Sax among best performing hotels for LaSalle in 3Q
21-Oct-10 Hotel Sax led a list of best performing properties for the quarter during a conference call with investors Thursday morning. The CEO of the real estate investment trust that owns the hotel and other commercial property at Marina City says Sax and The Westin Michigan Avenue exceeded industry averages in the third quarter with increases in occupancy, revenue per available room, and average daily rate.
Chicago has shown some improvement in the second half of the year, said Michael D. Barnello, despite a tough convention center calendar and an increase in supply, which unfortunately will continue, short term.
Barnello says they were also pleased with properties in Washington, D.C., New York, and West Hollywood that performed close to or above the industry average.
(Left) Hotel Sax from Dearborn Street in September 2009.
LaSalle reported net income in the third quarter up from a year ago. While the company is still losing money year-to-date, net income in July, August, and September was $10.1 million, up from $3.4 million in the third quarter of 2009.
That includes a profit of $29.2 million and a loss of $23.6 million from the sale of what Barnello called non-core assets, a hotel in Dallas and a resort in Atlantic City. LaSalle now owns 34 hotels on 14 markets.
By Steven Dahlman | Loop North News | Published 21-Oct-10 3:25 AM