Host Hotels & Resorts, Inc. has announced results for the second quarter of 2020.
James F. Risoleo, President and Chief Executive Officer, said, “I am incredibly proud of Host’s swift and decisive response to the challenging operating environment we faced in the second quarter. We significantly reduced our monthly hotel-level loss from April to June by working with our operators to reopen 19 hotels in a socially and financially responsible manner while continuing to carefully control expenses. Our total portfolio grew average occupancy by 380 basis points and improved average room rates by over 50% from April through June. As importantly, we worked with our supportive lending partners to successfully amend our $2.5 billion credit agreement and achieved outstanding terms that preserve the Company’s liquidity while retaining our flexibility to capitalize on value-enhancing investment opportunities during this period of extreme dislocation.”
Risoleo continued, “Although it remains difficult to estimate the timing or magnitude of an economic recovery, we are continuing to take actions to strengthen our business to achieve our key near-term objectives, including improving cash flow and achieving breakeven EBITDA at our hotels. We are working with our operators to drive occupancy and increase revenues while redefining our operating model to generate higher levels of profitability at lower levels of occupancy. As we rise to the unprecedented challenge facing the travel industry today, our hearts and minds remain with all those affected by COVID-19, as well as with the healthcare workers who are making tremendous sacrifices to help save lives and end this crisis...Sign up to continue reading – Click here / Members can read the whole article - Click here
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