Sonesta International Hotels (SNSTA) Reports Large Q1 Loss
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Sonesta International Hotels Corporation (Nasdaq: SNSTA) reports a Q1 loss of $0.60 compared to a $0.02 profit for the same period last year.
Revenues, excluding other revenues from managed and affiliated properties, were $13,103,000 in the first quarter of 2009, compared to $17,798,000 in the same period in 2008.
The economic recession had a severe negative impact on the Company's business in the 2009 first quarter. Both of the Company's Royal Sonesta Hotels, in Boston and New Orleans, experienced much lower demand, in particular from the corporate group and convention market segments. Income from management activities also decreased in the 2009 first quarter due to reductions in revenues and profits at the Company's managed hotels in Miami and Egypt.[SM]
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