24 hotels and resorts currently open, approximately half of the Company's portfolio, and expecting to reopen an additional 5 hotels by mid-August, for a total of 29 open hotels and resorts
All 8 resorts are experiencing a healthy recovery in occupancy and EBITDA and in total, they are achieving average rates at a premium to 2019
Completed 8 redevelopment projects; 40 of 53 hotels and resorts have undergone transformational redevelopments or comprehensive renovations in the last 5 years
AVERAGE MONTHLY CASH BURN
Monthly cash burn at the Company's hotels continues to be reduced as additional properties reopen and operating performance ramps up
Monthly hotel portfolio cash burn now running at
Total monthly corporate cash burn now running at
BALANCE SHEET & LIQUIDITY
As of
Net debt to depreciated book value at the end of Q2 2020: 37%
All financial covenants eliminated through Q1 2021, with less restrictive financial covenants established until Q3 2022
No meaningful debt maturities until
2020 OUTLOOK
Given the uncertainties related to the pandemic and its impact on travel, and variable government restrictions, the Company is unable to provide a 2020 Outlook at this time
(1) See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures.
'Demand for hotels and travel in general clearly bottomed in mid-April. Throughout the rest of the quarter, hotel industry demand gradually and consistently improved each month as states and cities reopened and began to ease restrictive mandates. While the recent uptick in COVID cases and the resulting pullback of city reopenings have caused demand growth to flatten out, we're still seeing an uptick in the leisure segment, benefitting our drive-to resorts, which have been experiencing a healthy recovery in operating performance that has generally improved each week. Encouragingly, our resorts have been generating average rates above the prior-year period, and hotel demand in our urban markets has been gradually recovering as well. As a result, we have reopened an additional 10 urban hotels and expect to reopen another 5 in the next several weeks. All of this positive progress, albeit slow and gradual, has enabled us to materially reduce our monthly cash burn and improve our liquidity during this unprecedented period. We're also excited to announce the successful completion of the transformational redevelopments of
Second Quarter and Year-to-Date Highlights
Notes:
See details at: http://investor.pebblebrookhotels.com/file/Index?KeyFile=404805772
These historical hotel operating results include information for all of the hotels the Company owned as of
The information above has not been audited and is presented only for comparison purposes.
Source:
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