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CLDT Chatham Lodging Trust

Participants
Chris Daly IR
Jeff Fisher Chairman, President and CEO
Dennis Craven EVP and COO
Jeremy Wegner SVP and CFO
Ari Klein BMO Capital Markets
Bryan Maher B. Riley Securities
Tyler Batory Janney Capital Markets
Anthony Powell Barclays
Call transcript
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Operator

Greetings, and welcome to Chatham Lodging Trust's Fourth Quarter 2020 Financial Results Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Daly, owner of Daly Gray Inc. you. Thank

begin. may You

Chris Daly

forward-looking Good XXXX, and All Fourth unless Form statement and Call. information most Quarter of as are to are noted, that Doug. securities update in by Chatham These both laws. Please to known recent Lodging XX-K many statements of in and changes February SEC to considered as our today comments Company's results actual Trust XXXX Company to XX, this in our as to the afternoon, expectations. filings. otherwise you, defined call and statement welcome federal obligation risks everyone, undertakes is described other subject or the the note conform statements no the uncertainties, Thank Results forward-looking unknown, Conference any and

find which release, on at You and our measures contain call, reconciliations of chathamlodgingtrust.com. on can filings referenced non-GAAP our website financial this SEC earnings copies to

XXXX insight Vice President President Now and and Senior Executive President Officer; Craven, to Operating Chairman, provide Dennis allow Chatham's Chief Officer. Fisher, some you Chief Vice Executive in and to fourth Jeff results, Financial with and introduce Wegner, Jeremy Officer; me Chief quarter

Fisher. the Jeff? turn to session me over Let Jeff

Jeff Fisher

Thanks, afternoon, Chris. Good everyone.

to and appreciate and we these your your during thank really participation I First foremost, interest want times. unusual sincerely for you in Chatham, and interest

how for preserve had G&A and expenditures year not From were this shareholder platform noteworthy final balance able no our for through enhance we strong last three We've best the all on line sheet operating results. including bottom and intense during thankful lastly, We've We maximize we value to REITs. the room quickly. reported, pivot produced this EBITDA operating and portfolio to preserve of top cycle. period, highest are results, the relative we yet IPO, asset absolute knew I'm a required as of strong all have performance, reported expense who over lodging to long-term fourth very performance line RevPAR pandemic. certainly REITs reduce we've accumulated in lodging liquidity. And this second the the matter and lodging perspective, capital who operating back, a that companies has look I generated year. As unprecedented to and needed XXXX, we margins the with is our to of Island we have and delivers laser-focused and produce focus. their per full the corporate relationship REITs incredible, a pretty continue Hospitality and were basis, on adjusted all of quarter our XXXX. EBITDA positive Since operating able quarters highest have Pending others that highest management

of have teams being or management driven sources outset we're index are Island's jumped and management efforts quickly concentrated strong the efforts environment. regional revenue its gains. and XXX of outstanding from by sales pandemic, Our results share of market the as revenue national, as that diverse teams gains adjusting today's XXX. sales The direct already index to outstanding XXXX well impressive demand lodging ensuring RevPAR sales local to in index of beginning as our our average has compared delivered RevPAR the proven April, by monthly index our an to XX% the since RevPAR significant Since

rooms. generated Additionally, Residence and by statistic at REITs all extended-stay impressive rooms and percentage largest another our Suites over hotels, of XX%. our hotel lodging concentration EBITDA of importantly, of a was Inn we XXXX, And XX% the the Homewood very significant during have increase of

a hyper-focused decades. And weakness standpoint, operating downside. every testament during and we to provide we're revenue, almost customer to portfolio. results for a an periods growth of believed hotels flexibility our extended-stay thesis the sacrificing expense limit are the upscale maximize can upside, on diversify we Our our four base From expense. or us the certainly, Without to these

manager unchanged. regional hotel and On not every At XX, September hotel employment X,XXX current Labor year-end, count of has lows, far, Every of to micro-manage June is, and Island our Mission Valley off time at XXX% materially. of looking team their substantially amenities. the increased is employee sale was X, side, to level team Even XXX despite guest adding our GM remains that expense. certain steady we our with though expenses hotel biggest employees. hotel hotel by day-to-day April occupancy back employment are daily. touch employees. fantastic have help each factoring has investing revenue and the that in job of Hotel, as its increased a we analysts expenses. On essentially March and had was a almost improving XXX employment the XX, Again, the hold At count by our trends in

