How hotel REITs have quantified COVID-19’s impact so far
Though Hyatt Hotels Corp. and Hilton stand alone among the major hotel companies in pulling their 2020 outlooks in response to COVID-19, numerous real estate investment trusts have made that move in recent weeks. And while many of these REITs held back in quantifying the impact they had seen, several provided a window into the financial losses they have taken.
Ryman Hospitality Properties
On March 15—a week after officially pulling its full-year 2020 business outlook—Ryman Hospitality Properties provided an update on the impact it had seen due to COVID-19.
For the two weeks ended March 14, Colin Reed, the REIT's chairman/CEO, said Ryman experienced total attrition and cancellations of approximately 268,000 net roomnights, representing approximately $132 million of revenue. Approximately 55 percent of this impact was for March, 34 percent for April and 11 percent for May through July. The estimated amount of attrition and cancellation fees owed to the company, as of March 15, totaled approximately $63 million. Additionally, Reed said the company had seen decreased levels of booking pace in its hospitality segment's leisure business for the remainder of March.