Reopening is a tightrope walk for hoteliers
Managing state guidelines, securing financing and other factors will contribute to successful hotel reopenings.
At this point in the coronavirus (COVID-19) pandemic in the U.S., many hoteliers are assessing what reopening may look like, whether that's soon or further down the road.
At this point in the coronavirus (COVID-19) pandemic in the U.S., many hoteliers are assessing what reopening may look like, whether that's soon or further down the road.
Speakers on a panel at the recent New England Lodging Conference, produced by Pinnacle Advisory Group and Boston University's School of Hotel Administration, weighed in on how they're financing operations, how they're managing individual state guidelines and what operations may look like—and cost—in the future.
Financing operations
Accessing money to finance any level of operations has been a tricky scenario in some cases, panelists said.
Matt Arrants, EVP at Pinnacle Advisory Group, said the first wave was going through the process of furloughing employees and suspending operations at hotels where staying open didn't make financial sense, but now the industry is moving into the next stages.
"The second wave was (PPP), figuring that out, applying for it and staying on top of all the changes," he said.
Chad Crandell, managing director and CEO of CHMWarnick, said "the practicality of using (PPP) money has been a real challenge."