Burham Paciifc Buys Site of Beverly Garland Hotel
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Hotel Investors Trust and Hotel Investors Corp. reported combined net income of $1.1 million, or 9 cents a share, for the four months ended Dec. 31 on revenue of $21.4 million.
The results included a gain of $520,000, or 4 cents a share, from the sale of land leased to a hotel in Grand Island, N.Y.
Hotel Investors Trust is a real estate investment trust based in Woodland Hills that owns hotels, whereas Hotel Investors Corp. is an affiliated San Diego company that manages hotels. Shares in both companies are combined and trade on the New York Stock Exchange.
Hotel Investors reported four-month results because its fiscal year is being changed to end in December instead of August. As a result, company executives said, there are no comparable financial results from the year-earlier period.
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