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Good March for Sax owner and Chicago hotels in general
Apr. 18, 2013 – It was still a net loss, but the real estate investment trust that owns Hotel Sax and The Westin Michigan Avenue had a better first quarter this year than in 2012. LaSalle Hotel Properties, which also owns all commercial property at Marina City, reported total revenue of $191.7 million, up 11 percent from a year ago. The net loss was $7.4 million, better than the $16.1 million loss during the first three months of 2012. In a news release on Wednesday, the Maryland-based company points out a 29 percent growth in funds from operations. And if you do not count one of its 40 hotels – the Park Central in New York, which is currently being renovated – revenue per available room is up five percent and occupancy increased to 72.0 percent. March was a good month for many hotels in Chicago. The mayor’s office is saying hotel occupancy last month will be the highest it has been during any March since 2006. According to a news release on April 4, the city is expecting occupancy figures to exceed 73.2 percent. “These numbers are a strong sign that our tourism strategy is working, attracting visitors and making sure that Chicago remains one of the most attractive places in the country to visit for work or pleasure,” said Mayor Rahm Emanuel. The average daily rate last month for Chicago hotels was $168.41, up five percent from March 2012. Revenue per available room was $123.76, up six percent from a year ago.
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