BOSTON Sonesta International Hotels Corp. posted a third quarter loss, the result of a charge associated with a recently acquired property, but its results were in line with analyst expectations.
Sonesta posted a US$589,000 loss, or 16 cents per share, a substantial decline from the US$27.4 million, or US$7.41 per share, it recorded a year ago.
The recently acquired Sonesta Bayfront Hotel Coconut Grove recorded a US$611,000 loss during the quarter. Additionally, last year’s results included a US$41.8 million gain related to the end of a 50% development partnership.
Sonesta’s operating revenues were US$51.6 million in the 2010 period, compared to US$44.1 million a year ago.
Sonesta ranks 181st on HOTELS’ 325, the annual listing of the world’s largest hotel companies.