to minimize that have well-being Together, our this a Apple Thank of to take explore companies, morning. thank during liquidity efficiently, our as and us everyone and you incredibly health for been colleagues. our operate joining positioned and you, the at strong and crisis initiatives this guests so we well and challenging our want thank implement Justin, recovery hotels team industry the industry. our resume. opportunity our at strengthen for and for travel working costs, Hospitality, diligently times management we team this These to brand, to banking are I safeguard both operators the our and position and teams are
RevPAR our despite of expectations, previously comps. year, generally first our with headwinds around line year-over-year the the from XXXX trending the midpoint guidance withdrawn two During hotels range, operations months with of discussed comparable were recently in
to has including occupancy for month restrictions across of mitigate implemented for Average of were orders for country efforts February travel and XX% portfolio to the COVID-XX, the declined of As the the and from XX% spread approximately our March. our market. stay-at-home month
of that at March the around until level Occupancy XX% during levels mid-April. settled week last stayed around and
changes we rates, we to notable our a of improvement management efforts in. to increase the occupancy by result business are but coupled May, of towards mix the slight ongoing the into invested declines improvement April see see started sales we're modest has at the our benefits in of results in Although, largely believe of end the inherent with We the occupancy that in and management hotel the as hotels. of been assets beginning a of the in team offset and partially asset
a frontlines nurses, high of the broad and properties, individuals and well geographic a accommodations of concentration pandemic, diversification to traveling professionals, sweet to first and are groups extended this With and health we positioned care of stay responders. including provide variety military, on
our occupancy. as ADR business last year is Although in decrease has to our this compared negotiated contributed bolstering to
For XX% the ended immediate that Xth, over of see was occupancy. March by recent XX% week. week occasionally our Xth. XX% week in in at impact of based running hotels broad the than of our properties and we in time, XX% were Since May May properties upper most portfolio daily with greater COVID-XX The occupancies over the with or XX% less was occupancy occupancy of occupancy ending our mid-April to have XX% the for begun and improvement XX% XXs
recovery, hotels where military, in Manassas accounts. our ranging from Virginia; seeing strengths demand and some Macon, even traditional airline we're of particular and more minimal Georgia; Anchorage, are located crew, demand and Miami; Some disaster Suffolk, construction, for with corporate
demand expected that first hotels only responders maintained current diversified, Our are return to to over the accommodate is the also we are demand broadly to and leisure well see this select-service but portfolio signs stay-at-home states various suited is travelers, to in lifted not expected to well serve Domestic begun early recovery. southeast. is recovery the of have the phase throughout the orders and lead of next
our this reopening rates. With weekend The XX% at $XXX Justin $XXX and daily occupancy business locations, months. after the at Courtyard daily urban low benefit inbound just to over was rate restrictions exposure past continued dependence expect average government day cities, out Beach of and international coming we sold from our following broad average gateway ran of the Carolina to over post-closure mentioned, rooms almost our minimal as of XX% footprint, relaxing on react outside and
RevPAR EBITDAre March. line, were the quarter all and $X.XX, XXXX, million per hotel and meaningfully driven first bottom million, our and $XX and from was respectively, $XX adjusted modified Turning EBITDA abrupt FFO quarter to adjusted declines the hotels comparable the by share down in first of steep
the environment overnight, X% quarter hotel seemingly in approximately total our expenses for quickly March, resulting the a month last of approximately Although team for XX% by of reduce and acted to compared same-store to savings changed year. the purposely
cost Company remain our low As models operating open. the have allowed Justin mentioned, hotels to
in So, occupancy where we operations and hotels to markets to incremental we a gain order intentionally building have consolidated in multiple single efficiencies. own
As of hotels. hotels these of XXth, consolidated with were market XX from involved May occupancy clusters our XX in
Our us focused minimal models conditions. gives positions to staff necessary, us changing with operate adapt flexibility quickly rooms market the when to select-service to and
As our establish deteriorate, initiatives. and asset initiate occupancy minimum companies team with to other quickly management began staffing levels works for savings to our our hotels management cost
