|By David Nicklaus, St. Louis
Post-DispatchMcClatchy-Tribune Regional News
July 22, 2010--The financially troubled Renaissance Hotel in downtown St. Louis still isn't making money, but it's doing better.
General Manager Robert Bray told hotel bondholders last week that the hotel's occupancy numbers and revenue have been ahead of budget in the first half of this year. The hotel is now projected to show an operating loss of $262,000 for the year, which is an improvement of $1.1 million from management's earlier forecast. Bray's remarks are summarized in a disclosure document filed by bond trustee UMB Bank.
The hotel's rooms were 58.8 percent full in the second quarter, which is better than the 53.6 percent occupancy of a year ago or the 55.8 percent in this year's budget. Revenue was up 7.6 percent from a year earlier and was also above budget. The hotel projects an average room rate of $119 for the full year, which is $6 higher than it had budgeted.
The bondholders own the hotel as a result of a foreclosure action last year.
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