<PAGE>
================================================================================
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
or
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarter Ended March 31, 1996 Commission File No. 1-14062
BRISTOL HOTEL COMPANY
(Exact name of registrant as specified in its charter)
Delaware 75-2584227
(State of Incorporation) (I.R.S. Employer Identification Number)
14285 Midway Road, Suite 300
Dallas, Texas 75244
(Address of principal executive offices)
214-788-0001
(Registrant's telephone number)
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months, and (2) has been subject to such filing
requirements for the past 90 days. Yes X No
----- -----
The number of shares of common stock, par value $.01 per share, outstanding at
May 10, 1996, was 16,565,840.
================================================================================
<PAGE>
BRISTOL HOTEL COMPANY
INDEX
-----
PAGE NO.
--------
PART I FINANCIAL INFORMATION
Item 1 Financial Statements (unaudited):
------ ---------------------------------
BRISTOL HOTEL COMPANY
Condensed Consolidated Balance Sheets as of March 31, 1996
and December 31, 1995 3
Condensed Consolidated Statements of Income for the three
months ended March 31, 1996 the two months ended March 31,
1995 and the three months ended March 31, 1995 (Pro forma) 4
Condensed Consolidated Statements of Cash Flows for the
three months ended March 31, 1996 and the two months ended
March 31, 1995 5
Notes to Condensed Consolidated Financial Statements 6
BRISTOL HOTEL ASSET COMPANY
Condensed Consolidated Balance Sheets as of March 31, 1996 and
December 31, 1995 7
Condensed Consolidated Statements of Income for the three
months ended March 31, 1996 and the two months ended March 31,
1995 8
Condensed Consolidated Statements of Cash Flows for the
three months ended March 31, 1996 and the two months
ended March 31, 1995 9
Notes to Condensed Consolidated Financial Statements 10
Item 2 Management's Discussion and Analysis of Results of
------ Operations and Financial Condition 11-12
--------------------------------------------------
PART II OTHER INFORMATION
Item 6 Exhibits and Reports on Form 8-K 12
------ --------------------------------
SIGNATURE 13
2
<PAGE>
BRISTOL HOTEL COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1996 AND DECEMBER 31, 1995
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
-------- -----------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents........................... $ 3,144 $ 7,906
Marketable securities............................... 832 726
Accounts receivable, net............................ 9,918 10,959
Inventory........................................... 2,891 2,880
Deposits and other current assets................... 10,038 9,661
-------- --------
Total current assets............................... 26,823 32,132
Property and equipment, net.......................... 493,760 470,705
Other assets:
Restricted cash..................................... 2,579 620
Deferred charges and other non-current assets, net.. 9,919 9,444
-------- --------
Total assets....................................... $533,081 $512,901
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of long-term debt................... $ 6,806 $ 6,582
Accounts payable and accrued expenses............... 15,886 17,091
Accrued construction costs.......................... 7,800 4,457
Accrued property, sales and use taxes............... 4,887 6,110
Accrued insurance reserves.......................... 5,917 6,014
Advance deposits.................................... 5,350 304
-------- --------
Total current liabilities.......................... 46,646 40,558
Long-term debt, excluding current portion............ 172,604 163,962
Deferred income taxes................................ 70,941 69,448
Other liabilities.................................... 2,771 2,811
-------- --------
Total liabilities.................................. 292,962 276,779
-------- --------
Common stock ($.01 par value; 75,000,000 shares
authorized, 16,565,840 shares issued and
outstanding)........................................ 166 166
Additional paid-in capital........................... 232,661 232,633
Unrealized gain on marketable securities, net........ 368 262
Retained earnings.................................... 6,924 3,061
-------- --------
Total stockholders' equity......................... 240,119 236,122
-------- --------
Total liabilities and stockholders' equity......... $533,081 $512,901
======== ========
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements
3
<PAGE>
BRISTOL HOTEL COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED, IN THOUSANDS EXCEPT PER SHARE AMOUNTS)
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------- ---------------
Three Months Two Months Three Months
Ended March 31, Ended March 31, Ended March 31,
1996 1995 1995
--------------- --------------- ---------------
