Gaylord Entertainment Co., an operator of convention hotels, lost $13 million in the third quarter, more than double its loss for the same quarter last year.

Revenue fell 12%, from $226.7 million to $199 million. Revenue per available room was down 10.7%.

Gaylord CEO Colin Reed said rates continue to be a challenge, but that bookings are starting to stabilize.

In the third quarter, Gaylord booked almost 500,000 new room nights for future periods, nearly equivalent to bookings in the third quarter a year ago, Reed said.

Cancellations for the quarter were down compared with prior quarters in 2009 and lower than the third quarter of 2008, he said.