RLJ Q3 2020 Earnings Report
Key Takeaways
RLJ Lodging Trust reported third quarter results exceeding expectations, driven by strength in leisure and an uptick in business transient and small group demand. The company reopened a significant number of hotels and continued aggressive asset management efforts to minimize operating costs, leading to a further reduction in burn rate. They maintained a strong liquidity position of $1.2 billion.
96 hotels are now open, representing 93% of the portfolio.
Total portfolio achieved 29.3% occupancy, and open hotels achieved 37.1% occupancy during the third quarter.
Reduced monthly cash burn estimate range by $2.5 million at the mid-point.
Maintained a strong balance sheet with approximately $1.0 billion of unrestricted cash.
RLJ
RLJ
RLJ Revenue by Segment
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.