Issue 2568 - 6 November, 2020

    Park struggles

    Revpar was down 86.1% at Park Hotels in Q3, as occupancy at opened properties averaged 36.4%. Net losses for the quarter were USD276m. Deferrals, waivers and a USD725m secured notes issue have relieved liquidity pressures. The company now has 48 of its portfolio of 60 hotels open for business. Read the full story here: Read more

Melia review

Third quarter losses at Melia were EUR111.1m. The company is undertaking a strategic review, expecting business to improve from Easter 2021. Melia burned through EUR34m a month during the third quarter, which it finished with liquidity of EUR442.5m. The company is now attracting 60% of its business directly, via melia.com. Read the full story here: [...]

Recovery at Huazhu

Huazhu saw occupancy recover to 82% at its Chinese hotels, in the third quarter. Room rates have still to reach 2019 levels, resulting in revpar down 16.9% year on year. Huazhu has increased efforts to remove non-compliant soft branded hotels from its system, expecting 550-600 to leave during 2020. It opened 520 hotels, and closed [...]

Limited-service success

Choice Hotels achieved net income of USD14.5m for the third quarter. The company’s domestic revpar outperformed peers by nearly 20%, being 28.8% down on the prior year. In its extended stay properties, Choice achieved an average domestic occupancy of 74%. Close to 70% of its 232 signed domestic franchise agreements signed this year, are conversions. [...]