Extended Stay America Announces Third Quarter 2020 Results
CHARLOTTE, N.C. - Extended Stay America, Inc. and ESH Hospitality, Inc. (NASDAQ:STAY) (together, the "Company") today announced consolidated results for the three and nine months ended September 30, 2020.
Third Quarter 20 20 Highlights:
- Net income of $ 31
otal revenues of $ 2
omparable system-wide Revenue Per Available Room ("RevPAR") declined 14 . 7 % to $ 46
- Comparable system-wide occupancy of 79
djusted EBITDA of $ 112.
djusted Funds From Operations (
)1 of $ 0.
40 per diluted Paired Share
djusted Paired Share Income1 of $0
19 per diluted Paired Share
- Comparable system-wide RevPAR index of 1
, a 3
23 0 basis point increase
Extended Stay America's President and Chief Executive Officer Bruce Haase, commented, "We are pleased with another strong quarter easily outperforming every industry benchmark and improving our RevPAR index by more than 30% against our closest competition. Our performance illustrates the strength of our unique operating model, our singular focus on the extended stay segment, and the successful implementation of a wide variety of operational, marketing, and distribution channel initiatives."
"We generated strong free cash flow and fully repaid our REIT's outstanding revolver during the quarter. While others in the industry are forced to make difficult short-term decisions, we continue to invest in our properties, our people, and our longer term strategies which will enable further long-term success as the lodging markets recover."
1 See "Disclosure Regarding Non-GAAP Financial Measures" for an explanation of non-GAAP measures included in this release (i.e., Hotel Operating Profit, Hotel Operating Margin, EBITDA, Adjusted EBITDA, Funds From Operations ("FFO"), Adjusted FFO, Adjusted FFO per diluted Paired Share, Paired Share Income, Adjusted Paired Share Income and Adjusted Paired Share Income per diluted Paired Share).
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About Extended Stay America
Extended Stay America, Inc. and its brand Extended Stay America® is the leading brand in the mid-priced extended stay segment in the U.S with 634 hotels. Extended Stay America's subsidiary, ESH Hospitality, Inc. ("ESH"), is the largest lodging REIT in North America by unit and room count, with 559 hotels and more than 62,000 rooms in the U.S. Extended Stay America also manages or franchises an additional 75 Extended Stay America® hotels. Visit www.esa.com for more information.