Extended Stay America Provides Guidance Update
EXTENDED STAY AMERICA (STAY)
Last extended stay america earnings: 2/26 04:30 pm
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US:NYSE Investor Relations:
aboutstay.com
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Source: GlobeNewswire
CHARLOTTE, N.C., March 12, 2020 (GLOBE NEWSWIRE) -- Extended Stay America, Inc. and ESH Hospitality, Inc. (together, the “Company”) (NASDAQ:STAY) today updated its first quarter 2020 guidance and withdrew its previously issued full-year 2020 guidance in light of the ongoing impact of reduced travel demand as a result of the global coronavirus (COVID-19) outbreak. Extended Stay America’s President and Chief Executive Officer, Bruce Haase, commented, “Given the uncertainty around COVID-19, we believe withdrawing our full-year guidance is the prudent thing to do.” Mr. Haase continued, “While we are not immune to shocks in aggregate demand, we believe our low cost operating model, our strong balance sheet, and our focus on longer term extended stay guests differentiates us from the broader transient lodging industry.” For the first quarter of 2020, the Company now expects that RevPAR growth and Adjusted EBITDA will likely be modestly below the low end of our February 26, 2020 guida
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