Mind The Dust: Miami Hotel Renovations To Impact Loews Earnings
Loews is gonna feel renovations on its South Beach hotel in its earnings. That's the word from both Loews CEO James Tisch and CFO David Edelson during an earnings call last week. "Miami is undergoing a renovation and occupancy [and] RevPAR will be way down during that period," David told analysts. And James emphasized how Loews Miami Beach Hotel will actually impact the company's profitability during its renovation. "Miami is a significant contributor to Loews Hotels' income, and its earnings during this capital improvement time will be dramatically affected by the work that's being done," he says. "But we strongly believe that the hotel that will be seen by the public, when the work is completed, will be a dramatic improvement over an already very profitable hotel." Officials did not go into the price or scope of the renovation on the call.
