What drove the quarters strong RevPAR growth?
We are seeing the results of strong year on year increases in group and permanent business segments along with an increase in ADR that is stronger than what we have seen reported as industry averages for the first quarter. Smith Travel reported 3.4 % REVPAR increase for United States compared to 9.2% REVPAR increase for all owned, managed and franchised WestCoast Hotels. 4. What was the effect of energy cost increases? During the first quarter of 2001, we saw energy costs for our properties increase by roughly 28% when compared to the same quarter last year. Electrical costs, which historically have accounted for about 69% of our energy costs, increased by 6.5%, while natural gas and steam costs increased by over 75%. While we have always sought to actively manage our utility costs, this staggering increase in gas rates has lead to a refocused effort to reduce heating energy consumption by reducing hot water usage and resetting thermostats and system controls to minimum levels. 5. Are