<S> <C> <C> <C>
Revenue:
Rooms........................ $35,454 $21,354 $32,138
Food and beverage............ 10,599 6,324 9,586
Other operating
departments................. 3,624 2,232 2,879
------- ------- -------
Total revenue............. 49,677 29,910 44,603
------- ------- -------
Operating costs and expenses:
Departmental expenses:
Rooms..................... 8,574 5,276 8,757
Food and beverage......... 7,193 4,576 6,821
Other operating
departments.............. 1,146 471 660
Undistributed operating
expenses:
Administrative and
general.................. 4,633 3,163 3,906
Marketing................. 3,730 1,768 2,748
Property occupancy
costs.................... 7,133 4,605 6,392
Depreciation and
amortization............. 3,988 2,254 3,328
Corporate expense......... 2,962 1,576 2,008
------- ------- -------
Operating income............... 10,318 6,221 9,983
Other expenses (income):
Interest expense............. 4,206 2,777 3,765
Other........................ -- (100) (89)
------- ------- -------
Net income before income taxes. 6,112 3,544 6,307
Income taxes................... 2,249 1,276 2,271
------- ------- -------
Net income..................... $ 3,863 $ 2,268 $ 4,036
======= ======= =======
Net income per common share.... $ 0.23 $ 0.19 $ 0.24
======= ======= =======
Weighted average number of
common and common equivalent
shares outstanding.......... 17,006 11,640 16,872
======= ======= =======
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements
4
<PAGE>
BRISTOL HOTEL COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED, IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Two Months
Ended March 31, Ended March 31,
1996 1995
--------------- ---------------
<S> <C> <C>
Cash flows from operating activities:
Net income.................................... $ 3,863 $ 2,268
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization............... 3,988 2,254
Other....................................... 28 20
Changes in working capital.................... 1,471 (119)
Increase in advance deposits.................. 5,046 --
Increase in restricted cash................... (1,959) (146)
Increase in deferred income taxes............. 1,493 1,570
Decrease in other liabilities................. (40) --
-------- -------
Cash provided by operating activities 13,890 5,847
-------- -------
Cash flows from investing activities:
Improvements to property and equipment........ (27,043) (5,407)
Property acquisition costs and deposits....... -- (355)
Additions to investment in affiliate.......... -- (3)
-------- -------
Cash used in investing activities (27,043) (5,765)
-------- -------
Cash flows from financing activities:
Proceeds from short-term loan from affiliate.. -- 3,000
Repayments of long-term debt.................. (1,963) (497)
Proceeds from issuance of long-term debt...... 10,829 1,806
Increase in deferred charges and other
non-current assets........................... (475) (812)
Payment of accrued transaction costs.......... -- (823)
Decrease in distributions payable............. -- (1,613)
-------- -------
Cash provided by financing activities 8,391 1,061
-------- -------
Net increase (decrease) in cash and cash
equivalents................................... (4,762) 1,143
Cash and cash equivalents at beginning of
period........................................ 7,906 5,413
-------- -------
Cash and cash equivalents at end of period..... $ 3,144 $ 6,556
======== =======
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements
5
<PAGE>
BRISTOL HOTEL COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
Bristol Hotel Company (the "Company") began operations in February
1995 to act as a holding company in connection with the acquisitions of Harvey
Hotel Company, Ltd. and its subsidiaries (together, "Harvey Hotel Companies")
and United Inns, Inc. ("United Inns"). The Company owns and/or operates 38
hotels located primarily in the southern United States. Prior to February 1995,
ten of the hotels had been owned or operated by Harvey Hotel Companies and 26
hotels had been owned by United Inns. The remaining two hotels were acquired by
the Company subsequent to June 1995. In December 1995, the Company completed an
initial public offering of its common stock (the "Offering") raising
approximately $88.6 million in net proceeds. Concurrently, the Company
refinanced approximately $138 million of mortgage indebtedness with proceeds of
the Offering and the private issuance of $70 million aggregate principal amount
of senior secured notes ("Senior Notes"). The condensed pro forma statement of
income for the quarter ended March 31, 1995 reflects the operations and/or
management of all 38 hotels for the full three-month period and excludes the
operations of the Holiday Inn-Silber which was sold by the Company in July
1995. Interest expense in the pro forma income statement reflects the
refinancing of the mortgage indebtedness.
