Brief: Covivio Hotels Expects No Improvement In Q4 Results

Covivio Hotels SCA

16/10/2020 06:07

Oct 16 (Reuters) - COVIVIO HOTELS SCA  COVH.PA :
    * ANNOUNCED ON THURSDAY END-SEPT REVENUES GROUP SHARE EUR
111.7
MLN VS EUR 219.2 MLN YEAR AGO
    * AT END-SEPT COVIVIO HOTELS HAD CASH AND UNDRAWN CREDIT
LINES OF
AROUND EUR 290 MLN, NO DEBT MATURITIES IN NEXT 12 MONTHS
    * DOES NOT ANTICIPATE ANY IMPROVEMENT IN ITS RESULTS IN Q4
    * JULY AND AUGUST PERFORMANCE BETTER THAN EXPECTED WITH
AUGUST
AVERAGE OCCUPANCY RATE IN EUROPE UP AT 39% COMPARED TO 7% IN MAY
    * REVENUES STAY LARGELY BELOW PREVIOUS YEARS LEVELS
    * RISING COVID-19 CASES IN SEPTEMBER WEIGH ON PERFORMANCE,
WITH
MAJORITY OF HOTELS OPEN BUT LOW OCCUPANCY RATE (BETWEEN 20% AND
35%) 
    * RENT COLLECTION RESUMED IN Q3, 92% OF RENTS DUE HAVE BEEN
PAID
TO DATE (INCLUDING 89% IN THE 3RD QUARTER ALONE)
    * COURTEPAILLE (2% OF ANNUALIZED REVENUES OF COVIVIO
HOTELS)WILL
BE TAKEN OVER BY BUFFALO GRILL
    * COURTEPAILLE: COVIVIO HOTELS PROVISIONED EUR 2 MLN

    
    
 Source text for Eikon:  ID:nNDL20j07m 
    
 Further company coverage:  COVH.PA  
   


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