Item 7.01. Regulation FD Disclosure.

July 31, 2020 Operational Update
The ongoing effects of the
COVID-19
pandemic on our operations and future bookings have had and will continue to
have a material negative impact on our financial results and cash flows, and
such negative impact may continue well after restrictive measures imposed by
federal, state, local and other government authorities to contain the outbreak
have been lifted. During the first quarter, we suspended operations at 35 hotels
and, as of August 30, 2020, operations remain suspended at 10 of these hotels.
Luxury and upper upscale hotels in large urban markets, which are the markets
where a majority of our hotels are located, have been, and we anticipate will
continue to be, the most heavily affected through the current crisis, due in
part to the sharp decline in air travel and international travel, business
travel and group business. During the second quarter and continuing through
July, demand at our hotels was primarily leisure demand at
drive-to
and resort destinations.
The following table sets forth preliminary performance information for all owned
hotels in our portfolio for the month ended July 31, 2020:

                        Estimated
                       Month Ended
                      July 31, 2020
Average occupancy               12.9 %
Average daily rate   $        177.76
RevPAR               $         22.94
Total revenues
(in millions)        $            52



We are presenting preliminary estimates of certain financial information for the
month ended July 31, 2020 that will form a part of our results for the quarter
ended September 30, 2020. We have prepared these preliminary estimates disclosed
in good faith based upon our internal estimates for the month ended July 31,
2020. These estimates are preliminary and unaudited and are inherently uncertain
and subject to change as we complete our financial statements for the quarter.
Given the timing of these estimates, we have not completed our customary
financial closing and review procedures, including the completion of final
journal entries and management's review of the results. We may identify other
items that require material adjustments to our preliminary estimates as we close
our books for the quarter. Final results for the month ended July 31, 2020 could
differ materially from these estimates. Additionally, there can be no assurance
that the results for the quarter ended September 30, 2020 will be consistent
with our results for the month ended July 31, 2020, and any such differences
could be material. You should exercise caution in relying on this information
and should not place undue reliance on this information or draw any inferences
from this information regarding financial or operating data not yet provided or
available. These preliminary results are subject to review by our audit
committee and our independent registered public accounting firm. Accordingly,
our independent auditors do not express an opinion or any other form of
assurance with respect thereto.
Important factors that could cause our actual results to differ from our
preliminary estimates are set forth under the headings "Risk Factors" in our
most recent annual report on Form
10-K
and subsequent quarterly reports on Form
10-Q
and in our other filings with the Securities and Exchange Commission.
The information furnished under Item 7.01 in this Form
8-K
shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or
otherwise subject to the liabilities of that section and shall not be deemed
incorporated by reference in any filing made by the Company under the Securities
Act or the Exchange Act, except as set forth by specific reference in such
filing.
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