No distributable income for H1 2020, ARA H-Trust says

ARA US Hospitality Trust is expected to report a net property loss and no distributable income for the first six months of 2020, it said on Friday.

"The unprecedented decline in hotel occupancies and temporary hotel closures as a result of the impact of the Covid-19 pandemic since March 2020 has resulted in a significant decline in gross revenues," the trust managers said in a filing to the Singapore Exchange. Although swift actions were taken to reduce operating cost by leveraging the select-service hotels’ flexible cost structure, ARA H-Trust continued to incur fixed costs. A net property loss is expected based on preliminary estimates, the trust managers said.The trust managers said they will monitor the situation:"ARA H-Trust continues to be in a secure financial position and has adequate liquidity to meet its operational needs and financial commitments to navigate through the crisis.

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