focus flow-through XXXX, in be strong this maintained the line. improve generate to to bottom need to trends will As

to hotel corporate management, been over by level pay all headcount We In we costs total, XX%. board across unfortunately, corporate reduced very the level, reduce addition In XX%. employees we've salary our at have cuts to expense and by instituted the aggressive. had to

we CapEx G&A significantly corporate expense down XX% Our during was cut approximately Also, year-over-year. XXXX.

expense ongoing were was XX%. $XX.X to million were spend, of the and pandemic CapEx was to that the we two million, Of cut when approximately on $XX $XX the million $XX a hit. renovations reduction budgeted XXXX that of Our able million, spending

at or line be comparable we in drive over was expense pushing and expense our hotels. We XXXX, got to will Additionally, XX $X.X property tax wins that some X% up lower. down million

liquidity. balance development. our Another Warner markets and we open, strategic possible plenty wide much as as With credit of were capacity our to enhanced fund to using solidify debt our and sheet was facility goal Center

us the fully $XX remaining liquidity fund paused We in already quarter. project, obtain Given important development costs the the we with were to loan. able potential it construction million Having permanent to invested the more crisis, for the was second financing. about into the

gain to million able $XXX to an amend make facility full Additionally, acquisitions credit see the of we that availability we if facility us to allows opportunity. our were

Housing presented our are our than less the liquidity the that of asset than cash ultimate so felt peers opportunistic on San to Valley if being growth almost we or with San the a opportunity opportunity pricing was Diego rate road, most term. longer Residence of though $XX Diego Doing this X.X selling XXX-room we the per shareholder an further to we most ultimately outcome million the would started if burning to on value cap liquidity our the flexibility was we runway on the strong Commission Mission peers, even again, front, and the our So down for and itself, Commission exact with be could side. that our sold we open be talking enhance to when Housing we This long liquidity quarter, fourth $XXX,XXX key, adds adding results. although attractive the Inn XXXX arose very in

As and we the look across stacks difficult in fronts. our of back our made XXXX, I'm on that, XXXX. premium-branded of all as very best proud employees year across sale all in Last all lodging sacrifices by of appreciative the country. But sales this up the of year efforts despite transactions one was a

We experience and achievements to through and protect the important teams situations certainly Island add we've to value the have now these to provide at strides pretty some value our a road. Our believe and shareholder in are dire persevere flexibility Chatham made noteworthy. down year

ahead, in we a couple and are five and of first all Leisure month days Saturday think the a I industry a days booking XX%, maybe segment the looking visibility of remains not we're to week. week. the days forward weeks of lodging days weekends of XX% can say is better months higher XXXX. perspective, about best year, Friday, advance. or the in in From remains other the eight Through weeks strongest the than the the occupancy travel

with weekend. the March by of say slightly President's steam, of XX%. are ADRs be a to occupancy strong picking I Our are seeing pick and in higher small travel, was again, demand we up will up markets. particularly various weekend business seem led trends Day leisure bit on

the continued and make do hospitalizations leisure year. through way calendar travel decrease will and vaccine rate, rollout of we business gradually continued death will our back and that the travel With out the pandemic come in expect lead as us the we expect

able peers and to base we firmly believe I type been our our rates return that haven't the believe ability our cash we to we able there. allows, most of grow hotel sooner. much attributes, industry-leading room Island, be given portfolio reach breakeven, to estimate to we'll and need occupancy faster type still XXXX of REIT our diverse to levels flow Although lodging that $XX achieve to approximately customer with than we and platform appeal RevPAR our

have no we is Our strong, our sheet debt liquidity balance strong, and is maturities. looming

downtimes Our good and our and teams like it that, corporate amount about over an investors. to incredible and I'd experience and Chatham we enthusiastic operating are lies turn what through have With Dennis. of to ahead for times

Dennis Craven

Thanks, Good afternoon, Jeff. everybody.

