Tag: Quarter

Greece’s Aegean Airlines reports third quarter loss as pandemic hits travel

FILE PHOTO: An Aegean Airlines Airbus A320neo is docked at Eleftherios Venizelos International Airport, in Athens, Greece, May 11, 2020. REUTERS/Alkis Konstantinidis/File Photo

ATHENS (Reuters) – Greece’s largest carrier Aegean Airlines reported on Tuesday a 28.3 million euro ($33.6 million) loss for the third quarter as passenger traffic fell and aircraft were grounded during the coronavirus pandemic.

On Monday, the Greek government said it was considering a 120 million euro cash injection, subject to European Union approval, for the airline, which is seen as vital to Greece’s tourism industry.

It was the airline’s second straight quarterly loss and overturned a 90.2 million euro net profit in the third quarter of last year.

Revenue for the carrier, a member of the Star Alliance group, came in at 155.1 million in the third quarter, compared to 512.5 million in the same quarter of 2019.

A partial lifting of travel restrictions across Europe as of July allowed the gradual resumption of international flights, although several countries remained inaccessible and demand remained weak due to the pandemic, the airline said.

Aegean operated 49% fewer flights in the third quarter than in the same period of 2019 and passenger traffic fell 62%.

For the winter 2020/2021 season “renewed travel restrictions and recently lockdowns across Europe and Greece will limit our activity to levels lower than 20% of the respective 2019 period,” the airline said.

($1 = 0.8421 euros)

Reporting by Michele Kambas; Editing by Susan Fenton

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Public reacts to new St James Quarter hotel as viral tweet shows finishing touches to exterior

The strongly-worded tweet, by Twitter account “Crappy Cheapo Architecture” highlighted the new twirled metal sculpture that sits atop the building on Leith Street, labelling it “horrendous”.

Other twitter users were quick to voice their opinions, and the tweet has been liked by more than 1,300 people.

One unimpressed user wrote: “It’s not been nicknamed ‘The Golden Turd’ for no reason.

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Members of the public have been weighing in on the latest addition to Edinburgh’s skyline, as a tweet highlighting the new St James Quarter hotel goes viral.
Members of the public have been weighing in on the latest addition to Edinburgh’s skyline, as a tweet highlighting the new St James Quarter hotel goes viral.

“That it has been allowed to dominate the skyline above the heart of the New Town demonstrates appalling judgement on the part of whoever gave it planning permission.”

Another called it “dreadful”, adding: “One of the worlds great architectural cities and they bring this ‘Disney’ architecture to town.”

One person joked: “The planning officer must really hate Edinburgh.”

Another took aim at Edinburgh City Council, writing: “It never ceases to amaze me what terrible stewards Edinburgh council are.

“They have no idea both what they have or how to cherish it.”

Others disagreed, however, reminding people of what had been at the site before the development.

“It’s a vast improvement on the St James Centre as was, and the rest of the development seems decent enough, so not going to complain too hard.”

Among a host of nicknames for the sculpture, several tweets referred to it as the “Walnut Whip”.

“If it was a Walnut Whip,” one user wrote, “at least it would have context.

“Walnut Whips were originally made by Duncan’s of Edinburgh.”

So perhaps the hotel’s eye-catching design is fitting after all.

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Harvest Health & Recreation Inc. Reports Third Quarter 2020 Financial Results

Third quarter revenue was $61.6 million, up 86% from the third quarter 2019 and 11% sequentially

Third quarter adjusted EBITDA was $10.5 million, compared to $4.1 million in the second quarter of 2020

2020 revenue target increased to greater than $225 million, up from $215-220 million

PHOENIX, Nov. 10, 2020 /PRNewswire/ — Harvest Health & Recreation Inc. (“Harvest” or the “Company”) (CSE: HARV, OTCQX: HRVSF), a vertically integrated cannabis company and multi-state operator in the U.S., today reported its financial and operating results for the third quarter 2020. All financial information is provided in U.S. dollars unless otherwise indicated.

