St. Louis’ Renaissance convention-hotel complex recently posted its audited financial statement for 2006, and it shows a profit of $6.3 million. That’s an 85 percent improvement over the previous year’s $3.4 million in profit, and an even bigger improvement over net losses in 2003 and 2004. Profit doesn’t exactly equate to cash flow — “net cash provided by operating activities” amounts to about $5 million  – but the figures do show that the complex is closer to being able to cover its $7 million annual interest bill.

Auditors Deloitte & Touche continue to express reservations about the hotels’ ability to continue in business. After noting that “there is no assurance”  of the hotels’ owners willingness to  keep providing financial support, the auditors state:

These factors, among others, indicate that the Hotels may be unable to continue as going concerns for a reasonable period of time.

There’s no news on ongoing efforts to restructure the hotels’ debt, but bond prices have been strong lately. And the improved financial results probably mean that local developer Steven Stogel, who has spearheaded  the debt-restructuring talks, has more time to come up with a deal that’s satisfactory to bondholders, hotel owners and local officials.