The condensed consolidated balance sheet at December 31, 1995 has been
condensed from the audited balance sheet at that date. The condensed
consolidated balance sheet at March 31, 1996 and the condensed consolidated
statements of income and cash flows for the quarter ended March 31, 1996, and
the two months ended March 31, 1995, have been prepared by the Company and are
unaudited. In the opinion of management, all adjustments (which include only
normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows at March 31, 1996 and the periods
presented have been made. Interim results are not necessarily indicative of
fiscal year performance because of seasonal and short-term variations.
Certain information and footnote disclosures normally included in
financial statements presented in accordance with generally accepted accounting
principles have been condensed or omitted. The Company believes the disclosures
made are adequate to make the information presented not misleading. However, the
condensed consolidated financial statements should be read in conjunction with
the consolidated financial statements and notes thereto included in the
Company's Annual Report on Form 10-K for the eleven months ended December 31,
1995.
2. EARNINGS PER SHARE
Earnings per share is determined by dividing net income by the
weighted average number of common and common equivalent shares outstanding
during the year. The common equivalent shares include employee stock options
which have been deemed exercised at the issue date using the treasury method for
the purposes of computing earnings per share. The Company has no other
potentially dilutive securities.
3. LONG-TERM DEBT
On April 16, 1996, in accordance with the terms of the Exchange and
Registration Rights Agreement dated December 18, 1995, the Company filed a
registration statement on Form S-4 with the Securities and Exchange Commission
whereby the Company will exchange the Senior Notes for new notes (the "New
Notes"). The New Notes will have an equal principal amount, rate and maturity
date; $70 million, 11.22% and December 18, 2000, respectively. The New Notes
will be secured by a first-priority pledge of all outstanding shares of capital
stock of Bristol Hotel Asset Company, a Delaware corporation and wholly owned
subsidiary of the Company.
The following financial statements are for Bristol Hotel Asset Company,
which is a guarantor of the Senior Notes.
6
<PAGE>
BRISTOL HOTEL ASSET COMPANY
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 1996 AND DECEMBER 31, 1995
(DOLLARS IN THOUSANDS)
<TABLE>
<CAPTION>
March 31, December 31,
1996 1995
----------- ------------
(Unaudited)
<S> <C> <C>
ASSETS
Current assets:
Cash and cash equivalents.......................... $ 3,144 $ 7,906
Marketable securities.............................. 832 726
Accounts receivable, net........................... 9,918 10,959
Inventory.......................................... 2,891 2,880
Deposits and other current assets.................. 10,038 9,661
-------- --------
Total current assets.............................. 26,823 32,132
Property and equipment, net......................... 493,760 470,705
Other assets:
Restricted cash.................................... 2,579 620
Deferred charges and other non-current assets, net. 9,919 9,444
-------- --------
Total assets...................................... $533,081 $512,901
======== ========
LIABILITIES AND STOCKHOLDER'S EQUITY
Current liabilities:
Current portion of long-term debt................. $ 6,806 $ 6,582
Accounts payable and accrued expenses.............. 14,472 16,911
Accrued construction costs......................... 7,800 4,457
Accrued property, sales and use taxes.............. 4,887 6,110
Accrued insurance reserves......................... 5,917 6,014
Advance deposits................................... 5,350 304
-------- --------
Total current liabilities......................... 45,232 40,378
Long-term debt, excluding current portion........... 104,704 96,062
Deferred income taxes............................... 70,941 69,448
Other liabilities................................... 2,771 2,811
-------- --------
Total liabilities................................. 223,648 208,699
-------- --------
Common stock ($.01 par value;
1,000 shares authorized, 1,000 shares
issued and outstanding)............................ -- --
Additional paid-in capital.......................... 300,727 300,699
Unrealized gain on marketable
securities, net.................................... 368 262
