Hospitality Properties Trust (HPT) Reports Q4 Loss of $0.66, Revenues Beat

Hospitality Properties Trust (NASDAQ: HPT) reported Q4 EPS of ($0.66), versus $0.01 reported last year. Revenue for the quarter came in at $550.8 million versus the consensus estimate of $538.03 million.

John Murray, President and Chief Executive Officer of HPT, made the following statement:

“HPT’s fourth quarter 2018 comparable hotel RevPAR declined 1.7% compared to the prior year period due to occupancy decreases associated with thirty-seven hotel renovations, non-recurring business related to the hurricanes in Texas and Florida in the prior year period that negatively impacted our Wyndham and IHG portfolios in particular and competition from supply growth. For hotels not impacted by renovations or hurricanes, comparable RevPAR increased 2.0%. Looking ahead to 2019, we expect renovations will occur at fewer of our hotels compared to 2018.

Our TA properties\' total gross margin increased by $23.6 million, or 8.1%, for the fourth quarter 2018, versus the same period last year driven by a 32.5% increase in fuel margin and a 1.9% increase in non-fuel margin. Travel center minimum rent coverage was 1.63 times for the year ended 2018.

In January 2019, HPT completed the sale of 20 travel centers to TA for $308.2 million for a significant gain. We used the proceeds to repay amounts outstanding on our revolving credit facility and for general business purposes, including to acquire the Kimpton® Hotel Palomar in Washington, D.C. for $141.5 million in February 2019."

For earnings history and earnings-related data on Hospitality Properties Trust (HPT) click here.

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Zeo Energy Corp (ZEO) Misses Q2 EPS by 7c
• Vivos Therapeutics posts 35% revenue gain but widens net loss