Third Quarter 2020 Financial Results

  • Total revenue in the third quarter was $61.6 million, an increase of 86% from $33.2 million in the third quarter of 2019, and up 11% compared to $55.7 million in the second quarter of 2020.
  • Gross profit excluding biological adjustments in the third quarter was $28.7 million, compared to $11.6 million in the third quarter of 2019, and $23.4 million in the second quarter of 2020.
  • Gross profit margin excluding biological adjustments in the third quarter was 46.6%, compared to 35.0% in the third quarter of 2019, and 42.1% in the second quarter of 2020.
  • Net loss was $2.1 million for the third quarter, compared to a net loss of $39.1 million in the third quarter of 2019 and $18.3 million for the second quarter 2020.
  • Adjusted EBITDA excluding biological adjustments in the third quarter was $10.5 million, compared to ($10.9) million in the third quarter of 2019 and $4.1 million in the second quarter of 2020.

Please see the supplemental information regarding unaudited results and Non-IFRS Financial Measures at the end of this press release.

Third Quarter 2020 Business Highlights

  • During the third quarter of 2020, Harvest opened one new dispensary in Phoenix, Arizona and one new dispensary in Cranberry Township, Pennsylvania.
  • As of September 30, 2020, Harvest owned, operated, or managed 37 retail locations in seven states, including 15 open dispensaries in Arizona. Harvest owned and operated dispensaries exclude retail locations serviced through Interurban.

Subsequent Events

  • Subsequent to September 30, 2020, Harvest opened two retail locations in Camp Hill and King of Prussia, Pennsylvania.
  • On October 2, 2020, Harvest terminated the agreement to sell two California retail assets to Hightimes Holdings for $6 million in preferred stock.
  • On October 28, 2020, Harvest completed a bought deal financing raising gross proceeds of approximately $32.4 million including the overallotment option. Units sold in the offering were priced at Cd$2.26 per unit and included one subordinate voting share and one-half warrant. Each warrant has an exercise price of Cd$3.05 and duration of 30 months.
  • On October 30, 2020, Harvest completed the purchase and license transfer of THChocolate, LLC, including cannabis manufacturing licenses in Colorado. The consideration paid was immaterial.
  • On November 2, 2020, Harvest announced a settlement agreement with Devine Holdings. Under the terms of
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Sunstone Hotel Investors Reports Results For Third Quarter 2020

IRVINE, Calif., Nov. 5, 2020 /PRNewswire/ — Sunstone Hotel Investors, Inc. (the “Company” or “Sunstone”) (NYSE: SHO), the owner of Long-Term Relevant Real Estate® in the hospitality sector, today announced results for the third quarter ended September 30, 2020.

Third Quarter 2020 Operational Results (as compared to Third Quarter 2019):

  • Resumption of Hotel Operations: Six of the Company’s 19 hotels were in operation for the entirety of the third quarter of 2020. Six additional hotels opened during the third quarter of 2020, largely in July and August. Four more have resumed operations during the fourth quarter of 2020, leaving 16 of 19 hotels open.
  • Net (Loss) Income: Net loss was $91.1 million as compared to net income of $33.5 million in the third quarter of 2019.
  • 19 Hotel Portfolio RevPAR: 19 Hotel Portfolio RevPAR decreased 91.5% to $17.58.
  • Six Hotel Portfolio RevPAR: RevPAR for the six hotels open for the entirety of the third quarter of 2020 decreased 80.5% to $37.37.
  • Adjusted EBITDAre: Adjusted EBITDAre, excluding noncontrolling interest decreased 144.6% to $(36.2) million.
  • Adjusted FFO: Adjusted FFO attributable to common stockholders per diluted share decreased 189.7% to $(0.26).

Information regarding the non-GAAP financial measures disclosed in this release is provided below in “Non-GAAP Financial Measures.” Reconciliations of non-GAAP financial measures to the most comparable GAAP measure for each of the periods presented are included later in this release.