Retained earnings................................... 8,338 3,241
-------- --------
Total stockholder's equity........................ 309,433 304,202
-------- --------
Total liabilities and stockholder's equity........ $533,081 $512,901
======== ========
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements
7
<PAGE>
BRISTOL HOTEL ASSET COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED, IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Two Months
Ended March 31, Ended March 31,
1996 1995
--------------- ---------------
<S> <C> <C>
Revenue:
Rooms................................ $35,454 $21,354
Food and beverage.................... 10,599 6,324
Other operating departments.......... 3,624 2,232
------- -------
Total revenue....................... 49,677 29,910
------- -------
Operating costs and expenses:
Departmental expenses:
Rooms............................... 8,574 5,276
Food and beverage................... 7,193 4,576
Other operating departments......... 1,146 471
Undistributed operating expenses:
Administrative and general.......... 4,633 3,163
Marketing........................... 3,730 1,768
Property occupancy costs............ 7,133 4,605
Depreciation and amortization....... 3,988 2,254
Corporate expense................... 2,962 1,576
------- -------
Operating income...................... 10,318 6,221
Other expenses (income):
Interest expense..................... 2,253 2,777
Other................................ -- (100)
------- -------
Net income before income taxes........ 8,065 3,544
Income taxes.......................... 2,968 1,276
------- -------
Net income............................ $ 5,097 $ 2,268
======= =======
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements
8
<PAGE>
BRISTOL HOTEL ASSET COMPANY
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED, IN THOUSANDS)
<TABLE>
<CAPTION>
Three Months Two Months
Ended March 31, Ended March 31,
1996 1995
--------------- ---------------
<S> <C> <C>
Cash flows from operating activities:
Net income................................... $ 5,097 $ 2,268
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization.............. 3,988 2,254
Other...................................... 28 20
Changes in working capital................... 237 (119)
Increase in advance deposits................. 5,046 --
Increase in restricted cash.................. (1,959) (146)
Increase in deferred income taxes............ 1,493 1,570
Decrease in other liabilities................ (40) --
-------- -------
Cash provided by operating activities 13,890 5,847
-------- -------
Cash flows from investing activities:
Improvements to property and equipment....... (27,043) (5,407)
Property acquisition costs and deposits...... -- (355)
Additions to investment in affiliate......... -- (3)
-------- -------
Cash used in investing activities (27,043) (5,765)
-------- -------
Cash flows from financing activities:
Proceeds from short-term loan from affiliate. -- 3,000
Payments of long-term debt................... (1,963) (497)
Proceeds from issuance of long-term debt..... 10,829 1,806
Increase in deferred charges and other
non-current assets.......................... (475) (812)
Payment of accrued transaction costs......... -- (823)
Decrease in distributions payable............ -- (1,613)
-------- -------
Cash provided by financing activities 8,391 1,061
-------- -------
Net increase (decrease) in cash and cash
equivalents.................................. (4,762) 1,143
Cash and cash equivalents at beginning of
period....................................... 7,906 5,413
-------- -------
Cash and cash equivalents at end of period.... $ 3,144 $ 6,556
======== =======
</TABLE>
See accompanying Notes to Condensed Consolidated Financial Statements
9
<PAGE>
BRISTOL HOTEL ASSET COMPANY
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
1. BASIS OF PRESENTATION
Bristol Hotel Asset Company (the "Asset Company") was formed in
November 1995 as a wholly owned subsidiary of Bristol Hotel Company (the "Parent
Company"). Upon formation, the equity interests of several entities owned by,
or under common control with, the Parent Company, were contributed to the Asset
Company. In December 1995, 15 entities (previously owned by United Inns,
Inc.), owning 24 hotels were merged into the Asset Company. The operating
results of the Asset Company are substantially the operating results of the
Parent Company. However, the Parent Company rather than the Asset Company, is
the obligor on the $70 million Senior Notes as discussed in Note 2 below.
