MHI Hospitality reports increased revenue for 2nd quarter
MHI Hospitality Corp., based in Williamsburg, has released its financial results for the second quarter.
MHI is a lodging real estate investment trust. It reported total revenue of $55.11 million for the three-month period ending June 30, an increase of more than $1 million from the same period last year.
The company said earnings before interest, taxes, depreciation and amortization (EBITDA) totaled $5.58 million, down about $100,000 from last year. However MHI's adjusted and hotel EBITDA were $7.124 million and $7.714 million, respectively, each an increase of approximately $1 million year to year.
MHI also announced a 50 percent increase in its quarterly dividends. Revenue per available room increased 9.7 percent from a year ago, reaching $92.35. The increase was due to a 4.8 percent increase in occupancy and a 4.7 percent increase in the average daily rate.
"Our hotel portfolio experienced the strongest quarter since going public in 2004," said Andrew M. Sims, chairman and CEO of MHI, as quoted in a company press release. "Operating results were solid, with above market, year-over-year increases in (revenue per available room) and hotel EBITDA."
The company also took part in two financial transactions during the quarter, entering into an agreement with holders of the Series A Cumulative Redeemable Preferred Stock to redeem 11,514 shares for $12.3 million. MHI also obtained a $14 million mortgage from C1 Bank on the Crowne Plaza Tampa Westshore hotel and received a one-year extension on the mortgage.
The company expects to end the year with total revenue between $83 million and $88 million with an EBITDA between $15.40 and $16.74 million.
For more information on MHI, visit mhihospitality.com.
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