Profits Rise by 142% at Hotel Properties

Hotel Properties, a Woodland Hills-based real estate investment trust, reported profits of $1.3 million, or 33 cents a share, for the third quarter ended Sept. 30, up 142% from the same quarter a year earlier.

Hotel Properties, which has an interest in 18 hotels and motels in eight states, said its rental revenues in the quarter increased 86% to $2.2 million.

For the first nine months of its fiscal year, the company reported a 58% increase in profits to $3.1 million, or 92 cents a share. It also reported an 87% increase in rental revenues to $6 million.