The condensed consolidated balance sheet at December 31, 1995 has been
condensed from the audited balance sheet at that date. The condensed
consolidated balance sheet at March 31, 1996 and the condensed consolidated
statements of income and cash flows for the quarter ended March 31, 1996, and
the two months ended March 31, 1995, have been prepared by the Asset Company and
are unaudited. In the opinion of management, all adjustments (which include only
normal recurring adjustments) necessary to present fairly the financial
position, results of operations and cash flows at March 31, 1996 and the periods
presented have been made. Interim results are not necessarily indicative of
fiscal year performance because of the impact of seasonal and short-term
variations.
Certain information and footnote disclosures normally included in
financial statements presented in accordance with generally accepted accounting
principles have been condensed or omitted. The Company believes the disclosures
made are adequate to make the information presented not misleading. However, the
condensed consolidated financial statements should be read in conjunction with
the consolidated financial statements and notes thereto included in the Parent
Company's Annual Report on Form 10-K for the eleven months ended December 31,
1995.
2. COMMITMENTS AND CONTINGENCIES
The Asset Company is guarantor of the $70 million Senior Notes of the
Parent Company, which are also secured by a first-priority pledge of all
outstanding shares of capital stock of Asset Company. See Note 3 of the Parent
Company's Notes to Consolidated Condensed Financial Statements.
10
<PAGE>
BRISTOL HOTEL COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
Overview
- - --------
As discussed in Note 1 to the Company's Notes to Condensed Consolidated
Financial Statements, the Company began operations in February 1995. Historical
results for 1995 include two months of operations and/or management of the
original 36 hotels. The pro forma results for 1995 reflect three months of
operations and/or management of the 38 hotels currently owned or managed by the
Company. Management believes that due to the substantial difference in
comparability between the Company's first quarter historical results for 1995
and 1996, the use of the pro forma results for 1995 provides a more meaningful
basis for comparison to the first quarter of 1996.
Results of Operations - Quarter Ended March 31, 1996 Compared with Pro Forma
- - ----------------------------------------------------------------------------
Quarter Ended March 31, 1995
----------------------------
Revenues increased $5.1 million, or 11.4%, to $49.7 million for 1996,
reflecting increases in all revenue categories, as discussed below.
Room revenues were $35.5 million for the quarter ended March 31, 1996,
an increase of $3.3 million, or 10.3%, from the comparable pro forma period in
1995, due primarily to improved occupancy and average daily room rates of 67.4%
and $68.26, respectively, for the quarter ended March 31, 1996, as compared to
64.2% and $63.25, respectively, for the same pro forma period in 1995. Room
revenues increased despite extensive disruptions caused by renovations at
several of the Company's hotels. Approximately 15% of the Company's rooms
portfolio were out of service during the quarter. The occupancy and revenue
gains were partially attributable to the Holiday Inn - Select Greenway Plaza
("Greenway Plaza") whose first quarter 1995 results were impacted significantly
by renovations from the date of its acquisition by the Company in August 1994
through the date of completion of its renovation in March 1995.
Food and beverage revenues improved by $1.0 million to $10.6 million
for the quarter ended March 31, 1996, from $9.6 million for the pro forma
quarter ended March 31, 1995, due primarily to the higher occupancy levels in
the Company's hotels and increased sales effort in the banquet and catering
departments of the 26 hotels formerly owned by United Inns. Other operating
revenues increased 25.8% or by $0.7 million, to $3.6 million for the quarter
ended March 31, 1996, due primarily to improved occupancy and the increased
emphasis on maximizing telephone revenue for the former United Inns hotels.
Gross operating margin (consisting of total revenues less departmental
expenses, administrative and general expenses, marketing expenses and property
occupancy costs as a percentage of total revenues) for the quarter ended March
31, 1996 was 34.8% compared to 34.3% for the pro forma quarter ended March 31,
1995. The 0.5% percentage increase is due primarily to increased operating
efficiencies in the rooms and food and beverage departments offset by increases
in administrative and general expenses, marketing expenses and property
occupancy costs. The increases in the administrative and general and marketing
expenses reflect the restaffing and increased direct sales effort for the former
United Inns hotels and the impact on costs of having partially closed hotels
during periods of renovations. Property occupancy cost increases are due to
increases in property taxes as a result of capital improvements and increases in
land rentals calculated as a percentage of revenues.