higher XX% December. quarter, downward the in RevPAR declined given was The third the For December surprising meaningfully of higher November quarter the leisure $XX as shift our November $XX. the of seasonality to seasonal of -- COVID-XX and RevPAR XX%, of not $XX, from which than the industry benefited and our January RevPAR RevPAR $XX spike well in as quarter down RevPAR third travel. from more was

our range our ADRs sequentially be higher was a the highest of $XX, about $XXX XX% in tight at RevPAR January still February The more six would with low in again, level market Los Importantly, the since RevPAR. been top-performing in Angeles quarter occupancy, RevPAR gains through markets, and XXst top $XX. the with fourth than was range. October, made in Among the have which

corporate XX% a Our group large and to Anaheim Hotel demand. ran nursing due fourth of the and in quarter some occupancy

XXXX Diego Garden six our the Rey portfolio our was $XX. down of San ADR in highest in with top Our Marina $XXX, del RevPAR XX% at ADR highest Hilton among levels. an the had from markets quarter, Inn second which had the

RevPAR occupancy of coastal with on leisure and our geographic from to approximately colder to had of about bit Residence strong performance a of three among $XX hotels in $XXX, $XX, Gaslamp continue their benefit strong of last northeastern little top XX% Continuing the down year. Our XX% only in ADR markets, traveler. RevPAR areas, earned $XXX. was on a Despite of location which our rates portfolio Inn these market pretty

the had portfolio our fourth Hampton second our approximately Maine fact, Portland quarter and at in ADR $XXX. highest In

are hotels to last in We are on only wood, summer $XX being be these XX Silicon believe, the which year. Valley occupancy quarter about looking Since three of entire quarter after second XXXX our XX%. summer compares we ADR the of XX knock of occupancy of summer for quarter. on in on in XX XX half over open, third fourth strong markets. and $XXX for was a fourth the the XX%, all XXX RevPAR XX%, hotels for the compares which of occupancy to quarter of these going of had to RevPAR open hotels and

which our other Residence in were hotels third View, were Lauderdale performing hotels our similar and Some Carolina, in very South Charleston and to or quarter Residence Summerville, standout outperformers, markets, Inn, two Mountain California. our Fort Inn Holtsville our

X.X to for see of our compares X.X continue two average the X.X nights Residence quarter. longer and with in quarter, XXXX portfolio, especially Homewood stay most and nights levels length fourth fourth average in quarter, third historical quarter length an stay At We Inn hotels, Inn our than our in much Residence significant nights to X.X was second in Suites. brands, to respect XXXX of the nights the the which

in hotels, in XXXX the fourth second quarter, nights For XXXX Suites our X.X X.X the which quarter, the to length quarter quarter. in third nights of the Homewood and average five stay was compares fourth our nights nights X.X in

Looking of our last off corporate a compared at XX% production, in third segmentation versus quarter. revenue decline was the year, to XX%

books governments to Homewood Our XX%, We pretty markets our compared negotiated of of Suites in primarily with in nursing quarter. third prison booking good XX% and handful good wins and segments line in third retail our the production business. quarter a local some in boost is saw as staffing the we a government, off XX% off scored

operating how our model very in efficient were fundamentals lodging yet RevPAR and Lastly, kicked despite to proving seasonality we remains adapt margins $XX, overall once that and again quickly our December. in, XX% were fourth November quarter at on the operating able nasty

we to quarter were entire positive the EBITDA. the deliver year, and consecutive second For adjusted able for

comes our our pandemic has far, but throughout ability is XX% to attributable importantly, control biggest to comprising Our of and that all of the success labor. our expense, been Labor operating cost, revenue. margin to expenses highly our about most down XX% by

compared at look room XX% room room XX% $XX about to when Our year. down are $XX costs the you per labor costs quarter. last occupied down And rooms department, a room per our per labor in to occupied were approximately our

