Stratus Properties posts modest gains on strong results for the W Austin Hotel

May 19, 2014
Austin Business Journal

Austin-based Stratus Properties (Nasdaq: STRS) reported modest gains in the first quarter of 2014 in line with results from the same period last year


The company, which is in the real estate investment and development sector along with entertainment and hospitality enterprises, posted net income attributed to common stock of $1.1 million, or $0.14 per share, compared with $1.2 million, or $0.14 per share, a year ago


First quarter revenue was $23.3 million compared with $33.5 million for the first quarter of 2013


Gains were realized as a result of healthy revenue generated by the W Austin Hotel, where the average room rate was $309 compared with $278 a year ago. Hotel revenue totaled $10.9 million in the first quarter compared to $10.2 million a year ago


Stratus developed the W Austin Hotel and Residences along with the Moody Theater at ACL Live, which was completed in December 2010


All but six of the 159 condominium residences at the W Austin Hotel have been sold for a total of $176 million. During the first quarter two units sold for $1.7 million. In April Stratus sold one condo for $2.7 million


In addition to operating the hotel and theater, Stratus is developing Parkside Village, a retail project in Southwest Austin; Lantana, a mixed-use development in Southwest Austin; Barton Creek, another mixed-use development in Southwest Austin; and an HEB Grocery Co.-anchored retail center in development in Lakeway


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