Depreciation increased $0.7 million for the quarter ended March 31,
1996 compared to the pro forma quarter ended March 31, 1995, primarily as a
result of the significant capital improvements at several of the former United
Inn hotels and renovations completed at the Greenway Plaza hotel.
Corporate expenses increased $1.0 million for the quarter ended March 31,
1996 compared to the pro forma quarter ended March 31, 1995, primarily as a
result of the acquisition activities and costs incurred to establish the Company
as a public entity .
Interest expense increased by $0.4 million to $4.2 million in the
quarter ended March 31, 1996, compared to the pro forma quarter ended March 31,
1995. This increase was due primarily to increased borrowings during 1996.
As a result of the factors described above, net income decreased
slightly to $3.9 million for the quarter ended March 31, 1996, from $4.0 million
for the pro forma quarter ended March 31, 1995, a decrease of 2.5%.
11
<PAGE>
BRISTOL HOTEL COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION
Cash Flows and Financial Condition
- - ----------------------------------
Cash provided from operating activities was $13.9 million for the quarter
ended March 31, 1996, as a result of net income before depreciation and
amortization and the receipt of approximately $5.0 million in advance deposits
during the quarter. The advance deposits resulted primarily from reservations
for Olympics-related business scheduled for the second and third quarters in our
various Atlanta hotels. This cash was combined with cash available at the start
of the year and borrowings under the Company's Term Credit Agreement ("Term
Agreement") to fund over $27 million in renovation costs for properties in the
second and third phases of the Company's redevelopment program. Cash provided
from operating activities for the first quarter of 1996 exceeded the 1995
quarter due to the advance deposits and the fact that the 1996 quarter contained
one additional month of operating activities. The increase in negative working
capital as of March 31, 1995 as compared to December 31, 1996, is due primarily
to timing differences between the payment of renovation costs and borrowings
under the Term Agreement.
EBITDA totaled $14.3 million for the 1996 first quarter compared to
$8.5 million for the two months ended March 31, 1995. EBITDA was $0.9 million
(6.5%) over the pro forma first quarter 1995 amount primarily due to improved
property operating performance.
The Company intends to complete its redevelopment program over the
next three quarters and believes that funds provided from operations combined
with approximately $50 million available under the Term Agreement will be more
than adequate to meet the costs of the program. An additional amount of up to
$60 million is available under the Term Agreement to fund acquisitions and
related refurbishments. In May 1996, the Company entered into a contract to
acquire a 159 room hotel in Dallas (Plano), Texas. The acquisition will be
initially funded by a borrowing under the Term Agreement and is expected to
close May 31, 1996. The Company is pursuing several other potential
acquisitions and believes that other hotels will be acquired during the next few
quarters.
PART II
Item 6 Exhibits and Reports on Form 8-K
(a) Exhibits
No. 27 Financial Data Schedule
(b) Reports on Form 8-K
No reports on Form 8-K have been filed during the quarter for which
this report is filed.
12
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
BRISTOL HOTEL COMPANY
Date: May 14, 1996 By /s/ JEFFREY P. MAYER
--------------------------------
Jeffrey P. Mayer
Vice President and Chief Financial
Officer (Chief Accounting Officer)
13
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> MAR-31-1996
<CASH> 3,144
<SECURITIES> 832
<RECEIVABLES> 9,918
<ALLOWANCES> 0
<INVENTORY> 2,891
<CURRENT-ASSETS> 26,823
<PP&E> 493,760
<DEPRECIATION> 0
<TOTAL-ASSETS> 533,081
<CURRENT-LIABILITIES> 46,646
<BONDS> 172,604
0
0
<COMMON> 166
<OTHER-SE> 239,953
<TOTAL-LIABILITY-AND-EQUITY> 533,081
<SALES> 49,677
<TOTAL-REVENUES> 49,677
<CGS> 16,913
<TOTAL-COSTS> 16,913
<OTHER-EXPENSES> 22,446
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 4,206
<INCOME-PRETAX> 6,112
<INCOME-TAX> 2,249
<INCOME-CONTINUING> 3,863
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 3,863
<EPS-PRIMARY> .23
<EPS-DILUTED> 0
</TABLE>
