BEE - Some Honey for BEE in 2010

Strategic Hotels & Resorts (NYSE: BEE), who owns and asset manages upper upscale and luxury hotels that are subject to long-term management contracts reported results for the fourth quarter and year ended December 31, 2009.

The company once again faced a tough quarter dealing with continued losses, on the bright side it looks BEE may have hit bottom and could turn it around the second half of 2010.

4th Quarter Recap:

1. Net loss attributable to common shareholders was $72.2 million, or $0.96 per diluted share, compared with a net loss attributable to common shareholders of $285.1 million, or $3.79 per diluted share, in the fourth quarter of 2008.
2. Comparable EBITDA was $32.5 million compared with $48.7 million in the fourth quarter of 2008.
3. FFO was a loss of $55.3 million, or $0.73 per diluted share, compared with a loss of $256.8 million or $3.37 per diluted share, in the fourth quarter of 2008. Comparable FFO was a loss of $3.7 million, or $0.05 per diluted share, compared with income of $11.9 million, or $0.16 per diluted share, in the fourth quarter of 2008.

Obviously the hard economic times have hurt the luxury hotel industry, and this company is going to rely on a solid economic recovery if it is going to push into positive territory. CEO Laurence Gellar sees more bookings in 2010 and overall growth and progress for the company.