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Financial report summary
?Competition
Airbnb Inc - Ordinary SharesManagement Discussion
- Our results of operations have in the past, and may continue to be, impacted by our acquisition and disposition activities. Our hotel portfolio has been acquired through a series of seven portfolio purchases during the period from March 2014 to April 2017, which ranged in size from 116 hotels with a purchase price of $1.8 billion to two hotels with a purchase price of $48.6 million.
- We commenced marketing for sale a total of 45 non-core hotels during the year ended December 31, 2019. During the year ended December 31, 2019, we sold 20 hotels with an aggregate sales price of $138.5 million. These sales generated net proceeds to us of approximately $37.3 million, after prepayment of approximately $101.2 million of related mortgage debt obligations and closing costs. During the year ended December 31, 2020, we sold 23 hotels with an aggregate sales price of $186.0 million. These sales generated net proceeds to us of approximately $21.3 million, after prepayment of approximately $164.7 million of related mortgage debt obligations and closing costs. We have utilized substantially all of these proceeds for working capital and liquidity purposes in light of the downturn in financial performance we are experiencing due to the coronavirus pandemic. As of March 31, 2021, one of our hotels was subject to a definitive sale agreement with an aggregate sales price of $15.1 million where the buyer had made a non-refundable deposit. However, this hotel is no longer classified as held for sale because we were not able to conclude that, as of March 31, 2021, the sale was probable to occur and to close within one year. During October 2020, the pending sale of one hotel was terminated due to the buyer’s default and we retained the non-refundable deposit as liquidated damages. We do not anticipate being able to generate any material amounts of liquidity from hotel sales for the foreseeable future.
- The hotel business is capital-intensive and renovations are a regular part of the business. We have been undertaking a large-scale PIP program across a significant portion of the hotels in our portfolio for some time. As of March 31, 2021, we had substantially completed work on 81 of the 98 hotels that are part of our PIP program. We completed PIP work on 11 hotels in 2017, 30 hotels in 2018, 11 hotels in 2019 and two hotels in 2020. All of the 43 hotels we sold during 2019 and 2020 had been part of our PIP program prior to sale, and we had completed PIP work on 19 of those hotels prior to sale. As part of the liquidity preservation measures we have implemented in response to the coronavirus pandemic, we have determined to delay most of the PIP projects that had been scheduled for 2020 and all of the PIP projects scheduled for 2021. We believe these steps are advisable in light of current market conditions and our liquidity position, and these steps are being taken in conjunction with actions taken by our franchisors temporarily suspending obligations of hotel owners to perform capital improvements and fund capital reserves. We do not expect to perform any PIP work during 2021, and we are unable at this time to estimate when our PIP program will be resumed and, ultimately, completed. We funded 2020 PIP work exclusively from amounts in existing capital reserves held by our lenders and expect to fund future PIP work with a combination of these reserves and cash flow from operations.