SPRINGFIELD, Mo. - Feb. 14, 2000 --John Q. Hammons
Hotels, Inc. (NYSE:JQH) today reported total earnings before interest expense,
taxes, depreciation and amortization (EBITDA) of $28.5 million for the
fourth quarter ended December 31, 1999, up 16.8% compared to the 1998 fourth
quarter EBITDA of $24.4 million. Total revenue for the 1999 fourth quarter
increased to $93.2 million, up 12.7% from $82.7 million in the 1998 fourth
quarter. EBITDA for the twelve months ended December 31, 1999, was $104.5
million, up 10.0% compared to $95.0 million for the 1998 twelve month period.
Total revenue for the 1999 twelve months increased to $356.5 million, up
9.3% from $326.1 million in the 1998 twelve month period.
The Company�s average room rate for the 1999 fourth quarter was $94.70,
up 3.4% compared to the 1998 fourth quarter. In comparison, the average
room rate for the hotel industry was $81.76 in the 1999 fourth quarter,
up 4.4% from the 1998 fourth quarter. The Company�s occupancy for the 1999
fourth quarter was 59.2%, up 3.0 percentage points from the 1998 fourth
quarter. Occupancy for the hotel industry was 57.6% for the 1999 fourth
quarter down .7 percentage points from the 1998 fourth quarter. The Company�s
Revenue Per Available Room (RevPAR) was $56.03 for the 1999 fourth quarter,
up 8.8% from $51.49 in the 1998 fourth quarter. RevPAR for the hotel industry
was $47.13 in the 1999 fourth quarter, up 3.3% from the 1998 fourth quarter.
John Q. Hammons Hotels, Inc. RevPAR of $56.03 was 18.9% above the hotel
industry average during the fourth quarter.
John Q. Hammons, Chairman and Chief Executive Officer said: �The Company�s
outstanding performance in the fourth quarter of fiscal year 1999 and for
the entire year continues to reflect the impact of our premier brands,
market-driven locations, and significant meeting space. With 26 of our
50 properties having been developed over the past five years, our properties
represent the finest new hotel products in their respective markets.�
The Company�s average room rate for the twelve months of 1999 was $94.87
up 3.8% compared to the 1998 twelve months average room rate of $91.38.
Average room rate for the hotel industry was $81.27 in the twelve months,
up 4.0% from the 1998 twelve months. The Company�s occupancy for the 1999
twelve months was 62.9%, up .8 percentage points from the 1998 twelve months.
Occupancy for the hotel industry was 63.3%, down .5 percentage points from
the 1998 twelve months. The Company�s Revenue Per Available Room (RevPAR)
was $59.64 for the 1999 twelve months, up 5.0% from $56.79 in the 1998
twelve months. RevPAR for the hotel industry was $51.44 up 3.2% from
the 1998 twelve months.
The Company opened the Hampton Inn and Suites at Mesquite, Texas on
April 15, 1999; the Radisson Resort Hotel at Coral Springs, Florida on
May 1, 1999; the Embassy Suites Outdoor World at Dallas-Fort Worth International
Airport in Grapevine, Texas on August 3, 1999; and the Renaissance Charlotte
Suites Hotel in Charlotte, North Carolina, on December 22, 1999.
At the end of the 1999 fourth quarter, the Company had two new projects
under construction�Marriott Renaissance Oklahoma City Hotel in downtown
Oklahoma City, Oklahoma; and an Embassy Suites in North Charleston, South
Carolina. The scheduled hotel openings are planned in the first quarter
of 2000.
The Company currently owns and manages 50 Hotels, including five managed
hotels, with 12,203 rooms in 20 states. The new hotels under development
(both owned and managed) will add 963 suites and rooms, which represent
an increase of 7.9% to the Company�s portfolio.
NOTE: Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although John Q. Hammons Hotels, Inc. believes the expectations
reflected in such forward-looking statements are based on reasonable assumptions,
it can give no assurances that its expectations will be attained. These
uncertainties are more fully described in the Company�s filings with the
Securities and Exchange Commission.
John Q. Hammons Hotels, Inc.
Hotels Operating Data
|
Three Months Ended
|
Year Ended
|
|
Dec 31 1999
|
Jan 1 1998
|
Dec 31
1999
|
Jan 1
1998
|
Mature Hotels:
|
|
|
|
|
Occupancy |
60.5% |
58.3% |
64.7% |
64.1% |
Average Room Rate |
$92.95 |
$86.13 |
$93.60 |
$86.50 |
RevPAR |
$56.19 |
$50.22 |
$60.57 |
$55.41 |
New Hotels:(a)
|
|
|
|
|
Occupancy |
52.6% |
49.3% |
51.0% |
54.1% |
Average Room Rate |
$105.01 |
$112.99 |
$105.25 |
$115.55 |
RevPAR |
$55.21 |
$55.65 |
$53.70 |
$62.54 |
Total Owned Hotels:
|
|
|
|
|
Occupancy |
59.2% |
56.2% |
62.9% |
62.1% |
Average Room Rate |
$94.70 |
$91.61 |
$94.87 |
$91.38 |
RevPAR |
$56.03 |
$51.49 |
$59.64 |
$56.79 |
(a) New Hotels include: Tampa Embassy Suites, World
Golf Village Renaissance Resort, Topeka Capitol Plaza, Portland Airport
Embassy Suites, Mesquite Hampton Inn and Suites, Coral Springs Radisson,
Embassy Suites DFW Airport,
and Charlotte Renaissance Suites.
|