John Arabia, President and Chief Executive Officer, stated, “While uncertainty abounds, there are signs that the hotel recovery is gaining steam, and we believe better days lie ahead. We resumed operations at several hotels in the third quarter, and in October and November resumed operations at four additional hotels, including our sizable Renaissance Orlando, Hyatt Regency San Francisco and Wailea Beach Resort. The 16 hotels currently open make up 88% of our total rooms and generated 96% of our total 2019 property-level EBITDAre. Not only have more hotels resumed operations, but those hotels that have been open, in general, have posted sequential monthly RevPAR gains. The combination of more open hotels, increased RevPAR at open hotels, and continued aggressive cost containment has further reduced our cash burn rate. Assuming no change to current operating fundamentals, our cash burn rate has been reduced to between $16 million and $20 million per month before capital investment. We expect this figure to decline further, and eventually return to profitability, as recently reopened hotels ramp up and as portfolio occupancy and profits gradually increase.”

“Looking forward, we remain focused on minimizing near-term losses while continuing to restructure our operations and invest in our portfolio to maximize long-term hotel profitability. With significant liquidity, nothing outstanding on our sizable credit facility, manageable near-term debt maturities and low leverage, our balance sheet strength should allow us not only to avoid costly defensive measures, such as raising expensive capital to shore up liquidity, but also to go on offense with or without incremental borrowing. We are

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Huazhu Group Limited Announces Preliminary Results for Hotel Operations in the Third Quarter of 2020

The MarketWatch News Department was not involved in the creation of this content.

SHANGHAI, China, Nov 05, 2020 (GLOBE NEWSWIRE via COMTEX) —
Huazhu Group Limited (NASDAQ: HTHT and HKEX: 1179) (“Huazhu”, “we” or “our”), a world-leading hotel group, today announced preliminary results for hotel operations in the third quarter ended September 30, 2020 (“Q3 2020”).

During Q3 2020, despite some mini-outbreaks in several cities, our occupancy rate recovery continued, thanks to China’s effective control of the COVID-19 pandemic. In addition, our average daily room rate had also recovered gradually along with the occupancy rate. More importantly, leisure traveling was the key driver to lead this recovery, which had resulted in outstanding performance of our upper-midscale and upscale brand hotels.

Steigenberger Hotels AG and its subsidiaries (“DH”) operating performances had also recovered steadily from July until mid-September 2020. However, this recovery trend was temporarily paused since late September due to the second wave of COVID-19 outbreak in European countries. To mitigate the effects of this situation, we are taking further cost and cash flow measures, such as deferred rental payments, reducing or eliminating discretionary corporate spending and capital expenditures, etc. As of October 31, 2020, 91% or 107 of DH hotels were in operation.

Starting from Q3 2020, we have been evaluating our soft brand hotel portfolio and removing hotels with poor product quality or those that do not fit Huazhu’s long-term development strategy from our portfolio. We believe this will help to improve the hotels’ performance and attract like-minded franchisees to join our network. Accordingly, we are now revising our hotel closure target to 550-600 hotels for 2020, up from our initial expectation of 350-450 hotels.

In Q3 2020, Huazhu expects net revenues to increase 0% to 2% year-over-year or to decline 10% to 12% if excluding the addition of DH.

Operating Results: Legacy-Huazhu

                                              Number of hotels                         Number of rooms
                                  Opened      Closed       Net added    As of          As of
                                  in Q3 2020  in Q3 2020   in Q3 2020   September 30,  September 30,
                                                                        2020           2020
Leased and owned hotels           9           (12        ) (3         ) 687            91,218
Manachised and franchised hotels  511         (189       ) 322          5,703          519,547
Total                             520         (201       ) 319          6,390          610,765
                                  As of September 30, 2020
                                  Number of hotels  Unopened hotels in pipeline
Economy hotels                    4,213             1,097
Leased and owned hotels           446               4
Manachised and franchised hotels  3,767             1,093
Midscale and upscale hotels       2,177             1,175
Leased and owned hotels           241               18
Manachised and franchised hotels  1,936             1,157
Total                             6,390             2,272

Operational hotels (excluding hotels under requisition)

