| Legacy Hotels Real Estate Investment Trust Reports Fourth Quarter ...
TORONTO, ONTARIO -- (MARKET WIRE) -- 02/22/07 -- Legacy Hotels Real Estate Investment Trust ("Legacy" or the "Trust")(TSX: LGY.UN) today announced its financial results for the full year and quarter ended December 31, 2006. All amounts are in Canadian dollars unless otherwise indicated. "Fourth quarter operating results improved in every measure of performance. Our recent hotel addition in Calgary along with strong food and beverage results contributed to a 5.0% growth in revenues," said Neil J. Labatte, Legacy's President and Chief Executive Officer. "This top-line improvement led to a 16.7% increase in funds from operations per unit this quarter. Legacy's annual performance highlights the portfolio's continued improvement in 2006, with hotel EBITDA up almost 20% and funds from operations per unit improving over 45%." Annual Highlights - Comparable portfolio revenue per available room(1) ("RevPAR") improved 5.0% driven by increases in both average daily rate ("ADR") and occupancy of 3.1% and 1.2 points, respectively.
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Israel's Economic Boom Outweighs Conflict, Corruption Concerns
March 6 (Bloomberg) -- Assaf Dahan, a 31-year-old Israeli mutual-funds analyst, is angry at the generals and politicians who sent his infantry unit unprepared into last year's war in Lebanon. He says corruption and incompetence are so widespread in politics he doesn't know whom to support. That didn't stop him investing some of the pay increase he got for moving to Excellence Nessuah Ltd., a financial-services firm, in Israeli securities. ``I'm investing most of my money locally,'' Dahan said by telephone from his office in the Tel Aviv suburb of Ramat Gan. ``The economic situation is excellent. Political problems and corruption have only a short-term impact on the market; in the long run, everything will work out.'' The simmering tensions along the Lebanese border and in the Gaza strip, disaffection with the political system and a mounting security threat from Iran -- nothing has derailed the Israeli economy.
Rent Now, Sell Later
The slump in home prices coupled with the plethora of For Sale signs add up to a double whammy for anyone who has to sell a home. Richard Rogers, an executive with Travelers Insurance, put his home in Overland Park, Kan., in suburban Kansas City, on the market last summer, when he was transferred to Hartford, Conn. The timing could not have been worse: Home sales were ebbing fast, and his $225,000, four-bedroom, two-and-a-half-bath house sat for two months with no bites. That's when Rogers asked Home Rental Services, a local property-management company, to help him rent the house. Within a few days, the firm had found a doctor who was moving to the city with his family. He signed a two-year lease, with the first year's rent set at $1,700 per month. Rogers is nearly breaking even on his expenses, including his mortgage payment and the commission the management company charges (10% of the rent).
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