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S&P flips Four Seasons view to positive
S&P said it revised its outlook for Four Seasons Holdings Inc. to positive from negative and affirmed its ratings, including the BB+ rating on the $900 million first-lien term loan due 2023.
“We revised the outlook to positive because pent-up luxury leisure travel has driven a substantial recovery in systemwide rate, RevPAR, EBITDA and leverage. We believe high vaccination rates among Four Seasons' core luxury traveler base have led to significant pent-up luxury hotel demand in recent quarters that is likely to persist for several more,” S&P said in a press release.
The agency said it revised its base case for Four Seasons' systemwide RevPAR in 2022 to be 5%-10% below 2019 levels, EBITDA margin to be in the mid- to high-50% area, and net leverage to be around 3x in 2022.
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