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Jun 30, 2020
RLJ Q2 2020 Earnings Report
RLJ reported second quarter results and provided a business update.
Key Takeaways
RLJ Lodging Trust reported a challenging quarter due to the COVID-19 pandemic, with a net loss of $116.2 million and total revenue of $32.6 million. However, the company made progress in reopening hotels, reducing monthly cash burn, and securing covenant waivers.
Reopened 21 hotels during the second quarter and 15 hotels during the third quarter.
Successfully amended unsecured revolver and term loans to waive certain financial covenants.
Maintained a strong balance sheet with over $1.0 billion of unrestricted cash.
Monthly cash burn during the second quarter was lower than expectations.
RLJ
RLJ
Forward Guidance
Given the uncertainties related to the pandemic and its impact on travel, the Company is unable to provide a future outlook at this time.