Profit Plunges 84% for 2 Hotel Investors Firms
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Hotel Investors Trust and Hotel Investors Corp. said their combined net income in the second quarter that ended June 30 tumbled 84% from a year earlier, to $144,000 from $901,000, despite a 32% increase in revenue to $29.6 million from $22.4 million.
Hotel Investors Trust invests in hotels, and Hotel Investors Corp. manages hotels. Shares of the two businesses are paired and are traded together, and the companies jointly report their financial results.
John F. Rothman, president and chief executive of the trust, also said the boards of the two companies retained Dean Witter Reynolds two months ago to help explore restructuring options from selling the businesses to selling some assets. He said he expects a decision within 30 days.
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