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New words:
began, commitment, Delta, easing, enhancing, exceeded, exercised, extinguishment, inflation, July, prudent, quality, recycling, renewal, repaid, repayment, shareholder, strategy, structure, variant
Removed:
abatement, border, capacity, comparable, distancing, downturn, expenditure, improve, negatively, quarantining, recession, resulting, ROI, social, suspending
Financial report summary
?Management Discussion
- Our hotel property-owning Lessors lease the hotel properties to the property-operating Lessees. We receive related party lease revenue from these lease agreements, including percentage rent. The percentage rent amounts are calculated based on a percentage of room revenues, food and beverage revenues and other revenues at the hotel properties. Beginning in March 2020, the Lessees experienced a significant decline in occupancy and RevPAR due to the COVID-19 pandemic. In response to the government-mandated stay-in-place orders and the significant reduction in demand due to the COVID-19 pandemic, RLJ initially suspended operations at 13 of our hotels. As stay-in-place restrictions were lifted, RLJ developed a framework to open hotels in a socially and financially responsible manner. Based on this framework, RLJ began reopening our hotels during the quarter ended June 30, 2020, and as of JuneĀ 30, 2021, only one hotel located in New York City remained suspended. During the three and six months ended June 30, 2021, the Lessees benefited from significant growth in demand as a result of increased vaccine distribution, easing of government restrictions and pent-up leisure demand. These trends, combined with RLJ's reopening strategy, led to a significant improvement in our results of operations for the three and six months ended June 30, 2021 as compared to the same periods in the prior year.