XXXX, labor occupancy into we've we start stated under critical jump. our food belief the them to control and complementary line. health for beverage for us As calls, and certainly and when past our and head desires, due scrutinize customer keep those offerings industry it and models to our that will On should the rates is benefit be safety to changing protocols and bottom

our We total interestingly, are In costs with year-over-year. at Marriott our and our for working costs should and that the food down in the look evening leaders closely of beverage $X,XXX come complementary brand our sharing and quarter. a fourth our visions And like. quarter, Hilton experiences grand have what were XX% hospitality

on development than million XX we according $XX in million a spent -- quarter On in are timing forward portfolio in invested much hotel the going the cost Center plan to we and fourth year. and CapEx Warner development. from fourth approximately the front, perspective, our of we our we The less the spent this is $X to Center Warner hotel opening very looking and quarter

estimated CapEx hotels. XXXX, brand-required mechanical budget system the and about $XXX,XXX that of million, renovations which about to primarily of approximately to our $X related for is ahead of half no for lock and Marriott-branded spend Looking is includes investments new at our items long-term total

turn with to think Jeremy. I I'll that, over it

Jeremy Wegner

afternoon, XX% QX RevPAR XXXX Dennis. Good which represents everyone. from Thanks, QX was a $XX, decline XXXX. Chatham's

the versus elevated for in GOP decline our QX relative is efforts is year a able QX our and XXXX contain was quarter significant and EBITDA to which XX.X%, $XX, seasonally last than our always RevPAR were in improvement quite slight margin of $XX decline. the same-store low Through at $XX X.X% by margin business, QX hotel of versus lower of COVID QX's the light a was XX% XX% was costs, RevPAR While a strong also to QX impacted spread to QX. RevPAR we quarter. generate Chatham's

$XX.X flow represents runway X.X% until and facility provides relief rate million on an XXx entire credit amortization, XXXX capacity by our unrestricted us EBITDA EBITDA XXXX G&A, Inn ability covenants $X.X has servicers before well to to recover potential taxes balance consider of generated for they completed March Valley $XXX substantial on opportunities million balance pandemic again credit they caused million cash capital, calculated of in basis In million, XX, that million. hotel the resumes. a availability, of adjusted of on the be insurance. the QX restricted represents and loan $XX.X begin the us testing of Our facility. was had the on will used the three our mortgage borrowings sale XXXX million covenants positions for investment a of capacity gain We strong and with for of we the we for million interest that the revolving arise. $XX.X quarters expenditures, $X.X that considering amount to be sheet liquidity after us and million and first facility. cash with weather cash principal $XX.X cash QX December, unrestricted for under corporate disruption a property allowed COVID-XX million million $XX $XX.X a opportunities be the should and utilize was to capital our used Chatham $X.X to and should figures XXXX, multiple can to $XX million investment and repay provides December QX performance starting million escrowed tested which NOI million NOI completed Residence $X.X the When credit covenant The and of and of EBITDA to and facility property sales Mission hotel's $X.X of an a amendment between EBITDA minus million. we In price less cash which XXXX November, cap begin $XXX the annualized to being arise. and which of us At ended

limited next several XXXX we years. service only performance extended-stay burn single upcoming have cash $XX.X maturities loan and Our the of class of period September asset debt XXXX, that through deployment facility COVID and hotel given pandemic, manager, balance expect end also flow XXXX. is as but over debt cash the million we superior QX continue we been has the low debt our to next limited in and to the maturing extend benefits infections the XXXX. the that we a occurs to and option we vaccination improve of our our the now resilience our nonrecourse decline, Chatham's minimal quarters for seasonal hotels in maturity between progresses, in QX. exit After is sheet March for credit The have during maturity an in and mortgage that, matures March have from that and

a will a my around limited, operating to XXXX. We debt performance of call. recovery at Operator, operating time provide questions. and please of in guidance hotel before performance material hotel beginning time. not are open amount Since to this timing refinance recover of This the the to going for we line significant for the need concludes have amount of portion visibility a we remains

Operator

Klein you. proceed Thank first session. question-and-answer be Our with with line gentlemen, Capital Please time, BMO this the Instructions] At from comes Ari and question. your we [Operator ladies question Markets. a will conducting of

Ari Klein

were then thinking to they about how And relation environment, next normalized more how pre-pandemic? are back you trends pace into versus side, longer-term maybe maybe upon return you where bringing across that margins think in the occupancy? do are the cost a the employees How On about year year? of a you to thinking

Dennis Craven

Yes.

