Hammons Hotels' 1Q revenues up 1.9 percent

Total revenues from continuing operations for the three months ended April 1 were $111.4 million, up 1.9 percent over the same period in 2004.

Basic earnings per share for the quarter were $1.28, compared to 85 cents a share in the first quarter of last year. Diluted earnings per share totaled $1.03, compared to 74 cents per share in 2004.

Since the beginning of 2004, Hammons Hotels has reduced total debt by more than $35 million, leaving just $7.2 million in long-term debt, which can be attributed to scheduled principal amortization on hotel mortgages.

Revenue per available room from continuing operations was $69.41 for the 2005 quarter, up 2.3 percent from the previous year. Occupancy from continuing operations was 64.5 percent, down from 67.1 percent last year.

The company said it expects the hospitality industry to continue its recovery during 2005.

These results come amid sales discussions between Hammons Hotels and JQH Acquisition LLC, a corporation registered in Delaware. JQH is offering $24 per share of Hammons Hotels’ Class A common stock, which closed May 18 at $21.56 a share(AMEX: JQH). Exclusive negotiations continue through May 24.

In related news, five members of the staff of Hammons Hotels were recently recognized as top performers in Marriott International Inc.’s southeast and mid-Atlantic regions. The awards included the Spirit to Serve Award, which recognizes hotel general managers who work to improve their communities and the Mustang Award, which is given for overcoming adversity.