1 unchanged sentence
Other than the additional risk factors below related to COVID-19, there have been no material changes from the risk factors previously disclosed in response to “ Part I – Item 1A.
−Removed: Risk Factors ” of our Annual Report on Form 10-K for the year ended December 31, 2019 and “ Part II – Item 1A.
−Removed: Risk Factors ” of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, which risk factors are incorporated by reference herein.
+Added: Risk Factors ” of our Annual Report on Form 10-K for the year ended December 31, 2019.
The current outbreak of the novel coronavirus and the COVID-19 disease it causes have significantly adversely impacted and disrupted, and is expected to continue to significantly adversely impact and disrupt, our business, financial performance and condition, operating results and cash flows.
9 unchanged sentences
Global demand for lodging has been drastically reduced and occupancy levels have reached historic lows.
−Removed: Since late February, we have experienced a significant decline in occupancy and RevPAR associated with COVID-19 throughout our portfolio, and by March 31, 2020, we had temporarily suspended operations at 38 of our 60 properties ( 18 of which are still suspended as of August 6, 2020 ).
+Added: Since late February, we have experienced a significant decline in occupancy and RevPAR associated with COVID-19 throughout our portfolio, and by March 31, 2020, we had temporarily suspended operations at 38 of our 60 properties (12 of which are still suspended as of November 6, 2020).
The remainder of our properties are currently operating at reduced levels.
11 unchanged sentences
the scaling back or delay of a significant amount of planned capital expenditures, including planned renovation projects, which could adversely affect the value of our properties and guest experience at our properties;
−Removed: our estimated cash burn rates are subject to numerous risks and uncertainties, including uncertainties related to hotel working capital needs as well as the terms of any financing available to us.
−Removed: Accordingly, it is possible that our monthly cash burn rate could be significantly higher than the levels we currently anticipate, which could mean we do not have sufficient liquidity to withstand the suspension of our operations for the remainder of 2020;
+Added: our estimated burn rates are subject to numerous risks and uncertainties, including uncertainties related to hotel working capital needs as well as the terms of any financing available to us.
+Added: Accordingly, it is possible that our monthly burn rate could be significantly higher than the levels we currently anticipate, which could mean we do not have sufficient liquidity to withstand the suspension of our operations for the remainder of 2020;
reduction or elimination of quarterly dividends;
18 unchanged sentences
In addition, the terms of future debt agreements could include more restrictive covenants or require incremental collateral, which may restrict our business operations or make such debt unavailable due to our covenant restrictions then in effect.
−Removed: There is no guarantee that debt financings will be available in the future to fund our ob ligations, or that they will be available on terms consistent with our expectations.
+Added: There is no guarantee that debt financings will be available in the future to fund our obligations, or that they will be available on terms consistent with our expectations.
While we have taken several steps to preserve capital and increase liquidity as described under “Liquidity and Capital Resources,” our short-term liquidity needs are still significant, including funds necessary to pay for operating expenses and other expenditures, including reimbursements to our hotel managers for payroll and related benefits, costs associated with the operation of our hotels, interest and scheduled principal payments on our outstanding indebtedness, capital expenditures for renovations and maintenance at our hotels (to the extent not deferred for 2020) and corporate general and administrative expenses.
6 unchanged sentences
All of the above factors could materially negatively impact our business, financial performance and condition, operating results and cash flows.
+Added: The significant adverse effect that the COVID-19 pandemic has had on the hospitality industry is likely to cause impairment in our long-lived assets.
+Added: The spread of COVID-19 and the recent developments surrounding the global pandemic are having an unprecedented adverse impact on the hospitality industry.
+Added: As a result, during the nine months ended September 30, 2020, we recognized $607 million of impairment losses for goodwill and $90 million of impairment losses related to certain of our assets resulting from a significant decline in market value of those assets.
+Added: We can provide no assurance that a further material impairment loss of assets will not occur in a future period, and the risk of future material impairments has been significantly heightened as result of the effects of the COVID-19 pandemic on our business.
+Added: Further impairment losses could have a material adverse effect on our financial condition and operating results and our ability to secure financing.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.