (36,773)   (1,994)       (34,779)
  Income tax (provision) benefit       16,307       941  K      15,366
                                    ---------- ---------    -----------
  Loss from continued operations      (20,466)   (1,053)       (19,413)
                                    ---------- ---------    -----------
 
 
  Loss from operations of
   discontinued hotels                (12,344)  (12,344)            --
  Loss on sale of assets                   --        --             --
  HPT leasehold termination costs    (104,291) (104,291)            --
  Impairment of assets held for
   sale                               (28,277)  (28,277)            --
                                    ---------- ---------    -----------
  Loss from discontinued
   operations, before income taxes   (144,912) (144,912)            --
  Income tax (provision) benefit       57,965    57,965  L          --
                                    ---------- ---------    -----------
  Loss from discontinued operations   (86,947)  (86,947)            --
 
  Net loss                          $(107,413) $(88,000)      $(19,413)
                                    ========== =========    ===========
 
  EBITDA, as adjusted                 $87,945    $7,465        $80,480
                                    ========== =========    ===========
 
 
 
 
 (1) The Comparable Pro Forma financial statements have been adjusted to remove the operations of the Wyndham Anatole, hotels sold and related interest expense from corresponding retired debt and management contract revenue from terminated management contracts.
 
 
                       WYNDHAM INTERNATIONAL, INC.
                          EBITDA Reconciliation
                  (in thousands, except per share data)
                               (Unaudited)
 
 
                                             Three Months Ended
                                                 March 31,
                                                   2004
                                                 Pro Forma   Comparable
                                      Actual    Adjustments  Pro Forma
                                                                 (1)
                                    ---------- ------------ -----------
 EBITDA Reconciliation
  Net loss                           $(29,435)   $(5,957)     $(23,478)
 
  Interest expense                     52,825         --        52,825
  Depreciation and amortization        44,246         --        44,246
  Income tax provision (benefit)        5,308      1,299  D      4,009
                                    ---------- ----------   -----------
  EBITDA                               72,944     (4,658)       77,602
 
  Interest, depreciation and
   amortization from equity
   interest in unconsolidated
   subsidiaries                         1,277         --         1,277
  Interest, depreciation and
   amortization attributable to
   minority interests                    (306)       (77) E       (229)
  Professional fees and other              60         --            60
  Amortization of unearned
   compensation                           774         --           774
  Loss on derivative instruments        4,336         --         4,336
  (Gain) loss on sale of assets            --         --            --
  Impairment of assets                     --         --            --
  Minority interest in subsidiaries
   -- management cost amortization
   eliminations                         1,110         --         1,110
  Discontinued operations
   adjustments                          5,859      5,859 C          --
                                    ---------- ----------   -----------
 
  EBITDA, as adjusted                 $86,054     $1,124       $84,930
                                    ========== ==========   ===========
 
 
 
 
 Per Share Calculations:
  Loss from continued operations     $(24,094)                $(23,478)
  Loss from discontinued operations    (5,341)                      --
                                    ----------              -----------
  Net loss                           $(29,435)                $(23,478)
  Adjustment for preferred stock      (40,814)                 (40,814)
                                    ----------              -----------
   Net loss attributable to common
    shareholders                     $(70,249)                $(64,292)
                                    ==========              ===========
 
  Basic and diluted loss per common
   share:
   Loss from continued operations      $(0.39)                  $(0.38)
   Loss from discontinued
    operations, net of taxes and
    minority interest                   (0.03)                      --
                                    ----------              -----------
    Net loss per common share          $(0.42)                  $(0.38)
                                    ==========              ===========
 
  Basic and diluted weighted
   average common shares and share
   equivalents                        168,255                  168,255
 
 
                                            Three Months Ended
                                                 March, 31
                                                   2003
                                                 Pro Forma   Comparable
                                      Actual    Adjustments  Pro Forma
                                                                 (1)
                                    ---------- ------------ -----------
 EBITDA Reconciliation
  Net loss                          $(107,413)  $(88,000)     $(19,413)
 
