Skyline Announces Continued Improvement in Operational Results for Q2 2021 leaderpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leaderpost.com Daily Mail and Mail on Sunday newspapers.
All amounts in millions of Canadian dollars unless otherwise stated
Total revenue for Q1 2021 was $31.1, compared to $71.7 in Q1 2020. Revenue from hotels and resorts decreased by 32% to $28.2 due to timing of the impact of COVID-19, which did not have a material impact during the prior year quarter until the second half of March. During Q1 2021, local government restrictions impacted ski operations during the first half of the quarter, however both of the Company’s ski resorts experienced strong demand upon reopening. Revenue from the sale of residential real estate was $2.9 during Q1 2021, compared to $30.1 during Q1 2020, when the Company completed the sale of phases 2 and 3 of the Second Nature development project located near Blue Mountain.
Skyline Announces Operational Results for the Year Ended December 31, 2020
March 12, 2021 18:01 ET | Source: Skyline Investments Inc. Skyline Investments Inc. Toronto, Ontario, CANADA
2020 revenue from Skyline’s hotels and resorts was $91.5 million compared to $193.6 million in 2019, a decline of 53% due to the impact of COVID-19;
Skyline’s operating expenses from hotels and resorts also declined by 47%, including the effect of subsidies received in response to the pandemic;
2020 EBITDA remained positive at $7.9 million versus $40.8 million in 2019;
Unrestricted cash and available lines of credit as at December 31, 2020 totalled approximately $27 million;
Occupancy of all of the Company’s US hotels and Canadian resorts show a steady seasonally-adjusted improvement from their lows in April;
Renaissance Cleveland Hotel owner plans substantial renovations at historic property
Michelle Jarboe
Owner Skyline Investments Inc. plans to renovate the lobby and meeting spaces at the Renaissance Cleveland Hotel in the $20 million first phase of a broader makeover. The public areas of the hotel haven t been overhauled in decades.
The owner of the Renaissance Cleveland Hotel is preparing to launch a substantial makeover of the 102-year-old landmark in the heart of downtown.
Skyline Investments Inc., the Canadian hospitality company that has controlled the hotel since 2015, revealed its intentions in a recent filing with the Ohio Development Services Agency. The company expects to apply for $2 million in state historic preservation tax credits this month to help finance the $20 million first phase of a larger project.