Blake Lane Skyline CEO (PR)
Skyline Investments, a company that specializes in income-producing hotel real estate in the United States and Canada, published the company’s results for 2021 as well as the fourth quarter data for this year. The company is held, among other things, by Mishorim (about 49%) and Hachshara Yishuv (about 20%).
According to the report: Revenue from hotels and resorts grew by 41% in 2021 to a total of C $ 129.3 million compared to C $ 91.5 million in 2020, as a result of a continued increase in demand and easing of restrictions imposed following the Corona plague.
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Revenues in the fourth quarter totaled approximately C $ 33.6 million compared to C $ 22.5 million in the same quarter last year. Adjusted EBITDA in 2021 was approximately 211% higher and amounted to approximately C $ 24.5 million compared to approximately C $ 7.9 million last year, evidence of a significant recovery in operating results.
Bottom line, the net profit for 2021 amounted to about $ 29.6 million compared to a net loss of about C $ 18.6 million in 2020, as a result of the sale of the company’s resorts in Canada in 2021 at a value higher than the book value. Shareholders’ equity increased by approximately 5.5% compared to December 31, 2019, despite the corona period in the last two years.
During the fourth quarter, Skyline continued to pursue its strategy of focusing on Select-Service hotels that provide more predictable and stable cash flow and profits: In December 2021, Skyline announced that it had completed the Fried deal for the sale of resorts and land for development adjacent to the Deerhurhoes Blue Mountain Resort, for C $ 210 million, an amount that represents a premium of approximately C $ 30 million on the value of these assets in the books in accordance with IFRS rules, as of June 30, 2021, before the Freed transaction.
Beyond that, Skyline announced in the fourth quarter that it had signed two conditional agreements to sell 90% of its rights in the Renaissance Hotel and its full rights (100%) in the Hyatt Hotel to a third party for a total of approximately $ 95.2 million, completion of the deal for the second quarter. 2022
At the same time, Skyline refinanced its Courtyard by Marriott hotel portfolio and signed a 5-year new loan agreement with a major U.S. insurance company. And raised her horizon from negative to stable.
Blake Lane, the company’s CEO, said: “Skyline now has less debt and more cash, substantially, than it had before the Corona plague and looking ahead the company will focus on purchasing Select-Service hotels.”
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