Wyndham second quarter 2020 results: Wyndham Hotels & Resorts has announced results for the three months ending June 30. Highlights include:
- Diluted loss per share was US$1.86 and adjusted diluted earnings per share was US$0.10
- Net loss was US$174 million for the second quarter and adjusted net income was US$9 million
- Adjusted EBITDA was US$63 million.
- System-wide rooms remained flat year-over-year
- Global comparable RevPAR declined 54% year-over-year
- Paid quarterly cash dividend of US$0.08 per share
U.S. construction pipeline remains robust: Analysts at Lodging Econometrics report that at the close of the second quarter of 2020, the total U.S. hotel construction pipeline stands at 5,582 projects/687,801 rooms, down a mere 1% by projects and rooms, year-over-year. Remarkably, despite some project cancelations, postponements, and delays, there has been minimal impact on the U.S. construction pipeline. Contrary to what is being experienced with hotel operations, the pipeline remains robust as interest rates are at all-time lows.
And L.A. leads U.S. pipeline: In that same report released by Lodging Econometrics, at the close of the second quarter of 2020, the top five U.S. markets with the largest total hotel construction pipelines are Los Angeles, leading for the fourth consecutive quarter, with 163 projects/27,415 rooms; followed by Dallas with 158 projects/19,314 rooms; New York City with 151 projects/26,302 rooms; Atlanta with 135 projects/18,634 rooms; and Houston with 122 projects/12,486 rooms. Despite these top five markets being located in states that have been heavily impacted by COVID-19, combined, they still account for 15% of the rooms in the total U.S. pipeline.
Radisson appoints new exec: Radisson Hotel Group has appointed Phil Hugh chief development officer for the Americas. Most recently, Hugh spent seven years as a development leader at Red Roof Franchising, where he created a franchise division. Prior to that, he held a variety of development leadership positions at Realogy Franchise Group, Development Opportunity Corp. and Cendant Corp.
A-1 managing in Texas: Kennewick, Washington-based A-1 Hospitality Group has acquired the management contract for the Homewood Suites by Hilton New Braunfels, a 90-suite property in New Braunfels, Texas. This is the third addition into the A-1 Hospitality Group portfolio this year. It previously opened the Courtyard by Marriott in Pasco, Washington in February, as well as the Holiday Inn Express & Suites in The Dalles, Oregon in April.