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Thu Apr 5, 2001
Allied Hotel Properties Announces 2000 Financial Results
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Allied Hotel Properties Inc. ("Allied", stock symbol AHP) has reported its financial results for the year ended December 31, 2000.
Revenues were $77.1 million and gross profit was $40.6 million for the year, up from revenues of $65.3 million and gross profit of $36.0 million for the previous year. Operating expenses totalled $35.6 million, resulting in operating income of $5.0 million, the same as the prior year. Operating income was negatively impacted by labour action at two of the Company's hotels in the summer of 2000. The Company took a write-down of $2.5 million in the carrying value of land held for resale which, was sold subsequent to the year-end, contributing to a net loss for the year of $8.6 million.
Subsequent to the year-end Allied entered into a binding agreement to sell two-thirds of its interest in the Holiday Inn Vancouver Downtown Hotel. This sale is consistent with Allied's strategy of diversifying its hotel exposure into markets other than the Greater Vancouver hotel market where a majority of the company's hotels are located. The transaction will result in the payment of $8 million to Allied upon closing of the sale, expected to occur no later than September 30, 2001, and lead to other opportunities with the purchaser which is a substantial offshore group with interest in the Canadian hospitality business.
Allied's Annual General Meeting of shareholders will be held at 10 am on Monday, June 4, 2001 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:
Ronald G. Erdman (signed)
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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You can view the Next News Releases item: Thu Apr 26, 2001, Tradewinds Acquired Shares From Allied
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