Airport Holiday Inn Renovation Complete

PORTLAND-The publicly traded owner of the Holiday Inn at the Portland Airport has reopened the 286-room facility following a $2-million renovation of the lobby, atrium and half the guest rooms.

The hotel property is owned by Springfield, Mo.-based John Q. Hammons Hotels. Like the nearby Embassy Suites it also owns, the Holiday Inn Portland Airport has Hammons’ signature multi-storied garden atrium and water feature. It also has 37,000 sf of meeting space.

Daily room rates at the hotel range from $84 to $169. In 2003, Hammons will spend an additional $2 million renovating the rest of the guest rooms.

The company’s share price stood at $5.55 in afternoon trading Thursday, off $0.20 on the day. The share price is closer to its 52-week low of $4.20, achieved last November, than its 52-week high of $7.12, achieved in April.On Nov. 6, Hammons reported a $1.1 million net loss for its third quarter. The loss is down from the third quarter of 2001, when the company lost $2.1 million, but losses are up when comparing year-to-date numbers. The net loss through the first nine months of 2002 is $1.8 million, compared to $1.1 million for the same 2001 period.