                                  For the quarter ended
                                  September      June 30,      September   yoy
                                  30,                          30,
                                  2019           2020          2020        change
Average daily room rate (in RMB)
Leased and owned hotels           288            205           255         -11.4  %
Manachised and franchised hotels  235            181           211         -10.3  %
Blended                           245            185           218         -11.1  %
Occupancy rate (as a percentage)
Leased and owned hotels           90.0      %    67.4     %    82.9      % -7.1   p.p.
Manachised and franchised hotels  87.2      %    69.1     %    81.8      % -5.3   p.p.
Blended                           87.7      %    68.8     %    82.0      % -5.7   p.p.
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Pebblebrook Hotel Trust Reports Third Quarter 2020 Results

Pebblebrook Hotel Trust (NYSE:PEB):

REOPENING OF
HOTELS AND
RESORTS

AVERAGE
MONTHLY CASH
BURN

BALANCE SHEET &
LIQUIDITY

2020 OUTLOOK

(1) See tables later in this press release for a description of Same-Property information and reconciliations from net income (loss) to non-GAAP financial measures.

“Throughout the summer, leisure demand continued to improve across the travel and hotel industries and remained unseasonably healthy post-Labor Day, benefitting our properties and particularly our drive-to resorts and urban getaway hotels. Furthermore, business travel began a modest improvement, indicative of more companies and businesses choosing to get back on the road. Finally, we’ve seen some modest pickup in small group business. This steady but slow recovery in hotel demand has led to improved operating performance and a continuing reduction in our hotel and corporate cash burn from the historic lows in the second quarter. Although we do not expect to eliminate our cash burn before year-end, we are incrementally more optimistic as our improved, efficient hotel operating models materially enhance our bottom-line results. However, we remain cautious about operating trends as we head into winter, due to the recent rise in COVID-19 cases and the predicted second wave.”
Jon E. Bortz, Chairman, President and Chief Executive Officer of Pebblebrook Hotel Trust

Third Quarter and Year-to-Date Highlights

Third Quarter

Nine Months Ended
September 30,

2020

2019

2020

2019

($ in millions except per share and RevPAR data)

Net income (loss)

($130.6)

$30.0

($219.4)

$96.2

Same-Property Room Revenues(1)

$51.3

$279.6

$231.7

$784.7

Same-Property Room Revenues growth rate

(81.6%)

(70.5%)

Same-Property Total Revenues(1)

$77.0

$398.5

$355.1

$1,137.3

Same-Property Total Revenues growth rate

(80.7%)

(68.8%)

Same-Property Total Expenses(1)

$96.2

$261.5

$374.5

$762.7

Same-Property Total Expense growth rate

(63.2%)

(50.9%)

Same-Property EBITDA(1)

($19.3)

$137.0

($19.4)

$374.5

Same-Property EBITDA growth rate

(114.1%)

(105.2%)

Adjusted EBITDAre(1)

($27.6)

$136.5

($41.8)

$378.5

Adjusted EBITDAre growth rate

(120.2%)

(111.1%)

Adjusted FFO(1)

($66.6)

$100.5

($125.9)

$272.9

Adjusted FFO per diluted share(1)

($0.51)

$0.77

($0.96)

$2.08

Adjusted FFO per diluted share growth rate

(166.2%)

(146.2%)

(1)

See tables later in this press release for a description of same-property information and reconciliations from net income (loss) to non-GAAP financial measures, including Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), EBITDA for Real Estate (“EBITDAre”), Adjusted EBITDAre, Funds from Operations (“FFO”), FFO per share, Adjusted FFO and Adjusted FFO per share.

For the details as to which hotels are included in Same-Property Room Revenues, Total Revenues, Expenses and EBITDA appearing in the table above and elsewhere in this press release, refer to the Same-Property Statistical Data table footnotes later in this press release.

“Our hotels experienced improved operating and financial performance each month during the third quarter, and October appears to be tracking in line with September’s results,” noted Mr. Bortz. “Combined with our revised hotel operating models following COVID-19, our hotels are running with lower operating expenses, which is enabling them to achieve profitability sooner than we would have anticipated several months ago. Our zero-based budgeting has

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Boeing (BA) earnings Q3 2020 results: Another rough quarter

Boeing said Wednesday it is planning to shed 7,000 more jobs to cope with a sharp downturn in air travel and jetliner demand due to the coronavirus pandemic and the prolonged grounding of its best-selling plane.