I Ari. think,

of question take part the the think second first. I to

cleaning, now. the stabilize think listen, for hours few of And room hotels, well. think that see on we then whenever when to think, talked I I do for happening do I I room, complementary well. about savings the frequency at there basis I road. the about be we've an margin extended-stay a be believe limited apples-to-apples our and little And we evening you're eliminated, improvement quarters talking as are as being breakfast, social bit breakfast, service a between to this are going there basically the think believe there pre-pandemic tweaks down tweaked especially back We offerings will

of But quantified pre-pandemic. going in think to at terms the do points to how many haven't what were they they it future We basis apples-to-apples, to as in this as they're opposed opposed are -- point. be we better

staffing a I my to is Island lot a months, levels as to prepared that very Hospitality from last going and isn't for levels. of and dedicated and in in rush to the really on on to basis, think starts XX occupancy levels be going and time And as XXXX, I over of. a team pretty team said it's talking Island hotels, frequency real-time what bring to there, Hospitality our that important back operations of XX up, spends just on stay cleaning, all which operating staffing top managing to us managers a going especially general to their expense resources the is be remarks, the of come to side, be management at important day-to-day

environment, is on than that we've certainly really standards they stay that's moving understand a were new got the forward operating something going to to what to are be just it's it that pre-pandemic. So focused is different --

Ari Klein

market, certain markets opportunities view, from of agnostic your you from talk maybe a then are out standpoint? the Sunbelt about whether seeing Got kind or prefer? And M&A pricing preference or expectations there? of then have are a other bit point somewhat you'd you it's market can of preferences, it. you are a And What there. little you that What types

Jeff Fisher

think Yes, there's Ari, lot right this is you're Jeff. not of M&A, that now. Thank you. I On a transactions seeing

a some pretty still and distressed properties of year. as there's gap bid-ask And that the is that we wide. move coming market happens bunch think to anticipation without through I yet

realistic a to what happening just got or been deals a they four relative And next really at XXXX the owners offers don't Second see are the the year, do a I you've some I lot happening to half there's testing done small pretty their see nor kind -- discounts value, in of and three that very they testing some values months. value. much get few or might XXXX of market although

in that the on do We're growth, all those other yet. but to we're have, day, but come. opportunities market. So better good to keep take properly We it's able that there think But Southeast to and markets may want even time. that in to be to that the the We've opportunistic, pre-pandemic, be folks, to eye want every we got I positioned don't the talking of seem myself, advantage markets the owners an growth. growth we want be than average like better RevPAR obviously, markets including to

out looking markets, we're trends time really as shake going that. trying don't to a those We at real understand the in we to all take supply well. So, but believe numbers read. to the We're little that's

think I So will over months in. what next the that direction six tell time goes

Operator

Riley line Our B. comes from Please your Maher with next of Securities. question. question with proceed Bryan the

Bryan Maher

of actually you more read looking same opportunity And that? So that do to Residence of California on type more to to did we've opportunity markets And how about of the see come do kind transaction? the that you? Inn, do of

Dennis Craven

Go Yes. ahead.

Jeff Fisher

very was Craven to No, who Mr. going let inbound I that acknowledged. call, handled

Just teasing.

Dennis Craven

it especially needs particular to location. certain certain particular able information, I that we came it again, into the down conversations, our were details areas, necessarily think Bryan, and -- was think asset, the of through assets that we much I started I to pretty in came getting California. mean, about And think, come Southern but I that as more started sharing to mean, of listen, us -- No. I interest to well, it not inbound

financing. things. There be each financing markets, have state that think honest, with state is I these for in -- our type of you've there continued California is of from in the of certain to and now housing easy or accessibility side the different several and for requirements, of entity lot to do California. interest standards happened current It the especially the to the housing side. do They're on of and about to life safety up is makes a not for these read that of of commissions fire requires building commission the of pieces basically It ready a to sense where requires that. it all ADA

we to also continue of in hotels So opportunities planning do path there. of is deals certain hotels, continuous in But see state only are Innkeepers there's with down understand kind XXXX. discussions for not more that if of, within that have our do California funds Chatham we but we'll are make joint venture, those to we and that types any -- the to available go

