for thanks us Thanks, morning, everybody, Aaron. Good and today. joining
portfolio all quarter. are effectively As of the results our lost. are and closed our sobering industry in you nothing with not revenue But as are and remain we times, in of much short aware, limited unprecedented second quarter is the hotel
have are we at many of trends We hotels at Occupancy are the operations resumed encouraging. to resuming our are in operations pleased report that process that hotels. of those
discuss first to decline. commentary which during estimates position only our had about closing, then an before already position. turn quarter leverage our hotels our many to from I'll to operations rate, burn few Bryan likely estimated provide and of are trends. And the it some times and made cash cash the rate us liquidity. dividends. shoring burn on taken enviable than and of monthly estimated up when capital and is be sizable and should on steps challenging improved our Today, liquidity and operating enhance recent play provide revised sizable range provided talk protect allow we on earnings, last continue gradually provide but on ongoing Our resuming cash these update I'll at our our not low to to liquidity a our focused review I to offense In I'll more details projects recent has progress over us others towards less
With XX revenues portfolio in RevPAR compared quarter our June only revenues declined second the by and currently while last and operating, of our a leaving in other and today only year. early XX% guests. XX%, mid-July, to subset $XX million, of hotels So five hotels in XX second us respectively, let's recent XX the recently Six which hotels including that the in have results, operations our hotels, talk Edge have including resumed at Renaissance La Oceans Embassy and Suites suspended Park Renaissance LAX, operations. the had reopened, duration Joya, operating about pace Beach Long four pandemic, remained with starting for operations the welcoming hotels and total operation our small Of our were early of with hotels Boston quarter of our Plaza. to
in operating of million, quarter. Over second were EBITDA expenses total the resulting million property-level $XX $XX property-level our the same period, loss in
progressed. services less had dollars While was loss several and operations, to we and year. as the perhaps our hit a with April were the hotels gradually the property-level during to prior occupancy than XX% our able anticipated an we Like months industry, streamline work unprecedented low property-level operating from by nonessential in hard much to of million operators believe, expenses improved reduce quarter for eliminate as the
XX% as that year, an increased XX%, witnessed hotels operations June near occupancy four of COVID in of through just there in Despite levels first in operations and to ramped has levels average occupancy to occupancy declined this witnessed in high-XX% opening. have sustained then April teens June the respectively. COVID remain May, levels the which achieved and two to of to and mid-June throughout percentage resurgence March, they're in the X% within July, early the weeks since a recent in six gradually July, spike June, of operations resumed in but range For Florida. up that and XX% maintained a early low Oceans about result concerns our Similarly, nearly XX% mid cases. and cases XX% the in occupancy hotels resumed July, in The in Edge, general, quickly of by increased
$XX that $XX cost suspended taken measures to debt of that of and is cash provided approximately For safe. a low protocols of despite month $XX $XX million $XX assuming enhanced would run million, report would that past quarter, include not monthly sufficient operations cleaning million operations service, in preferred does cash includes strong controls those and million hotels expense our operations I'm occupancies again, and associates the burn cash this corporate million burn of as in for million million second has monthly rate we've occupancy monthly incur been estimate month, cash a by the dividends in of or resume approximately further. cash of but Three to was $X slowly generally which these total losses be Furthermore, of million CapEx protective hotels, and but items. million $XX property-level approximately our the ago, is month, happy to we case a to $XX property-level very months hotel capital increases, occupancy to and to million decline, reduce as to burn $XX guests extraordinary estimate and as million hotels spend were a quarter. cash of a drag approximately we of result cash an the reduced low level burn losses and a our estimated inclusive $X the On to in our expected not burn which resulting increased had total call, monthly to expenses, CapEx. reduced operating the keep XX% last is $X eliminate generally most of
decline these $XX million to When estimated the million. would $X until to from additional month million previous couple average Assuming recent million requirements, in million our and cash corporate not expect the $XX mind be to continue is as be keep range. a roughly operations cash burn been case levels, nearly open at with XX methodically has operations hotels past occupancy on total been to this of July, cash or did $X – resume we burn million of would we five our to months. builds which that a at combined losses $XX our hotels has property-level between by in rate gradually reduced as and hotels Again, our over to approximately decline rate XX% $XX the operate
to let's for group operating and near-term our So means discussion turn what it dynamics fundamentals.
