Overview

• US diversified holding company's fiscal Q3 revenue rose 21% yr/yr, driven by hospitality gains

• Net income turned positive from a loss last year, helped by improved hotel performance

• Real estate revenues fell 16% yr/yr, partially offsetting overall gains

Outlook

• Company remains cautiously optimistic about San Francisco recovery, citing business travel and event demand

• Company says it will continue to focus on liquidity and risk awareness in investment activities

Result Drivers

• HOTEL PERFORMANCE - Higher room revenues, improved ADR and occupancy, and increased room availability drove stronger hospitality results

• EVENT-RELATED DEMAND - Quarter benefited from event-related activity in San Francisco, including the Super Bowl

• LOWER INVESTMENT LOSSES - Results benefited from substantially lower losses in marketable securities compared with the prior-year quarter

Company press release: ID:nGNXcgv1n6

Key Details

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