Despite beating analysts’ EBITDA estimates, the group posted a net loss of US$5.6m in the first quarter, compared to US$2.3m in the prior-year period.

"Our resorts continued to perform well relative to the overall hotel industry in this extremely challenging economy," said CEO Kim Schaefer.

"Same-store revenue per available room for our Generation II resorts, which contribute more than 80 per cent of our adjusted EBITDA, was down 12.5 per cent, compared to the 17.7 per cent decline in the overall US hotel industry according to Smith Travel Research data."