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Text: If you do not yet have a copy, you can access them on our website.
We are providing that information as a supplement to information prepared in accordance with Generally Accepted Accounting Principles.
With us on the call today, are John Arabia, President and Chief Executive Officer; Bryan Giglia, Chief Financial Officer; and Marc Hoffman, Chief Operating Officer.
We appreciate you joining us here, for what I believe to be as last of the day.
As you are aware, we are in unprecedented times and our third quarter results are a clear reminder of the devastation that the global pandemic has caused to the hotel industry.
However I'm pleased to report that we are seeing several signs of the recovery that began in May and June, appears to be gaining steam and that we believe better days lie ahead.
Several encouraging factors that give us confidence, including, first we have successfully resumed operations at the majority of our hotels.
Second, those hotels that have been open in general, have achieved sequential monthly gains in occupancy.
Third, transient room reservations have gradually improved over the past few months.
And fourth, our group production, which remains well off normal levels, increased on a sequential basis.
Today, I will provide more details on each of these topics.
I'll then discuss our monthly cash burn rate, which has been further reduced, as well as our significant liquidity position.
So let's talk about our recent operating results, starting with the pace at which our hotels resumed operations.
Of our 19 hotels, six were in operations for all of the third quarter, including Oceans Edge, which opened in early June and Chicago Embassy Suites that opened July 1st.
Six additional hotels resumed operation during the quarter, including our two hotels in New Orleans, the Marriott Boston Long Wharf, and the Hyatt Chicago in July, and then the Hilton San Diego Bayfront, and the Renaissance DC in mid to late August.
Three additional hotels opened in October, including the Bidwell Portland, the Hyatt Regency San Francisco, and the Renaissance Orlando.
Finally, we are excited to report that our Wailea Beach Resort opened earlier this week on November 1st.
This leaves us today with 16 of our 19 hotels in operation, which comprised 88% of our rooms in our portfolio and generated nearly 96% of our 2019 hotel EBITDA.
Despite having a larger subset of our hotels operating during the third quarter, it's important to note that a good portion of our larger and more economically important hotels, did not resume operations until the middle of the third quarter, until the fourth quarter.
As a result, our third quarter results, while stronger than we had forecasted internally, underperformed portfolios with a higher percentage of rooms in operation.
Holding all other variables constant, we expect our portfolio performance to improve in the fourth quarter and beyond, now that several of our larger hotels have resumed operations.
In the quarter, comparable portfolio revenues were $24 million and RevPAR was $17.58 which represents a decline of 91% and 92% respectively, compared to the third quarter of last year.
For the 12 hotels that were open at least some portion of the third quarter, RevPAR declined by a marginally better 86% and witnessed sequential monthly RevPAR improvement, as the quarter progressed.
Similarly, the six hotels that were open for the entirety of the third quarter, RevPAR declined by a marginally better 80%, and also witnessed sequential monthly RevPAR improvement, as the quarter progressed.
And finally, the four hotels that maintained operations throughout the year, witnessed an 81% decline in the third quarter, which equated to a RevPAR of $36, and a marked improvement from the $14 RevPAR witnessed in the second quarter.
While we do not expect every hotel to follow this trend every month, the overall trend has been positive and gives us confidence that operating fundamentals are gradually improving.
Despite an impressive two-thirds reduction in our property level expenses, the combination of only $24 million of comparable hotel revenue and approximately $62 million of total property level adjusted operating expenses, resulted in property level adjusted EBITDA loss of $37 million.
As you would expect, this compares terribly to the results last year.
But marks an improvement to the $42 million property level adjusted EBITDA loss witnessed in the second quarter, excluding the losses associated with the recently sold Renaissance Baltimore.
Similar to our second quarter, the third quarter property level loss was several million dollars better than we had anticipated, as we continue to work with our operators to streamline operations, eliminate non-essential services, and reduce property level expenses from the prior year.
Again, as more of our larger hotels have resumed operations and generally demonstrated sequential RevPAR growth, we would expect our property level losses to continue to decline, and eventually return to profitability.
When we look at the current segmentation, we continue to see the majority of our demand come from leisure, government and contract business.
Leisure demand has been the primary source of business for many of our hotels, and has generally remained steady, even after Labor Day, as people seek travel opportunities away from their homes, particularly on the weekends.
Crew business, which has become an increasingly important source of demand in the current environment, increased in the third quarter relative to the second quarter, as more airline routes were restored.
