posted on August 19, 2010 18:34
The developer behind the W Austin Hotel & Residences, Stratus Properties Inc., (Nasdaq: STRS) posted an $11.6 million net loss, or $1.55 per share, in the second quarter, up from $1.6 million lost and 19 cents negative on shares the same three months in 2009.
The Austin-based company reported about $1.8 million revenue for the period ended June 30, down from about $3.5 million the same time last year. Stratus reported $13.2 million of cash and cash equivalents and $15.9 million in available borrowing capacity under its credit facility last quarter.
Officials said in the earnings release the downtown Austin W is on schedule to open this December and within its $300 million budget. In May, the company announced plans to draw an additional $30 million from its rolling credit facility to continue construction on the W.
The 251-room W Austin is a joint venture with Canyon-Johnson Urban Fund II LP and broke ground in 2008. Currently, 81 of the 159 condominium residences are under contract.
August 16th, 2010 | Austin Business Journal