Chesapeake Lodging Trust, an Annapolis-based real estate invest trust focused on high-end hotel properties, reported that its first quarter loss widened to $870,000 from $244,000 in the January-to-March period last year.
Its loss per share doubled to two cents from a penny.
However, the firm's revenue grew to $109.3 million in the quarter, up 15 percent from a year earlier. And its funds from operations — a measure preferred by by real estate investment trusts — ticked up to 26 cents per share from a quarter.
"Although we experienced a short-term negative impact in the first quarter and early second quarter from the renovation of guestrooms at three of our premier hotels in San Francisco and Boston, our hotel portfolio was significantly upgraded and is well positioned to deliver outperformance for the remainder of 2015," said James L. Francis, the trust's president and CEO.
During the quarter, Cheasapeake Lodging acquired the 393-room Royal Palm South Beach Miami for $278 million and the 182-room Ace Hotel and Theater Downtown Los Angeles for $103 million.