Financial

Resort Reported EBITDA was $462.2 million for the third fiscal quarter of 2021, compared to a Resort Reported EBITDA of $304.4 million for the third fiscal quarter of 2020. The prior year period was primarily impacted by the Resort Closures, which included the resulting deferral of approximately $120.9 million of pass product revenue and $2.9 million of related deferred costs from the third fiscal quarter of 2020 to fiscal 2021 as a result of pass holder credits offered to 2019/2020 North American pass product holders.

Announces Contract to Sell The Roger New York

Same-Store Hotel EBITDA was $2.0 million in the first quarter 2021, a decrease of 50.9% from the same period in 2020. Margin contracted 690 bps to 20.7% in the first quarter 2021 compared to 27.6% in the same period in 2020.

Operating revenues were $725.8 million for the first quarter of 2021, a decrease of 23.9%, or $227.9 million, from $953.7 million for the first quarter of 2020.

First quarter 2021 comparable systemwide constant dollar RevPAR declined 46.3 percent worldwide, 46.3 percent in the U.S. & Canada, and 46.1 percent in international markets, compared to the 2020 first quarter

The company's performance has continued the trend of sequential domestic systemwide RevPAR change improvement, with April 2021 RevPAR declining approximately 4.2% versus April 2019 and increasing 140% from April 2020.

Net loss for the quarter ended March 31, 2021 was $195.0 million, or $1.19 per diluted common share, compared to a net loss of $33.7 million, or $0.20 per diluted common share, for the quarter ended March 31, 2020.

The Baird/STR Hotel Stock Index rose 3.2% in April to a level of 5,297. Year to date through the first four months of 2021, the stock index was up 15.8%.

Owned Resort EBITDA decreased 89.2% versus 2020 to $6.5 million. Adjusted EBITDA decreased 105.0% versus 2020 to $(2.5) million.

Occupancy, ADR and RevPAR for the Company’s portfolio sequentially improved each month during the first quarter of 2021, driven by a wide variety of demand generators including leisure, government, health care, construction, disaster recovery, insurance, athletics, education, and local and regional business-related travel.