-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HasXidVvOqcq4TwCaD1Kos8zc9v2AjzU5wEMcr8xQwR4ZrYy4jz93qh8YJThixy3 X55DzfSk4FlK21zIOxLiYw== 0000950137-04-005592.txt : 20040714 0000950137-04-005592.hdr.sgml : 20040714 20040714101113 ACCESSION NUMBER: 0000950137-04-005592 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040713 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040714 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARLINGTON HOSPITALITY INC CENTRAL INDEX KEY: 0000778423 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 363312434 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15291 FILM NUMBER: 04913090 BUSINESS ADDRESS: STREET 1: 2355 SOUTH ARLINGTON HEIGHTS ROAD STREET 2: SUITE 400 CITY: ARLINGTON HEIGHTS STATE: IL ZIP: 60005 BUSINESS PHONE: 8472285400 MAIL ADDRESS: STREET 1: 2355 SOUTH ARLINGTON HEIGHTS ROAD STREET 2: SUITE 400 CITY: ARLINGTON HEIGHTS STATE: IL ZIP: 60005 FORMER COMPANY: FORMER CONFORMED NAME: AMERIHOST PROPERTIES INC DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: AMERICA POP INC DATE OF NAME CHANGE: 19871111 8-K 1 c86755e8vk.txt CURRENT REPORT SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 13, 2004 - -------------------------------------------------------------------------------- Arlington Hospitality, Inc. - -------------------------------------------------------------------------------- (Exact Name of Registrant as Specified in Its Charter) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- Delaware - -------------------------------------------------------------------------------- (State or Other Jurisdiction of Incorporation) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 0-15291 36-3312434 - -------------------------------------------------------------------------------- (Commission File Number) (IRS Employer Identification Number) - -------------------------------------------------------------------------------- - -------------------------------------------------------------------------------- 2355 South Arlington Heights Road, 60005 Suite 400, Arlington Heights, Illinois (Zip Code) - -------------------------------------------------------------------------------- (Address of principal executive offices) - -------------------------------------------------------------------------------- Registrant's Telephone Number, Including Area Code (847) 228-5400 - -------------------------------------------------------------------------------- N/A - -------------------------------------------------------------------------------- (Former Name or Former Address, if Changed Since Last Report) - -------------------------------------------------------------------------------- ITEM 5. OTHER EVENTS AND REGULATION FD DISCLOSURE. On July 13, 2004, Arlington Hospitality, Inc. (the "Company") issued a press release announcing June 2004 results, the sale of two hotels and the extension of its temporary agreement with the landlord of 21 of its hotel properties. A copy of the Company's press release is attached to this current report on Form 8-K as Exhibit 99.1. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. (c) EXHIBITS 99.1 Press Release of Arlington Hospitality, Inc., dated July 13, 2004, announcing June 2004 Results and Extension of Temporary Agreement with Landlord. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. DATE: July 13, 2004 Arlington Hospitality, Inc. (Registrant) By: /s/ Jerry H. Herman ------------------------- Jerry H. Herman Chief Executive Officer By: /s/ James B. Dale ------------------------- James B. Dale Senior Vice President and Chief Financial Officer EX-99.1 2 c86755exv99w1.txt PRESS RELEASE EXHIBIT 99.1 [ARLINGTON HOSPITALITY, INC. LOGO] For Immediate Release CONTACT: MEDIA CONTACT: James B. Dale, Chief Financial Officer Jerry Daly or Carol McCune 847-228-5401 x 361 703-435-6293 jimdale@arlingtonhospitality.com jerry@dalygray.com ARLINGTON HOSPITALITY, INC. ANNOUNCES JUNE 2004 RESULTS, EXTENSION OF TEMPORARY AGREEMENT ARLINGTON HEIGHTS, Ill., July 13, 2004--Arlington Hospitality, Inc. (Nasdaq/NM: HOST), a hotel development and management company, today announced June 2004 same-room operating results for the AmeriHost Inn hotels in which the company has an ownership interest, and the sale of two AmeriHost Inn hotels. In addition, the company announced an extension of its temporary letter agreement with PMC Commercial Trust ("PMC") (AMEX: PCC), the landlord of 21 AmeriHost Inn hotels operated by the company. JUNE RESULTS Same-room revenue per available room (RevPAR) in June 2004 increased 4.7 percent to $39.23, compared to June 2003. Occupancy increased 5.5 percent to 67.3 percent, while average daily rate (ADR) decreased 0.8 percent to $58.33. The June 2004 same-room results include 51 AmeriHost Inn hotels, which have been opened for at least 13 months. - more - Arlington Hospitality Page 2