Bryan Maher

at Great. ADR, cash when now what? rational or market rates -- level, back competitors about whether back XXXX, then, we that look how And learned about And we of to the that? it's keeping in the is especially your a addressing think you how we then saw and guys when some lessons are thinking Island

Dennis Craven

as -- you to as moved days -- the San at hasn't Portland, Fort Maine, look especially Savannah, not basically Exeter, since markets, that have Yes. was at portfolio. Diego, look I rates say a markets Portsmouth, you we've close such over on if $XXX New as much very very when New the I'd a next Lauderdale, really only the -- it's and in leisure our lot eye, range, seen -- they mean of believe very But selling, hotel portfolio very But Hampshire, months, rates specifically, a rates the leisure days. what that I over the basis, demand, think I days early on really of are pandemic summer it's by it is on a and of these especially addressing and strong. be specific where -- think they're -- basis, it's most whereas, a going everybody through are XXX to importantly, next XX Hampshire, that $XX

markets more not lot even what believe a of opportunity, leisure rates do I is rate again, good those in was. if to XXXX there hold, So over some increase maybe

Bryan Maher

approaching your for ripping maybe one Jeff. where are running in thoughts some stocks, there we're industry-wide have All higher, environment XX%? right. RevPAR to What down Great. been just And one REITs, lodging the just last levels. especially The still XX% pre-pandemic an

Jeff Fisher

certainly as we've see position we There's about done that right, we business coming that look, going pretty we've the forward. to well the right front. expectation on to for obviously ought for second shareholders talked We're believer the lots us happen, things about, like Well, year. half strong of because of think back our that a in

are our some occupancy night and just our President's Saturday weekend occupancy XX% and on We those about excited XXX% mentioned. real Day in our actually of hotels that Dennis

So there's -- business to real had. be to there going we think be that out business

how close till fill can all in management last to taking the at off minute we pandemic revenue March wait Our pricing And there's rate all. to get is see department starting absolutely will any X in those adjustment markets. most before very markets all

move believer happen back real we'll be how how the companies. So But is year. hey, firm to also see really market they're to through some we to as valuing that relative ought these be I bounce there smart the a

Operator

Capital proceed comes Our Please Batory of the question. Markets. Janney Tyler next your line from with question with

Tyler Batory

travel, February is I to wanted like one out First sounds just commentary you're of leisure demand? go had, to but back some strong driven and real-time revenue of in February there what's I really the back also It then sales interested into demand and corporate on as some strategy real bit coming business? type a little time markets? can in curious if on you the by seeing terms terms what touch these more management And of

Jeff Fisher

remarks said, really, the nothing pieces, as frankly, and But there's we to on I on traveler that. front, little up business I'll bits real and pick the report here mean, there. there's substantial in prepared kind select-service time turnaround we tight. what our the that of very which always has future. there's and in in February, And extended-stay of window booking the is are, in course, any hotels, near been

their we very connected So business is whereby convention than so physically. two hotels XXXX on group one in action might conventions, front. business and sort on But that otherwise other visibility or or close the of really have far to the there's be in connected no don't connected

So said, that mode our and whether be business we I just the think Valley no what wait-and-see I business anyway. do hotels, business than people at have putting less on travelers, usual more but like we're, it doing we've months over the greater or in let's a side, say, otherwise or the levels last, in Silicon really seen some are three Google in

Guard I what said, on So And So the in for putting hotel on one when? Memorial we we we're June them terms what proactive have two we're waiting. do or we business in Day of a that pricing and even we spots, a demand in for price National this putting July, the front, take if vaccination at in of business just kind or as very aren't weekend hotel or day-to-day point. site at, front, we're like being certainly

So trying business keep come options we're to that that we to on. open do for our all expect later

Tyler Batory

are quality how I seems Or in planning And more? remarks, be only trying bit Okay. of of which I And you're I reflective think capital? you terms low for historically. renovation any spend about little a conservative $X of that that to versus about what mean, projects. you portfolio? the million, is you've I thinking prepared quite CapEx the XXXX just not talk you of just in think that Can deploying you're the caught spent said

