Hospitality Properties Trust sees renovations, economy driving rest of year

|About: Hospitality Properties Trust (HPT)|By:, SA News Editor

Q1 comparable revpar rose 2.0% to $91.63 from a year ago.

Hospitality Properties Trust (NYSE:HPT) remains "cautiously optimistic" for the rest of the year as it expects to benefit from recent hotel renovations as well as positive U.S. economic trends.

Some 23 comparable hotels were under renovation for all or part of Q1.

Morgans Hotel Group surrendered a hotel to HPT on May 8 as part of a settlement; HPT rebranded this hotel to Royal Sonesta and added its management agreement with Sonesta.

Previously: Hospitality Properties FFO in-line, beats on revenue (May 9)

Source: Press Release

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