One Month Three Months Six Months Twelve Months Ended Ended Ended Ended June 30 June 30 June 30 June 30 ------- ------- ------- ------- Occupancy - 2004 67.3% 62.0% 55.2% 56.7% Occupancy - 2003 63.8% 59.1% 54.0% 56.0% Increase (decrease) 5.5% 4.9% 2.2% 1.3% Average Daily Rate - 2004 $58.33 $57.34 $56.57 $57.25 Average Daily Rate - 2003 $58.79 $57.31 $56.03 $56.92 Increase (decrease) (0.8%) 0.1% 1.0% 0.6% RevPAR - 2004 $39.23 $35.56 $31.23 $32.44 RevPAR - 2003 $37.49 $33.88 $30.26 $31.87 Increase (decrease) 4.7% 5.0% 3.8% 2.0%
According to Smith Travel Research, preliminary results for June 2004 indicate that RevPAR for the midscale without food and beverage segment of the lodging industry improved between 5 percent and 7 percent, compared to June 2003. SALES/DEVELOPMENT ACTIVITY In addition to previously announced hotel sales, the company sold two wholly owned AmeriHost Inn hotels in the latter half of June 2004. For the second quarter of 2004, the company sold five hotels, including the sale of one unconsolidated, non-AmeriHost Inn hotel owned by a joint venture in which the company was a partner. The revenue and profit/loss from the sale of hotels, as well as the reduction of debt, will be reported in the company's financial statements during the quarter in which the sale transactions close. Year to date, including these sales, the company has sold six wholly owned AmeriHost Inn hotels and facilitated the sale of one non-AmeriHost Inn hotel owned by a joint venture. - more - Arlington Hospitality Page 3 The company currently has five hotels under contract for sale, which are expected to be consummated within the next six months. When the company has hotels under contract for sale, even with nonrefundable cash deposits in certain cases, certain conditions to closing remain, and there can be no assurance that these sales will be consummated as anticipated. The sales and development activities set forth above do not represent guidance on, or forecasts of, the results of the company's entire consolidated operations, which are reported on a quarterly basis. For more information regarding Arlington's hotels for sale and development opportunities either on a joint venture or turnkey basis, contact Stephen Miller, Senior Vice President - Real Estate and Business Development via email at stevem@arlingtonhospitality.com, or by telephone at (847) 228-5401, ext. 312. EXTENSION OF TEMPORARY LETTER AGREEMENT The terms of a temporary letter agreement between the company and PMC deferred approximately $349,000 in base rent for the months of March through June 2004, and allowed the company to utilize $200,000 of its security deposit to partially fund the rent payments. The repayment of the deferred rent and the security deposit was to begin on July 1, 2004. The company and PMC recently agreed that these terms would be extended through July 31, 2004, including the additional deferral of approximately $85,000 in base rent for the month of July, and that the repayments to PMC will begin August 1, 2004 over a four-month period in equal monthly installments. - more - Arlington Hospitality Page 4 The company continues to work closely with PMC in negotiating the terms of a master lease restructuring. However, there can be no assurances that the leases will be restructured on terms and conditions acceptable to the company and its subsidiary, if at all, or that a restructuring will improve operations and cash flow, or provide for the sale of the hotels to third-party operators. ABOUT ARLINGTON HOSPITALITY Arlington Hospitality, Inc. is a hotel development and management company that builds, operates and sells mid-market hotels. Arlington is the nation's largest owner and franchisee of AmeriHost Inn hotels, a 106-property mid-market, limited-service hotel brand owned and presently franchised in 20 states and Canada by Cendant Corporation (NYSE: CD). Currently, Arlington Hospitality, Inc. owns or manages 58 properties in 15 states, including 52 AmeriHost Inn hotels, for a total of 4,221 rooms, with additional AmeriHost Inn & Suites hotels under development. This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should," and "could." There are numerous risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. For a discussion of these factors, see the Company's report on Form 10-K for the year ended December 31, 2003 and report on Form 10-Q for the three months ended March 31, 2004 under the section headed "Management's Discussion and Analysis of Financial Condition and Results of Operations - Risk Factors." - 30 - -----END PRIVACY-ENHANCED MESSAGE-----