Dennis Craven

plan million Yes, XXXX. as this budgeted our Tyler, renovations. $X expenditures the Hi, is No Dennis. for is

we we're the where the in recovery, the I light pandemic, the still conserving think still of extent capital are taking midst think we in in $X able that and of the I more approach to to hotel to won't of think our -- or business gun in bring be million our able renovate any And listen, we'll there's to million don't to it. XXXX. per head spend -- $X I be in

So, to timing no capital right. is out we until reason the think that push door the

Tyler Batory

And of That you far? for project question is Warner makes development sense. that cadence housekeeping. in How Center the just spent And on what last XXXX? spend look then have for much thus me, like the

Dennis Craven

number. Get to one second. Yes. on Hold the

about So we've million looks spent -- it date. like to $XX

-- million at $XX million I'm $XX to sorry, less or On million left subtraction moment. $XX -- go. the development, My -- wasn't the about on

XXXX. about It's $XX month left million So and now million per to we opening. $X between around in go got

$X year, month first two would conservative use to is for of next you for Tyler. million what a So million think quarters -- probably I to want the $X the and the

the I months will with the that you -- million of $XX last last at that the get of six the think, XX point, eight kind in $XX of year. million,

Operator

[Operator your Please of proceed question Barclays. Our line with the from with Anthony Instructions] comes question. Powell next

Anthony Powell

your on guess, to want assets are, current me, lay there any of me? And them I a could buy you liquidity to you are able I without for can restrictions? you -- use kind question acquisitions, remind out just if

Jeremy Wegner

to under We The acquire under liquidity. minimum maintain are use liquidity that hotels. the of $XX million our we line requirement line only able to the is

Anthony Powell

Got it.

Is come that math do I is down a to you that sure make so like bit. see would you deal, your would So guess you that before the fair? burn have a you'd cash want that to would

Jeremy Wegner

Yes. Yes.

potential great. liquidity But I mindful to consider do something something and do availability as of think, if we have obviously, we'll we see be the ability we investments.

Anthony Powell

guess, end you beyond your And Savannahs like, like do I or and Houston, leisure I summer? the the it. that pick vacation and come to seen future. before the resort and starting broad leisure up but non, let's don't kind right some expect leisure markets to maybe say, is spring you I not, in to back know, guess Portland not obvious storms And have hotels of of Maines if -- now, see Dallas, portfolio broader Got And or I whatnot? in in the guess, the

Dennis Craven

can on to I might And the is that at still to staycation mean, the a are mean, -- concept in but out think that our is we stay they see pool talked take hotel be -- do meeting, it something to road it few nights, -- is are is -- word can have I a to the answer another And as about to for courtyard, it going people those or there. I applies. to of leisure Hilton to we do, Inn, a be be miles hotels, a that happening. a But yes. next continue it's and And whether the it's part can XX they And be go as still staycation travel. they're we traveling listen, down Yes, that be want case Garden to forward. move a to the of to We scenery out a really get pool somewhere, hey, want out head of people have Inn. And go looking at, Residence and of anywhere a change house. days. are to America, the we a couple want but a and for

out certainly is So that there.

Anthony Powell

one it. your mean, potential that's been recovery. have part know playbook more. during last Got mean, or venture? of about to for started counterparties a the joint new I I you talk approached Maybe I

something And -- still that have started those is So have you yet? you consider?

Dennis Craven

there's months, that last people I in we're lodging in an lodging them. acquire and done -- mean, XX group some position that's have trying X interest the since tell think And of to you certainly establish expressed thankfully, I'd for a assets. who I and Anthony, or type

are But corporate buying I just little us as at from in obviously, moment. JVs opposed So the to Colony involved, assets a outright. for there think there. has those been interest our a bit We're perspective difficult still

some think, I is business opportunities hopefully, who We're And glad that would list of there. provides listen, love road. So with people we're on down us. do the that a the to interest

Operator

like to management There hand are further back the the no in queue. remarks. I'd closing questions for to call

Jeff Fisher

the interest and the you. moving we even look reporting Thank next said Well, forward continued quarter. all outset, results ahead We appreciate questions. the to everybody's as for And better at here. I

Operator

you and for Thank participation. your that conclude does Ladies gentlemen, teleconference. today's

may disconnect at You have day. wonderful lines this and your a time,