US: Extended Stay America Inc. and ESH Hospitality Inc. reported net income of $65.7 million for Q3 2020, on total revenue of $259.3 million.
ESA’s Q4 2020 highlights include
• Net income of $65.7 million
• Total revenues of $259.3 million
• Comparable systemwide RevPAR declined 9.4% to $42.46
• Comparable systemwide occupancy of 73.7%
• Adjusted EBITDA of $89.3 million
• Adjusted FFO of $0.36 per diluted paired share
• Comparable systemwide RevPAR index of 140, a 40-point increase
“We are pleased with another strong quarter as we continue to outperform every industry benchmark, improving our RevPAR index by 40 per cent against our closest competition during the fourth quarter,” said Bruce Hasse, ESA’s president and CEO. “Through the third week of February, Extended Stay America has now had 65 consecutive weeks of RevPAR index gains dating back to well before the pandemic, demonstrating the growing strength of our model relative to the overall lodging industry.”
“As we move into 2021, we are very excited about our growth prospects and opportunities. We unveiled our new brand segmentation strategy with the launch of the Extended Stay America Premier Suites brand, in addition to our core hotels to be branded as Extended Stay America Suites. And, we continue to see opportunities for growth from improvements to our commercial engine and operating performance as well as unlocking value in our REIT through accretive asset transactions,” he added.
