In December, Scandics average occupancy rate was approximately 15 percent with continued weak demand in all markets. Ongoing rent negotiations have thus far led to agreements for rent reductions and offers from landlords totaling approximately 850 MSEK.
The Baird/STR Hotel Stock Index was up 5.0% in December to a level of 4,574. For 2020 as a whole, the stock index fell 13.2%.
Business interruption insurance is not a new thing, but framed within the context of the pandemic, it is now taking on new meaning. Before the world was turned upside down, this type of coverage replaced income lost in what could be considered a traditional natural disaster: a flood, hurricane, fire, earthquake or tornado, to name some – events that cause physical property damage.
Airbnb's share price closed at $144.71, giving it a valuation of $86.5 billion – Marriott, Hilton, and Intercontinental were worth $84.1 billion combined when the markets closed Thursday.
Airbnb, Inc. yesterday announced the pricing of its initial public offering of 51,323,531 shares of Class A common stock, 50,000,000 of which are being sold by Airbnb and 1,323,531 of which are being sold by certain selling stockholders, at a public offering price of $68.00 per share.
The Baird/STR Hotel Stock Index was up 31.0% in November to a level of 4,354. Year to date through the first 11 months of 2020, the stock index was down 17.4%.
Total revenues increased 23.6% to RMB266.9 million (US$39.3 million) from RMB216.0 million in the second quarter.
Revenue in the third quarter 2020 of $8.8 million, comprised of $8.8 million generated entirely from New Investment Platform Hotels, a 39.7% decrease from $14.7 million generated by New Investment Platform Hotels in the third quarter 2019.
Revenues for the quarter decreased 47.7% to $46.3 million (Q3 2019 $88.5 million) as a result of lower demand due to the significant impact of COVID-19 and portfolio changes between periods. On a sequential basis, revenue for the quarter increased 69.8% from Q2 2020.
Significantly Improves Cash Burn Rate – Bolsters Liquidity to $434.5 Million