Monthly hotel portfolio cash burn now running at $9 to $12 million; a $6 million reduction compared to the Companys early May midpoint estimate
Passenger traffic continues to reflect travel disruptions worldwide since mid-March 2020 due to the COVID-19 pandemic
As a result of COVID-19, hotel operators have been forced to make tough decisions, including the most basic one on whether to keep the lights on. Many were required to close their doors after municipal mandates were put in place and some decided to remain open, despite record-low occupancy levels, to house pandemic-related first responders and other essential personnel related to the fallout from the spread of coronavirus, largely in place of more traditional sources of demand during 'normal times'. Depending on the type of hotel and its service level, the decision to close or remain open varied across markets.
Net sales decreased 86% to 665 MSEK (4,853) as a result of extremely low levels of demand caused by the spread of the coronavirus.
In this article, we will navigate the key points for asset managers to consider when reviewing forecasts, and what you should be asking from your management team. We will also present a sample of the best-in-class forecasting matrix we use at Global Asset Solutions.
The Baird/STR Hotel Stock Index fell 5.3% in June to a level of 3,060. Year to date through the first six months of 2020, the stock index was down 41.9%.
American Hotel Income Properties REIT LP (TSX: HOT.UN) (HOT.U) and (HOT.DB.U) announced ;last wee that for the month of June, occupancy across its portfolio of 79 Premium Branded hotels averaged 49.0%, an increase from an average of 32.8% in May and 21.7% in April.
Monthly cash burn at the Companys resorts was previously estimated at $2.5 to $3.0 million; the resorts are now expecting to generate positive Hotel EBITDA for the month of June, even though 5 of the resorts just reopened in June
RLJ Lodging Trust (NYSE: RLJ) today announced that it has amended its $1.8 billion Senior Unsecured Credit Facilities comprising a $600 million revolving credit facility and $1,175 million in term loans.
The Baird/STR Hotel Stock Index rose 1.7% in May to a level of 3,232. Year to date through the first five months of 2020, the stock index was down 38.7%.