Gaylord Entertainement Co. posted a first-quarter profit despite a drop meetings business.
The Nashville-based company, which operates four convention hotels in the U.S., reported income of $3.4 million, compared with a $7.3 million loss in the first quarter of 2008.
"Our results this quarter indicate that our focus on aggressive cost management combined with our group-centric business model enabled solid performance even as the hospitality industry and the overall economy experienced major slowdowns," said Gaylord CEO Colin Reed. "Despite a decline in occupancy largely resulting from continued economic pressures on our corporate group customers, we delivered solid results."
Revenue per available room was down 15%, the company said. Overall revenue, however, was up 8%, to $212 million, for the quarter.