months of this year, compared to $24 million for the same 1993 period.

The company, which leases Marriott's Castle Harbour Resort from Bermuda Properties Ltd, reduced its loss primarily because of higher profits from its hotel business.

The first-quarter loss translated to 12 cents per share, compared to 21 cents per share a year ago, the company said.

Revenues rose to $301 million, from $274 million a year ago.