UPDATE 1-Arby's owner Triarc posts 1st-quarter loss

(Adds details on results, background, share activity)

LOS ANGELES, May 9 (Reuters) - Triarc Cos Inc TRY.N, the parent company of sandwich chain operator Arby's, reported a quarterly loss on Friday as it booked investment losses of $65.9 million.

Triarc, which is controlled by billionaire investor Nelson Peltz and has struck a deal to buy No. 3 hamburger chain Wendy's International Inc (WEN.N), posted a first-quarter net loss of $67.5 million, or 73 cents per share.

For the year-earlier quarter, the company reported net income of $7.1 million, or 8 cents per share for Class B common stock and 7 cents per share for Class A common stock.

Total revenue grew to $302.9 million from $302 million a year earlier, when the company booked asset management and related fees of $15.9 million.

In the recently completed quarter, sales were up nearly 6 percent to $281.6 million at company-owned restaurants and franchise revenue increased just over 8 percent to $21.3 million.

System-wide sales at established restaurants were up 0.4 percent.

Triarc in April struck a deal to buy Wendy's for $2.4 billion in stock.

Triarc Chief Executive Roland Smith said he expects that cost savings from the deal will boost incremental earnings before interest, taxes, depreciation and amortization by $100 million within two to three years.

Shares in Triarc were down 1 cent to $6.40 in midday trade on the New York Stock Exchange. (Reporting by Lisa Baertlein; editing by John Wallace and Gerald E. McCormick)