August 7, 2009 / 2:18 PM / in 9 years

UPDATE 1-InnVest Q2 FFO falls 37 pct

* FFO/unit C$0.31 vs C$0.48 last year

* Hotel revenue down 12 pct to C$156 mln

Aug 7 (Reuters) - Canada’s InnVest Real Estate Investment Trust INN_u.TO posted a 37 percent drop in quarterly funds from operations, as the ongoing economic meltdown hurt travel demand.

For the second quarter ended June 30, the trust reported funds from operations (FFO) of C$24 million ($22.28 million), or 31 Canadian cents per unit, lower than C$38 million, or 48 Canadian cents per unit, a year-ago.

Six analysts, on average, were expecting FFO of 39 Canadian cents per unit for the quarter, according to Reuters Estimates.

Hotel revenue fell 12 percent to C$156 million, with occupancy dropping 7 percentage points to 61.1 percent.

Revenue per available room (RevPar) decreased 14 percent to C$72.15, driven by the deteriorating economic environment and its impact on discretionary travel demand.

Units of InnVest were down about 3 percent at C$3.75 in morning trade on the Toronto Stock Exchange. ($1=1.077 Canadian dollar) (Reporting by R. Manikandan in Bangalore; Editing by Maju Samuel)

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