Imagine finding that the stock of your favorite vacation spot sells for 67 cents. Welcome to Wyndham International (AMEX:WBR).

Wyndham reported mixed results today, with a net loss widening an unlucky 13% to $89 million. Revenue per available room (RevPAR), the industry standard measure, was up 1.2% and occupancy rose 3.6%. The average room rate dropped 3.9% to $97.89. In summary, increased occupancy could not counter lower room rates.

Results for other luxury hotel operators are mixed, but profitable. Four Seasons (NYSE:FS) logged lower RevPAR, but higher room rates generated a profit. Sheraton and Westin owner Starwood (NYSE:HOT) boasted an impressive 4.4% increase in worldwide RevPAR, but profits were down. RevPAR declined at Hilton (NYSE:HLT) and Marriott (NYSE:MAR), as did profits.

Hotel investors have to be encouraged by recent trends in hotel occupancy and room rates. RevPAR has risen 5% or more during the last three weeks in October.

Yet, Wyndham's story, like many in the group, centers on debt, which at $2.7 billion, is like a pair of cement shoes. A financial snapshot shows negatives for everything from return-on-equity to profit margins. It is not a pretty picture.

It is said that, "You get what you pay for." In Wyndham's case, it could be spectacular gains if the economy rebounds and the industry flourishes. Without such rose-colored glasses, the future looks bleak. Heck, for the especially wishful, a strong competitor could always decide to use its cash flow for an acquisition.

The Motley Fool has discussion boards for Hilton and all the other major hotel companies mentioned in this article (although, ironically, not for Wyndham). To get a 30-day free trial, click here .

W.D. Crotty can be reached at If you decide to try his favorite resort, make sure you try Shula's On The Beach . It has great food -- and great views.