I have enclosed the monthly STRs for the following months:
* Jan 2020
* Dec 2020
* Jan 2021
* Feb 2021
The COMP tab shows the prior 12 months comparison, and you will notice how we improved the occupancy even during the extremely slow COVID-19 times.
I have also enclosed the Hotel Statistics Report for 03-24-2021. We kept our ADR low during Jan & Feb of 2021 to sell rooms but improved the ADR in March 2021. So the numbers for the current month are impressive.
This is an all-suite Quality Suites by Choice Hotels and has 105 Suites.
The property was foreclosed by the lender and was closed for over a year. The lender hired a management company and started the operations in Feb 2020.
We purchased the property from the bank in Jan 2021 with only 70 rooms operational. We brought all the remaining rooms into service during 2021.
About 90% of the PIP items have been completed, while the rest is being handled at this point. The buyer will have our PIP 100% complete upon purchase.