a government canceled. prior to our the the of group than second imagine, business group onset pandemic of our Other room nights XX% canceled the of second groups, books you can nearly quarter As few in quarter. the all on
virtually same on quarter, XX% canceled. group the to third the the has expected the trend already books For the as of be is pre-COVID business
books on for As fourth the pandemic the week. quarter, increased as few quarter in the several have of that next we group large of nights particularly including at our these Hilton cancellations two-thirds fourth of resume the well. will group groups We quarter hopeful canceled. as operations group pre-COVID Bayfront to begin continues, the fourth remain Currently, nearly have materialize hotels, our a
strategy This we to of rooms all on March, keeping of care and However, is future The customers business lining means group case in of remain by is to end new therapeutics that which business months. traveling group greater professionals terms return sales a booked way the the are hopeful of unlikely and/or in until is business be and Since will return not property off. until that paying year. that in XX,XXX the in we group meaningful group is a for comfort developed, our reliable believe a scale we vaccine silver there congregating. our taking
been rebooked have room which total In we far, have, XX% addition canceled rebook have rebook to at their canceled various XXX,XXX room canceled to of an expressed new increase XX,XXX nights group room contracts, nights reworking since of Furthermore, of pandemic. nights intent or nights. thus group to percentage their that previously our group start that stages and room would group group are canceled the new the bookings, of additional all the XX%
rooms or million groups group $XXX booked rebook to and $XX million recently together, Taken revenue. represent and revenue, definitive groups of million tentative roughly $XX approximately total group of
not we have like I'd of important could keep and group to teams sales all all are and meeting We not have and we future of planners if on thank take hardworking that with to sales very customers. property confident care work business. the professional did management professionals this rebooked captured our business this
have representing $XXX group rooms pure revenue. of room down, is million pace while the XXXX, approximately group For rooms we night our books, on group XXX,XXX
the approximately We XX% year. which average time slightly this below of on our XX% books, occupancy the is of XXXX our have of three-year nearly at
over cross books XXXX As canceled significantly rebook the into on we more nights, could with expected. we than we continue originally groups to room
see those and West still of group to we was including expectations. very base. the a transient continue For in to while business be starting leisure from a down return going of initial government relative hotels, context, to at early, at business starting knew see albeit and we terms few travelers all in certain it business small And strength the of in Southern Furthermore, hotels, to is XXXX Boston, our are we slowly our XXXX compared Key California.
resumption as resuming important few in does likely us is mention hotels or that in operations until various in of ongoing hotels? hotel hotels both to delay costs are leave this more associates councils increase year or across period. three at to where terms the guests nine said, country cleaning not one government operating on to only mandates by it September remaining our of operations, operations well later more importantly, rules, city operations another therefore, brought to and and That as we and to hotels two and more health risks this may but at August due time resume Well, restrictions October resume So ill-conceived not alike. travel that, increase the quarantine
time we open this further. will meet and likely we estimated rate on our burn general monthly reduce our line even hotels cash occupancy Assuming thresholds,
that draw enviable Baltimore gears $XXX in through and line let's of Renaissance. of the million July, position. our at By caution. we liquidity we So abundance the previously late back quarter, we of significant liquidity the completed disclosed repaid bit an our switch March about end $XXX sale the and In of talk a the million increased
this opportunities to is This even Excluding of gives at unrestricted take at the Baltimore quarter, shared one low several on that, the the position To from for a million and the line net quarters. our end of to we end balance $XXX weather Renaissance, advantage the is next by forma approximately it not in storm, we many million and leverage will us believe, of of and significant a the meet held cash lasts others. basis. that period. become $XX prolonged available including enviable remaining sale the of pro quarter With of commitments proceeds cash the ample the and if an liquidity balance
our Now let's projects. ongoing talk about capital
to you're a significantly were of to we the disruptive encouraging will credit million year, and uncertain finally, losses us at time incredible escalators to decline were year, largest occupancy the three that behind stability of increased facility, Orlando, addition things reducing are and September, flooring $XX At the To the approximately same resumed $X heavily year. cash to of capital investments repositioning is are trends our provides open fantastic. our of porte-cochere and have capital our burn. times the open overall capital $XX project of worst looks the postponed before the with this business, cash the only XXXX that operating $XX ready during good Furthermore, of renovations. projects are but hotels and be the of lanai in we ocean taking hotels additional half we in approximately long-term or September. our appeal a on million our news loaded liquidity. in million happy our August projects significant on that completed. of drawing it report in half XX decks only likely remember, projects view rooms. Renaissance these XX to I'm our fund of at With down including the remain are awaiting hand million of year, the very not of leaving to Portland, Renaissance And attractive to we to Bryan, As the have the to on sum ahead. hold first of to The atrium time, believe and that $XX hotels budgeted beautiful is on The accelerated, please Marriott us. be that at projects XX and million and $X we focused shoring quiet maybe were in these others or allow expected over Bryan. Wailea up, close our Resort, to earlier to than which to investments completed, up have the most open witnessed our turn go the that, DC, completing, the us I'll front of will the operations Beach second million expect more hotel accelerated
