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Occupancy Rates and Revenue Increase for Tucson and Albuquerque Hotels
Innsuites Hospitality Trust (IHT), a hotel ownership and operations company, has released its latest quarterly report, showing positive results and growth in occupancy rates and revenue for its hotel properties in Tucson, Arizona, and Albuquerque, New Mexico.
Occupancy Rates
According to the report, the occupancy rate at the Albuquerque hotel during the quarter was 89.90%, compared to 83.40% in the same period last year, indicating a 6.50% increase in occupancy.
Similarly, the Tucson hotel also experienced an increase in occupancy, with a rate of 86.95% compared to 81.06% in the previous year, representing a 5.89% increase.
Revenue
The average daily rate (ADR) for the Albuquerque hotel was $90.04, a slight decrease of $4.19 compared to the previous year. However, the revenue per available room (REVPAR) increased by $2.36, reaching $80.95.
In Tucson, the ADR for the hotel was $112.14, a decrease of $1.40. However, the REVPAR increased by $5.46, reaching $97.50.
Overall Performance
Overall, the combined occupancy rate for both hotels was 88.17%, up from 82.02% in the previous year. The combined ADR decreased by $2.66 to $102.79, but the combined REVPAR increased by $4.14 to $90.64.
Positive Outlook for the Future
These positive results reflect the recovery of the travel industry and increased demand for hotel rooms as COVID-19 restrictions ease. The company’s strategic plan, which included refurbishing its hotel properties, has helped position the hotels as competitive options for guests.
The report also highlights potential factors that could affect the company’s operations, such as tariffs, health travel restrictions, increases in operating expenses, and natural disasters. However, management remains optimistic about the future, expecting a continued increase in room rates and improved profitability for the hotels.
Energy Diversification Ventures
In addition to its hotel operations, Innsuites Hospitality Trust is also engaged in energy diversification through its investment in UniGen Power, Inc. The company has invested $1 million in UniGen and holds warrants to purchase more shares, which could result in a 25% ownership stake. The Trust expects UniGen to be a significant source of income in the future.
Conclusion
Overall, the quarterly report demonstrates a positive outlook for Innsuites Hospitality Trust, with increased occupancy and revenue for its hotel properties. The company’s strategic plan, ongoing refurbishments, and energy diversification efforts position it for continued success in the hospitality industry.
Note that we may hold securities mentioned in this article. All data is based on recent SEC filings. Even though we have implemented various manual and automatic fact-checking and data acquisition processes, some incorrect information may have slipped through (false positive). Let us know if you find any inconsistencies!