our managers results establish to models our our occupancy now the are management appropriate at levels we the ensure we the We labor portfolios labor various we working XXXX, that with models each optimizing thoughtfully majority improve over of productivity bench-marking across ensue to will move forward. for recovery, systems those In as hotels. portfolio across to of are implemented our
monitor and property savings with levels, being labor With to provide benchmark low return. produce XX% real average framework occupancy most total hotels. managers to our in demand and staffing anticipated managing as XX% occupancy allow will models are and approximately the on reductions various at a systems operating significant tool staffing access labor valuable expense, us payroll time to These and property for performance, individual
also Our to contracts expenses worked renegotiating by team services. and national eliminating operating other has unnecessary reduce
With efficiency. as pull and these as level levers ability models maximum to in well elimination to demand, flex strategies we our adjust to cost staffing can property quickly have changes to we ensure multiple reduction
related uncertainty and and In and to guidance current conditions market respond March, deterioration were we XXXX duration to through of the crisis. depth the
G&A, occupancy and be evolving, expenses, environment insurance and levels model property $XX million, we and our operational debt level burn XX%. not cash are service final including operating XX% will numbers property monthly approximately April assuming between estimate of rate taxes, While these the adjustments, with still current corporate
average for XX% between XX% break our occupancy at debt and even and level corporate and between to be We be levels to to portfolio on able costs expect rate. XX%, XX% including cover property service occupancy daily depending
the liquidity, million our immediately our credit being of an under $XXX million to XXXX. available sheet facility revolving readily also XX, on to as approximately committed focused of availability and we had drew in minimizing available losses, While March down operating cash balance increase and effort $XXX remaining
we've and monthly our Directors postpones Board capital took project voluntarily their share preserve further As Justin suspended a distributions to terminated program, plan compensation. in of repurchase non-essential reduction written improvement projects mentioned and under trading CEO the capital, chairman
always maintaining difficulty balance during economic We have of of periods debt believed would sheet and provide net that We downturn to strong times. stability a approximately opportunistically. act current the X.X EBITDA us flexibility entered with to
with million. $XXX had debt XXXX, average combined XX unrestricted we total of weighted outstanding, of cash billion current of interest X.X% As of March $X.X rate approximately a and approximately
is million Company's credit Excluding unsecured secured comprised the unamortized our $XXX of on level total indebtedness hotels, issuance billion adjustments, by and debt fair and $X.X outstanding XX approximately value debt property outstanding costs in facilities. approximately
cash March At approximately for the years and maturities the of XX XXXX. debt, XX% and $XX of in net the remainder Company's of weighted maturities net five debt reserves total total capitalization, XXXX, maturing million average was XXXX no were with
the our record we capital XXXX, our Despite the structure, temporary secure commitment covenants to under under each our industry of at in and in severe conservative and covenants our strategic credit discussions we although with began noncompliance. impact that business of and result would to COVID-XX agreements March the anticipation of waivers a XX, track potentially the economy, lodging compliance our of on with facilities, were lenders the
the during permanent expected of restrictions expenditures, the minimum other requirements acquisitions repurchases the would four distributions ending The anticipate capital from our quarters, relief We amendments of on amount credit relief liquidity Company's covenants of the XXXX. XX, an with share a of beginning June provide items and the the into include for are each proposed among quarter facilities entering amendment that to and period period. to terms
relationships are with lodging history and industry, Throughout in strong for their grateful lenders fostered our we our we support. the have
feel cannot the weather we we provide secure While flexibility assurances, necessary crisis. current to we will the confident
thank call have Before and colleagues broadly and and stakeholders, I received we greatly. for you appreciate opening Q&A, an of the like specifically to again you many our of of we support for would all outpouring
unprecedented and these to While this part of are be proud Hospitality times, am I challenging Apple industry. and wonderful
to guests have the The inspiring, environment. the our and community worked to effectively our tirelessly and and current commitment swiftly, manage is associates, teams
Our resume. has we geographically well diversified we're portfolio as benefit well appeal, rooms believe and focused outperformed young, broad positioned to maintained, and consumer travel
call the open We will questions. now for
