Allied Hotel Properties Inc. - News Releases - Allied Hotel Properties Announces First Quarter 2000

	Tue May 30, 2000 Allied Hotel Properties Announces First Quarter 2000
	Allied Hotel Properties Inc. ("Allied", stock symbol AHP) has reported its financial results for the three months ended March 31, 2000. Revenues were $14.7 million and gross profit was $6.8 million for the period, increasing by 31% from $11.2 million and 28% from $5.3 million, respectively, from the same period last year. An operating loss of $1.8 million was reported for the period, an increase of 13% from $1.6 million in 1999. The hospitality industry is historically cyclical, with lower average daily rates being achieved in the first quarter. The increase in operating loss was principally the result of having an additional hotel property contributing to the loss in 2000. Net loss for the year was $2.0 million (2? per share), a decrease of 46% compared to $3.7 million (5? per share) in the first quarter of 1999. Effective January 1, 2000, Allied adopted the Canadian Institute of Chartered Accountants ("CICA") new standard for accounting for income taxes. Allied adopted the CICA's new standard retroactively, without restating the financial statements of any prior periods. As a result the company has recorded an increase in retained earnings, with a corresponding increase in future income tax asset (net), of $4.1 million as at January 1, 2000. This new policy also resulted in a significant recovery of future income taxes in the first quarter, which was primarily responsible for reducing the net loss for the current period compared to the prior year. Allied's Annual General Meeting will be held at 10 am on Wednesday, May 31, 2000 in the York Room, Crowne Plaza Hotel Georgia, Vancouver, B.C. Allied is a growth oriented hotel ownership and management company with hotel properties in Greater Vancouver, Edmonton and Toronto. Its hotel portfolio currently consists of: Crowne Plaza Hotel Georgia, Crowne Plaza Chateau Lacombe, Crowne Plaza Toronto Don Valley Hotel, Delta Vancouver Suites, Delta Pacific Resort & Conference Centre, Delta Vancouver Airport and Holiday Inn Vancouver Downtown Hotel. Interested parties can find further information at www.alliedhotels.com. On behalf of the Board of Directors: Mr. Ronald G. Erdman President and Chief Executive Officer For more information please contact: Allied Hotel Properties Inc. Tel: (604) 689-9318 Fax: (604) 689-9332 e-mail: info@alliedhotels.com THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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