The limited group business that did materialize in the third quarter was primarily composed of government-related groups, such as armed forces and emergency management.
We have also recently witnessed a very small but growing number of business transient rooms as the workforce has started to return to traditional offices and get back out on the road.
As you can imagine, nearly all of our group business canceled in the third quarter.
We would expect the same result in the fourth quarter other than a few rooms-only groups that are likely to travel.
Furthermore, as the pandemic continues to linger, group cancellations in the first quarter of 2021 have increased.
That said, our fundamental view is that group business will not return in scale until there is greater comfort in traveling and congregating.
This means that group business is unlikely to return in a meaningful way until a vaccine or reliable therapeutics are developed.
Nevertheless, we continue to see the value of keeping sales professionals on property and taking care of our customers.
From July through October, we booked 106,000 new group rooms for all future months.
In addition to new bookings, we have rebooked 197,000 group room nights that previously canceled or 23% of all cancelled group room nights since the start of the pandemic.
Furthermore, an additional 56,000 group room nights that had been canceled have expressed their intent to rebook and are at various stages of reworking their group contract, which would increase our rebook percentage to 30% of total cancelled group room nights, should they be converted.
Taken together, the recently booked groups and all definite and tentative rebook groups represent approximately $90 million to $95 million of group room revenue and roughly $130 million of total group revenue.
We are confident we would not have captured all of this business if we did not keep sales professionals on property to work with and take care of our meeting planners and group customers.
For 2021, while our group room night pace is down compared to pre-COVID levels, we currently have approximately 488,000 group rooms on the books, representing $120 million of group room revenue.
These groups equate to approximately 13% of our 2021 occupancy on the books, which is below our three-year average of approximately 20% at this time of the year, yet represents a significant increase from the 2020 actualized levels.
While the group outlook remains a bit of a wait-and-see scenario, the transient trends are more clearly showing signs of improvement.
In mid-March, net transient bookings quickly turned negative, meaning reservation cancellations materially outpaced new reservations as travel came to a historic stand still.
Weekly net transient reservations generally remained negative through the middle of July, and since then have gradually increased, as more of our hotels have opened and more people get back out on the road.
In August, year-over-year net transient reservation declined by roughly 90%.
Then in September and October, net transient weekly reservations were down roughly 75% and nearly 67% respectively, demonstrating sequential monthly growth.
While it is obvious we still have a long way to go to get back to normal operating levels, the trend is clearly headed in the right direction, particularly now that several of our larger hotels have opened in the past couple of months.
Now, let's talk a bit about our improving cash burn.
On our last call, we provided an estimate of our monthly cash burn assuming approximately half of our portfolio had resumed operations, but would continue to run at very low occupancies and that we would reopen additional hotels if local restrictions allowed it and make it economically -- made economic sense to do so.
Three months ago, we estimated that we would incur property-level cash losses of approximately $12 million to $15 million a month and when combined with our corporate expenses, debt service and preferred dividends represented a total monthly cash burn of $19 million to $23 million before capex and extraordinary items.
I'm happy to report that as a result of more hotels resuming operation, the continued rightsizing of the operating model and strong expense reports, our estimate of future cash burn has been reduced by approximately $3 million a month, resulting in total monthly corporate cash burn rate before capital investment of approximately $16 million to $20 million a month or 14% decline from the previous range.
Furthermore, as occupancy continues to increase, specifically for those hotels that recently resumed operations in October and November, our cash burn rate is expected to decline further.
So, let's switch gears and talk a bit about our significant and enviable liquidity position.
We ended the quarter with $504 million of total cash and cash equivalents and full availability on our $500 million credit facility.
Our low leverage, meaningful cash balance gives us significant liquidity to weather the storm, even if it unexpectedly continues for a prolonged period.
As our cash burn rate continues to decline, we gain confidence that a notable portion for existing unrestricted cash balance is available for investments that we believe are likely to become available in the next several quarters.
That is, we are one of the few companies that is not dependent on credit facility draws or incremental borrowings to fund incremental investment.
Now, let's talk about our ongoing capital projects.
As you're likely to remember, we postponed approximately $35 million of capital projects this year, leaving approximately $40 million of our 2020 initial budgeted renovations.
At the same time, taking a long-term view of our business, we accelerated $6 million to $8 million of very disruptive projects that were on hold, waiting a quiet time to be completed.
