Extended Stay America's first-quarter revenue per available room declined just 1.7 percent year over year, according to the company. Average daily rate was down 5.7 percent for the period, partially offset by a 3.1 percentage-point increase in occupancy to 75 percent.
Total revenue for the quarter was $259.6 million, a decrease of 2.5 percent year over year and a 6.5 percent decline compared with 2019. Net income was $12.4 million compared to $7.8 million for the first quarter of 2020. The increase was due to a gain from a sale of two hotel properties, partially offset by a decline in comparable systemwide RevPAR and merger transaction expenses, according to the company.
ESA opened two company-owned and three franchised hotels during the first quarter.
ESA will not host a first-quarter conference call at this time, nor provide full-year 2021 guidance due to the company's proposed acquisition by Blackstone Real Estate Partners and Starwood Capital Group.
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