Over the past five years, Commercial PACE (or C-PACE) financing has gained wider acceptance and moved from a novel technique to a mainstream practical solution for financing. For more background on what C-PACE financing is, why it can be attractive, why it is becoming more popular and how JMBM’s attorneys can help, see C-PACE Financing – Now an accepted tool for hotel lenders and borrowers.
As the hospitality industry awaits the return of travelers, the government's Paycheck Protection Program has helped many hotels weather the COVID-19 storm. D.J. Rama, Auro Hotels, Chip Rogers, American Hotel & Lodging Association, and CBRE's Bob Webster, join Spencer to discuss PPP's impact and the potential timing of the sector's recovery.
Travel spending in the U.S. is expected to finish the year 45% down from 2019 levels, and will still not have returned to its pre-pandemic strength by 2024, according to the latest figures released by the U.S. Travel Association.
The 2020-2021 Global Executive Committee and Board of Directors for Hospitality Financial and Technology Professionals (HFTP®) have officially begun their term at the start of this month. The association leaders represent a wide variety of segments within the hospitality industry, including: clubs, academics, hotels, finance, technology and more. The HFTP Global Board volunteers its time and professional expertise to help guide and progress the association to the forefront of the industry as it carries out its strategic plan.
On election day this year, voters in California will be choosing between maintaining the existing Prop 13 which has been in place for 42 years (since 1978) and Prop 15, the first meaningful adjustment to tax laws with regard to assessing real estate in California for property tax purposes.
Bill Navas, a 30-year hotel industry veteran has launched Rich-Port Hospitality Development, an innovative advisory firm primarily focused on executing capital projects for clients. Rich-Port also assists institutional investors with pre-acquisition due-diligence and provides hotel companies with outsourced brand representation and technical services.
A devastating $155 billion looks set to be lost from the U.S. economy due to the collapse of international travel during 2020, according to latest research conducted by the World Travel & Tourism Council (WTTC).
AMERICAN HOTEL AND LODGING ASSOCIATION PRESIDENT AND CEO CHIP ROGERS: - "With a sharp decline in travel demand, nine times worse than September 11 and with lower room occupancy than during the Great Depression, our small business owners are struggling to survive. The human toll on our industry has been equally as devastating. Right now, many hotels are struggling to service their debt and keep their lights on, especially those with Commercial Mortgage-Backed Securities (CMBS) loans as they have been unable to obtain urgently-needed debt relief. Without action to shore up commercial debt, especially CMBS loans, the hotel industry will experience mass foreclosures and permanent job losses which will snowball into a larger commercial real estate crisis impacting other segments of the economy."
Eldorado Resorts, Inc. (NASDAQ: ERI) ("Eldorado," "Eldorado Resorts" or the "Company") announced today that the Federal Trade Commission (the "FTC") has accepted a proposed consent order, which concludes the FTC's Hart-Scott-Rodino review of Eldorado's pending merger (the "Merger") with Caesars Entertainment Corporation (NASDAQ: CZR) ("Caesars"). The FTC's acceptance of the consent order satisfies all required antitrust clearances for the Merger.
The American Hotel & Lodging Association (AHLA) released a new report today showing the average small business hotel will require additional funding from SBA loans under the Paycheck Protection Program (PPP) in order to rehire employees or prevent further layoffs and keep their business open. AHLA also sent an urgent letter today to Congress asking for additional funding for SBA loan program and several technical updates to the CARES Act to help these hoteliers keep their doors open and save jobs.
MGM Resorts International (NYSE: MGM) today recognized the support of many of its resident entertainment partners who generously donated to the company's Employee Emergency Grant Fund in support of those impacted economically by the coronavirus (COVID-19) pandemic.
In a video presentation released today, Magnuson Hotels CEO Thomas Magnuson advised hotel owners to weather the current economic downturn by quickly cutting costs.
Summit Hotel Properties, Inc. (NYSE: INN) (the "Company") today announced that it has taken significant steps to enhance its overall liquidity position in light of the operating and financial effects on the Company due to the COVID-19 (Coronavirus) pandemic.
Leading hotel CEOs met today with the White House to discuss urgent economic recovery solutions needed to protect millions of U.S. hotel employees and 33,000 small businesses as travel grinds to a virtual halt across the country. From Main Street to major cities across the country, hotels everywhere are on the verge of shutting their doors in the coming days - many by the end of this week.
A new analysis released Tuesday by the U.S. Travel Association projects that decreased travel due to coronavirus will inflict an $809 billion total hit on the U.S. economy and eliminate 4.6 million travel-related American jobs this year.
Hotel Asset Value Enhancement (hotelAVE), the premier hotel asset management company, in a study released today, estimated that it will take the hotel industry in the United States approximately five years to achieve pre COVID-19 occupancies, revenues and profitability. In addition, the hotelAVE COVID-19 Hotel Outlook predicts that the pace of the five-year recovery from the pandemic will be extended after an immediate mini-spike beginning in May or June, as the impact on the travel and hotel industry is both devastating and unprecedented. The conclusions of the study were announced today by Michelle Russo, Chief Executive Officer of hotelAVE.
State and local governments charge lodging taxes on the short-term stays at hotels, motels, bed-and-breakfasts, and other lodging accommodations. The rate of lodging taxes across the United States varies at a state, county, and city-level.
OYO, the world's third-largest and fastest-growing chain of hotels, homes and spaces*, has partnered with Biz2Credit, a leading online financing resource for small businesses, to provide working capital and commercial real estate loans to existing and potential hotel partners across the United States. The partnership with Biz2Credit will aid its efforts to provide hotel owners with fast financing efficiently for a wide range of purposes, including renovation, redesign, infrastructure upgrade and investment in technology for improved revenue management and operations.
As of YTD 2018, hotel transaction volume in the United States reached $29.7 billion, more than a 25 percent year-over-year increase, with private equity groups representing 37 percent of hotel acquisitions in the United States, or $11 billion.
Growth in hotel demand has been significant in wildfire-affected areas of California, specifically Butte County and the Oxnard/Ventura submarket, according to an analysis from STR's Consulting & Analytics office. "The hotel performance impact has been stronger in the areas around the Camp Fire, and that is largely due to market structure," said Hannah Smith, STR consultant. "Butte County, and the surrounding counties affected by the Camp Fire, account for just 94 hotels and 4,810 rooms.