Boeing’s CEO Dave Calhoun reiterated expectations that regulators would soon lift their ban on the 737 Max, a grounding that was put in place in March 2019 after two fatal crashes killed 346 people.

The company’s losses have mounted as struggles from the 737 Max crisis were exacerbated by the pandemic. The ban has meant Boeing can’t deliver the planes to airline customers.

Boeing posted a fourth-consecutive quarterly loss, but the third quarter results came in better than Wall Street estimates.

Chicago-based Boeing swung to a net loss of $466 million in the third quarter from a profit of $1.2 billion a year earlier. That was on sales of $14.1 billion, down 29% from a year ago but slightly ahead of analysts’ expectations for $13.9 billion in revenue. Sales declines were most pronounced in the commercial aircraft unit where revenue fell 56% from $8.2 billion in the third quarter of 2019 to $3.6 billion.

The company is focused on cutting costs as it prepares for a long slump in demand.

Calhoun told employees the company aims to have a staff of 130,000 by the end of 2021, after attrition, retirements and buyouts. Earlier this year, Boeing targeted a 10% cut to its staff, which stood at 160,000 people at the start of the year.

About 19,000 employees are leaving Boeing this year, but the company is adding some jobs in its more stable defense unit.

“As we align to market realities, our business units and functions are carefully making staffing decisions to prioritize natural attrition and stability in order to limit the impact on our people and our company,” Calhoun said in a staff note. “We anticipate a workforce of about 130,000 employees by the end of 2021. Throughout this process, we will communicate with you every step of the way.”

Boeing’s airline customers are desperate to save cash and predict a recovery in air travel to 2019 levels is years away. In the first nine months of 2020, Boeing lost a net 381 orders for new planes. Boeing’s own estimates show that the pandemic could diminish industry demand for more aircraft for the next decade.

Boeing has slashed production rates and targets as demand has dropped. Earlier this month, it announced it would consolidate production of its 787 Dreamliner, a wide-body plane used mostly for international routes, at a single facility in North Charleston, South Carolina, instead of operating lines there and in the Seattle area.

Here is how Boeing’s third-quarter earnings report did compared with estimates: 

  • Loss: $1.39 per share, vs. $2.52 a share expected by Refinitive’s consensus estimates
  • Revenue:  $14.1 billion, vs. $13.9 billion expected

Boeing shares were down 3.3% in afternoon trading.

Boeing reported negative free cash flow of $5.08 billion, better than analysts’ estimates and than the previous quarter’s

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Hotel Provincial | New Orleans French Quarter Hotel

 


In light of the recent global circumstances surrounding the COVID-19 pandemic, and due to the forced closure of all bars and restaurants in New Orleans, we have made the difficult decision to temporarily suspend operations until Friday May 1, 2020. We want nothing more than to keep everyone safe at this time and we cannot wait to see you again soon! To reserve your future stay, after April 30, please book here online or call 800-535-7922.

 

Book DIRECT to receive BEST GUARANTEED rates!!!  

 

In a city distinguished internationally for the charm and hospitality of its venerable French Quarter, there exists a secluded, intimate hotel that offers its guests yet another dimension to the Vieux Carre experience. The Hotel Provincial, although conveniently located near all the desirable historic and tourist attractions of downtown New Orleans, also offers its visitors the serenity and unique style reserved for the private, residential section of the French Quarter.

Listed on the National Register of Historic Places, and locally owned by the Dupepe family since 1961, this hotel is valued as an architectural gem, and features modern amenities housed within a compound of meticulously restored historic structures. The beautifully appointed lobby area, lush tropical courtyards and carefully restored outbuildings offer the perfect place for enjoying a relaxing family vacation, planning a social or corporate event,  or celebrating a memorable destination wedding.

Discover New Orleans hospitality at its finest at Hotel Provincial—a special place that successfully combines a welcoming family atmosphere with the amenities only an experienced, professional staff can offer.

Visit our Ice House Bar, located adjacent to the lobby!

 

 

 


 

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