Of the roughly $50 million of capital projects we expect to complete this year, we invested approximately $11 million into our portfolio in the third quarter and $44 million year-to-date.
This leaves roughly $6 million of capital projects to completed in this final fourth quarter.
Our largest project of the year is the repositioning of our rebranded Bidwell Portland, which we reopened to guests in October.
The Bidwell was relaunched with a equal parts of nature and nurture, with one foot in the city and one in the natural beauty of the Pacific Northwest.
The substantially completed reinvention includes a complete environmentally friendly reinvention of the rooms, restaurant, fitness center, meeting space and club lounge, as well as the addition of nine new guest rooms.
For more details on many of the sustainable features of the Bidwell, I encourage you to review our 2020 Sustainability Report, which can be found on our Investor Relations portion of our website.
Looking at our other key projects, they are substantially complete, our Renaissance Orlando resumed operations in October, with a refreshed atrium lobby, including an updated design to brighten up the overall feeling create a cohesive lobby experience.
At our Wailea Beach Resort, we've added 32 beautiful lanai decks which significantly increased the appeal of these ocean front rooms.
Also, in Wailea, we are on-track to complete -- in the first quarter of 2021 -- a solar project, which will eliminate approximately 650,000 kilowatt hours annually and reduce not only our carbon footprint, but also our energy build by roughly $160,000 per year.
Finally, at our Renaissance DC, we have completed the refresh of product to share and the meeting space elevator modernization.
To sum things up, we believe that the worst is behind us.
16 of our 19 hotels are operating, the hotels that remain open or have resumed operations have witnessed encouraging occupancy trends and are reducing our overall losses in cash burn.
And finally, our significant cash on hand before drawing down on our credit facility not only provides us with incredible stability during these uncertain times, but will allow us to fund attractive investments earlier than others who may be forced focused on shoring up liquidity.
As of the end of the quarter, we had approximately $504 million of total cash and cash equivalents, including $42 million of restricted cash and an undrawn $500 million revolving credit facility.
During the quarter, we repaid $35 million of outstanding senior notes at par with a portion of the proceeds from the sale of the Baltimore Renaissance.
Our balance sheet strength and significant liquidity have positioned us not only to survive the economic shock we are experiencing, but to also come out of it with more flexibility and greater ability to capitalize on opportunities than many others will have.
We continue to focus on managing our costs and minimizing hotel expenses, while maintaining our properties in good condition and opportunistically investing in projects that would have resulted in material displacement.
Working with our operators, we have reduced operating expenses by approximately 60% to 70% since the start of the pandemic.
Based on our current projected cash burn rate of $16 million to $20 million per month before capital expenditures, which was reduced from our previous range of $19 million to $23 million per month, with an actual third quarter burn of approximately $19 million, we estimate that we have approximately two years of liquidity based on existing cash.
Again, that is more than 24 months of liquidity before we would need to take on additional leverage from proceeds from our line or other capital sources, including asset sales, which could extend that liquidity for several more years if needed.
This is a very important distinction.
When we emerge from this pandemic, we will have significantly more capacity than others.
Our balance sheet was already designed to handle major downturn.
So, even if we emerge into a recessionary macro environment, which is possible, we will not need to access additional equity capital to shore up our balance sheet or rightsize our leverage.
This may not likely be the case with everyone in our industry.
Shifting to third quarter operations.
While our third quarter performance was better than second quarter, operations continued to reflect the most dramatic decline in hotel demand the industry has ever seen.
Third quarter adjusted EBITDA was a loss of $36 million, and third quarter adjusted FFO per diluted share was a loss of $0.26.
As John indicated earlier on the call, three of our largest hotels, the Renaissance Orlando, Hyatt Regency San Francisco and Wailea Beach Resort did not resume operations until the fourth quarter.
While these hotels did not help third quarter results, now that they have resumed operations, we expect these hotels to increase portfolio RevPAR and reduce cash burn in Q4 and into 2021.
Now, turning to dividends.
We have suspended our common dividend until we return to taxable income.
At this time, we do not anticipate generating taxable income in 2020 or have the need for any additional distributions this year.
Separately, our Board has approved the routine quarterly distributions for both outstanding series of our preferred securities.

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compname posts q3 adjusted ffo loss per share $0.26.
q3 adjusted ffo loss per share $0.26.

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