  Interest expense                     45,216         --        45,216
  Depreciation and amortization        49,264         --        49,264
  Income tax benefit                  (74,272)   (58,906) K    (15,366)
                                    ---------- ----------   -----------
  EBITDA                              (87,205)  (146,906)       59,701
 
  Interest, depreciation and
   amortization from equity
   interest in unconsolidated
   subsidiaries                         1,513        (63) M      1,576
  Interest, depreciation and
   amortization attributable to
   minority interests                    (646)      (409) N       (237)
  Professional fees and other           2,284         --         2,284
  Amortization of unearned
   compensation                           551         --           551
  Loss on derivative instruments       11,668         --        11,668
  (Gain) loss on sale of assets         4,937         --         4,937
  Impairment of assets                  4,093      4,093  J         --
  Minority interest in
   subsidiaries-management cost
   amortization eliminations               --         --            --
  Discontinued operations
   adjustments                        150,750    150,750  L          -
                                    ---------- ----------   -----------
 
  EBITDA, as adjusted                 $87,945     $7,465       $80,480
                                    ========== ==========   ===========
 
 
 
 
 Per Share Calculations:
  Loss from continued operations     $(20,466)                $(19,413)
  Loss from discontinued operations   (86,947)                      --
                                    ----------              -----------
  Net loss                          $(107,413)                $(19,413)
  Adjustment for preferred stock      (37,799)                 (37,799)
                                    ----------              -----------
   Net loss attributable to common
    shareholders                    $(145,212)                $(57,212)
                                    ==========              ===========
 
  Basic and diluted loss per common
   share:
   Loss from continued operations      $(0.35)                  $(0.34)
   Loss from discontinued
    operations, net of taxes and
    minority interest                   (0.52)                      --
                                    ----------              -----------
     Net loss per common share         $(0.87)                  $(0.34)
                                    ==========              ===========
 
  Basic and diluted weighted
   average common shares and share
   equivalents                        168,004                  168,004
 
 
 
                       WYNDHAM INTERNATIONAL, INC.
             CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
                  Quarter Ended March 31, 2004 and 2003
                               (Unaudited)
 
 Notes to Pro Forma Adjustments:
 A) Removal of Wyndham Anatole hotel results of operations which in accordance with FIN 46 were consolidated in 2004.
 B) Reduction of management fees due to the termination of one management contract.
 C) Removal of assets sold, Innkeepers leases terminated and assets held for sale.
 D) Tax benefit associated with the pro forma adjustments using an effective tax rate of 32.14%.
 E) Removal of minority interest of hotel held for sale.
 F) Reduction of hotel revenues associated with the sale of one hotel.
 G) Reduction of management fees due to the termination of six management contracts.
 H) Reduction of dividend income from a sold investment.
 I) Corresponding reduction on hotel expenses for hotels noted in (E) above.
 J) Removal of impairment charge related to Marriott Indian River.
 K) Tax benefit associated with the pro forma adjustments using an effective tax rate of 40%.
 L) Removal of assets sold, HPT and Innkeepers leases terminated and assets held for sale.
 M) Removal of equity investments sold.
 N) Removal of minority interest of hotel held for sale.
 
 
Based in Dallas, Wyndham International, Inc. (AMEX:WBR) offers upscale and luxury hotel and resort accommodations through proprietary lodging brands and a management services division. Wyndham owns, leases, manages and franchises hotels and resorts in the U.S., Canada, Mexico, the Caribbean and Europe.

This press release contains certain forward-looking statements within the meaning of Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including projections about future operating results. 

 

 
 
Contact:
Wyndham International, Inc., Dallas
Darcie M. Brossart, 214-863-1335
dbrossart@wyndham.com
Also See: Wyndham Reports $107 million 1st Qtr Net Loss, EBITDA Falls 23% from a Year Earlier / May 2003
Guest Feedback Prompts Wyndham to Slash Mini Bar Prices Chain Wide / April 2004


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