Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Michael Salinsky - RBC Capital Market.
Michael Salinsky - RBC Capital Market
John, you gave a sense of that performance during the quarter. Can you give us a sense of how April trends were relative to the quarter and also are you seeing any kind of improvement in May this far?
John Murray
We try not to give guidance. I can tell you that, if you look back historically at the industry averages, we tend to track along with industry average reasonably closely and I think that Smith Travel last week reported that their preliminary estimate for April was a decline in RevPAR of 18% to 20% in that ballpark.
I think that, we are not expecting our portfolio to be much different from that, much as we’d like to tell you that, as I said in my comments we would love to tell you the things are that we could call a bottom and things are getting better, but we don’t really see things getting any worse than they’ve gotten, but we don’t really see any light at the end of the tunnel, if you will.
Michael Salinsky - RBC Capital Market
Okay. Looking at the Marriott and Barcelo Management contracts that are behind there, it looks almost like the Marriott didn’t pay at all in April. Did they pay any amount to you in April on that contract, and also can you give us a sense of how discussions are going with them, whether they are looking possibly to try to renegotiate the contracts or anything like that?
John Murray
I apologize in advance if this gets too detailed, but the contracts required that we repaid it monthly in advance and when the properties began having cash flow deficiencies for a period of time, Marriott was paying the estimated cash flow and was short whatever the deficiency was.
Once they had defaulted in period four and we had sent a default notice tat they didn’t cure, they made a decision at that point that rather than estimating in advance with the cash flow would be and paying us that, and then truing it up later, that they would instead wait until roughly 20 days after their period ends and the accounting was complete and they would send us the full amount will be wired.
So you are correct, in period five initially, in advance we haven’t received any of the payment. We expect to get the full cash flow once they finish their accounting.
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