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Extended Stay America announced a special cash distribution of $0.35 per share for holders of its Class A and B common stock.
This distribution will be paid on January 20, 2021, to shareholders recorded by January 6, 2021. President and CEO Bruce Haase noted the company returned approximately $138 million to shareholders in 2020, demonstrating strong performance during the pandemic. The announcement includes reaffirmation of fourth quarter and full year 2020 guidance.
Extended Stay America (NASDAQ:STAY) announced the sale of a California hotel for $65 million, equating to $445,200 per key. The cap rate stands at 3.8% based on 2019 Property Adjusted EBITDA, and 1.8% on trailing twelve month metrics. The sale highlights the strong value of the company's diverse real estate portfolio, with expectations to distribute around $0.11 to $0.12 per common share from taxable income to shareholders in Q1 2021, pending board approval.
Extended Stay America (NASDAQ:STAY) has announced the conversion of seven properties into its brand, owned by Three Wall Capital and managed by Aimbridge Hospitality. The new locations include hotels in Virginia, Georgia, and Illinois, enhancing the portfolio of the largest mid-priced extended-stay hotel brand in the U.S. These hotels will offer complimentary amenities and fully equipped kitchens. Chief Investment Officer Judi Bikulege emphasized this strategy for growth through franchise conversions, building on a previous successful partnership with TWC during the COVID-19 pandemic.
Extended Stay America, Inc. (NASDAQ:STAY) reported third-quarter results for 2020, showcasing a net income of $31.5 million and total revenues of $285.9 million, reflecting a 14.1% decrease from the previous year due to COVID-19 impacts. Comparable system-wide RevPAR fell 14.7% to $46.75, with occupancy at 79.8%. Adjusted EBITDA was $112.7 million, a 27.9% decline. The company maintained a strong cash position, repaying its $350 million revolver, and has an ongoing hotel development pipeline of 65 hotels. A distribution of $0.01 per share was declared for December 2020.
Extended Stay America (NASDAQ: STAY) will announce its third quarter financial results on November 9, 2020, after market closure. A conference call is scheduled for November 10, 2020, at 8:30 a.m. ET, where management will discuss performance and recent developments. The event will be available via webcast on the company's investor relations website, and a playback option will be accessible for 90 days. Extended Stay America operates 638 hotels and is the leading brand in the mid-priced extended stay sector.
Extended Stay America (Nasdaq: STAY) announced that its President and CEO, Bruce Haase, and CFO, David Clarkson, will participate in the 2020 J.P. Morgan Gaming, Lodging, Restaurant and Leisure Forum. The event is scheduled for September 15, 2020, at 11:20 AM ET. Management will discuss recent business trends and engage in a Q&A session. The live webcast will be accessible through Extended Stay's Investor Relations website, with a replay available for 30 days. The release contains forward-looking statements regarding business performance and the impact of COVID-19.
Extended Stay America, Inc. (NASDAQ:STAY) announced the appointment of David Clarkson as Chief Financial Officer effective September 11, 2020. Clarkson succeeds Brian Nicholson, who resigned to pursue other interests but will assist in a consulting role until February 26, 2021. The company emphasized that Nicholson's resignation is not related to any operational or financial issues. Clarkson, with over 25 years of finance experience, has been with the company since 2011 and previously served as interim CFO. The company aims to navigate challenges related to the pandemic while positioning for future growth.
Extended Stay America, Inc. (NASDAQ:STAY) reported a net loss of $8.8 million for Q2 2020, a significant decline from a net income of $59.7 million in Q2 2019. Total revenues fell to $230.8 million, a 28.7% decrease year-over-year, driven by the impact of COVID-19. Adjusted EBITDA was $74.4 million, down 51.6% from the previous year. System-wide RevPAR declined 28.7% to $38.38, with occupancy levels improving to over 80% recently. The company repaid its $350 million revolver, indicating positive cash flow recovery.
Extended Stay America and ESH Hospitality (Nasdaq: STAY) will announce their second quarter results after market close on August 10, 2020. A conference call is scheduled for August 11, 2020, at 8:30 a.m. ET to review the quarter's performance and discuss recent events. Investors can listen to the call live via the company's Investor Relations website, with a replay available for 90 days following the event. Extended Stay America leads the mid-priced extended stay segment in the U.S. with 636 hotels and a large REIT presence.
Extended Stay America (Nasdaq: STAY) announced that CEO Bruce Haase will participate virtually in the 2020 Stifel Cross Sector Insight Conference on June 10, 2020, at 9:20 AM ET. His discussion will cover recent business trends and future plans, followed by a Q&A session. The live webcast can be accessed through the Company’s Investor Relations website, with a replay available for 90 days. The event may include forward-looking statements regarding the Company's performance and the impact of COVID-19 on its operations.
