Boutique hotel chain Morgans Hotel Group has posted a second-quarter loss. The loss was much steeper than analysts had earlier predicted.
The company said it lost $23.2 million in the three-month period ending June 30. In the year-ago period, the company had lost $10.1 million.
Revenue rose 10.3% to $60.2 million.
Revenue per available room, a key gauge of lodging company’s performance, rose 13.3%.
That was due to a 9.2% jump in occupancy and a 3.8% rise in average daily rate, meaning more rooms were filled and the company charged more money.
The weak economy has limited hotel operators’ ability to charge more money.
