Awarded 111 new domestic franchise agreements in the quarter, a nearly 20% increase from the same period of 2020; second quarter domestic RevPAR 1.1% below 2019 levels, with June RevPAR increasing 4.5% versus 2019
Operating revenues were $990.1 million for the second quarter of 2021, an increase of $904.4 million, from $85.7 million for the second quarter of 2020.
Portfolio Demand and RevPAR Acceleration Continues; New Highs Attained Since Onset of Pandemic – Positive Corporate Level Cash Flow Achieved
Second quarter reported net income totaled $422 million, compared to reported net loss of $234 million in the year-ago quarter. Second quarter adjusted net income totaled $260 million, compared to second quarter 2020 adjusted net loss of $184 million;
Net losses decreased compared to the second quarter of 2020 to a $9 million net loss. Adjusted EBITDA increased compared to the second quarter of 2020, to $55 million.
Portfolio Revenue Per Available Room (RevPAR) Increased 170 percent to $87, compared to the 2020 second quarter. Average daily rate (ADR) rose 32 percent to $127, and occupancy jumped 105 percent to 68 percent for the 39 comparable hotels owned as of June 30, 2021. All Chatham hotels remained open throughout the pandemic.
Achieved positive Same-Property Hotel EBITDA of $28.3 million in Q2, led by the Companys resorts and accelerating business transient demand at urban hotels – Same-Property RevPAR rose sequentially by 111% from Q1 2021 to Q2 2021
Total revenues increased 53.3% year-over-year to RMB241.2 million (US$36.8 million)
Company Increases Quarterly Dividend 50% and Provides Full Year 2021 Outlook
Net revenues were $428.2 million for the second quarter of 2021, an increase of 295%, or $319.7 million, from $108.5 million for the same period of 2020, primarily due to the closure of our properties during most of the second quarter in 2020 due to the COVID-19 pandemic. Compared to the same period of 2019, net revenues were down 11% or $54.7 million from net revenue of $482.9 million.