Financial

Net sales dropped 17.8% to 3,343 MSEK (4,066)

Apple Hospitality REIT, Inc. (NYSE: APLE) yesterday announced results of operations for the first quarter ended March 31, 2020 and provided an operational update regarding the Company’s response to the novel coronavirus (COVID-19) pandemic.

Revenue in the first quarter 2020 of $13.2 million, comprised of $13.2 million generated entirely from New Investment Platform Hotels, a 15.4% decrease from $15.6 million generated by New Investment Platform Hotels in the $15.9 million 2019 first quarter Revenue that included $0.3 million of Legacy Hotel Revenue.

Consolidated revenues reached €293M (-25.5%) and EBITDA stood at €14,2M (-85%)

Revenues for the quarter decreased 23.2% to $61.9 million (Q1 2019 – $80.5 million) due to COVID-19 impacts in March 2020.

Ample liquidity with approximately $1.2 billion of cash on hand – Operations currently suspended at 57 hotels

Following the recent announcement of Marriott’s Q1 results, Ralph Hollister, Analyst, Travel & Tourism at GlobalData offers his view on the situation

Net revenue of $473.1 million, a decrease of 25.6% on a GAAP basis and a decrease of 17.5% on a same-store basis versus the comparable prior-year period

First quarter 2020 comparable systemwide constant dollar RevPAR declined 22.5 percent worldwide, 30.4 percent outside North America and 19.5 percent in North America

Pro-forma RevPAR was $136.27 a decrease of 22.6% from the same period in 2019