Strategic Hotels & Resorts Q1 Comparable FFO Tops Estimate

(RTTNews) - Strategic Hotels & Resorts, Inc. (BEE) reported net income for the first quarter of $217.2 million or $0.97 per share, compared with net loss of $23.4 million or $0.12 per share for the year-ago quarter.

Comparable funds from operations for the first quarter was $12.2 million or $0.06 per share, compared to $2.3 million or $0.01 per share in the prior year quarter.

Total consolidated revenues for the first quarter rose 7.4% to $194.66 million from $181.18 million a year ago.

Analysts polled by Thomson Reuters expected the company to report FFO of $0.05 per share on revenue of $205.48 million for the first quarter. Analysts' estimates typically exclude special items.

Based on the results of the first quarter of 2014 and current forecasts for the remainder of the year, the company maintained its guidance ranges for full year 2014 RevPAR growth of 5% to 7%.

The company raised its full year 2014 Comparable FFO per share guidance to a range of $0.57 - $0.67 from its prior guidance of $0.50 - $0.60. Analysts currently expect the company to report FFO of $0.58 per share for the full year 2014.