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AAHOA

Update for Monday, June 8

AAHOA is bringing you the latest information as it relates to COVID-19 and your business.

Help AAHOA help hotel owners by sharing this update with owners in your network, whether they're AAHOA Members or not. Turn to AAHOA's Facebook, LinkedIn, and Twitter accounts for the latest.

 

CONTENT FOUND IN THIS UPDATE

  • Statement: Treasury Secretary Mnuchin and SBA Administrator Carranza on the PPP Flexibility Act
  • PPP Updates: $130 billion remaining funding, apply if still seeking relief
  • Webcasts: Join us this week for revenue strategies, ADA compliance
  • Tomorrow: Register now for Hotel Optimization, a free 3-day virtual event
  • Webinar: AAHOA, hospitality A+D to discuss challenges and breakthroughs
  • Article: Clean – the most important word in the hospitality industry
  • Today’s Hotelier: Options for CMBS borrowers amid COVID-19
  • Podcast: Trepp on the massive spike in CMBS delinquencies
  • Survey Results: How the hospitality industry will rebuild after COVID-19
  • Data: MetLife and Chamber’s Small Business Coronavirus Poll
  • #AAHOASTRONG: AAHOA Board, Staff to donate 8,500 face masks to Atlanta-area hospitals
 

Joint Statement by Treasury Secretary and SBA Administrator Regarding Enactment of the Paycheck Protection Program Flexibility Act

Today, U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued a statement following the enactment of the Paycheck Protection Program (PPP) Flexibility Act. The statement also outlines upcoming procedures regarding issuing rules and guidance, a modified borrower application form, and a modified loan forgiveness application that implements these legislative amendments to the PPP.

“We look forward to getting the American people back to work as quickly as possible,” they said.

 

With $130 Billion of Remaining Funding for the PPP, AAHOA Encourages Hoteliers Seeking Relief to Apply for PPP Loans

As of Saturday, June 6, the SBA has approved more than 4.5 million PPP loans worth more than $511 billion, with an average loan size of $113,000. Top five lenders, according to the latest report, are JP Morgan Chase Bank, Bank of America, PNC Bank, Truist Bank, and Wells Fargo Bank. In addition, the “Accomodation and Food Services” sector represents 8% of total lending, with more than 344,000 loans valued at more than $41 billion.
The report also notes that there’s still more than $130 billion of remaining funding. With the recent positive changes planned for the PPP and billions of dollars left for allocation, AAHOA would like to remind hoteliers that if they haven’t applied and are still seeking relief, to work with a lender to seek loans under the PPP. To learn more, visit the SBA’s website here.

AAHOA COVID-19 Webcast Series: Make Plans to Join Us This Week
AAHOA has been hard at work bringing America's hoteliers the information they need to know as they navigated the pandemic and now as we work through recovery. With more than 100 in our library and plenty more on the schedule in the coming weeks, come check out why more than 14,000 attendees have trusted AAHOA to bring them the resources, expertise, and information that matters. Here’s what one attendee had to say about our webcast series:

“First, I wanted to say thank you for all the hard work and unselfish acts the AAHOA staff displays in helping hotel owners across the country. From educational webcasts to listening sessions with various elected officials, AAHOA has provided knowledge that has helped me tremendously as I navigate hotel operations through the pandemic. From securing funding through available programs and sales and marketing, to operations. I lost count after being on 47+ webcasts.” – AAHOA Member and Ambassador, Tallahassee, FL

Last Chance: Tomorrow’s Free Virtual Event – Hotel Optimization, Where Do We Go from Here?

Now that the economy is steadily on the path to reopening, many hotel owners are wondering how they are going to get back to profitability in the “new normal.” Join us beginning tomorrow, June 9, for Hotel Optimization, a three-day virtual event developed in partnership with AAHOA, to gain clear insights, opinions, and forecasting to help you better understand your options of getting back to profitability. Chairwoman Jagruti Panwala, Vice Chairman Biran Patel, Treasurer Vinay Patel, and President & CEO Cecil P. Staton will all be on hand to share their insights on top top-of-mind topics. Register for free now.

 

Tomorrow’s Design Webinar: AAHOA Owners and Hospitality A+D Discuss Challenges, Breakthroughs

Join us at 4 p.m. EDT tomorrow, Tuesday, June 9, as hotel owners and design leaders take part in the second of a two-part webinar series addressing the challenges, opportunities, design innovation, and future strategies amid COVID-19. “What Owners Want – and How Designers Can Deliver,” an exclusive series from Boutique Design, will give virtual attendees the chance to hear the hotelier’s perspective from AAHOA Female Director Western Division Nimisha Patel, Lifetime Member Chet Patel, and Lifetime Member and former Director at Large Vipul Dayal.

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New York Times Article: The Most Important Word in the Hospitality Industry? ‘Clean’

A recent article published by The New York Times highlights the industry’s most important buzzword at the moment: “Clean.” The article describes the latest efforts on behalf of the industry, including hotel brand rollout and embracing of new industry best practices. “The first question that comes to mind when someone’s making the decision to book is: ‘Am I going to be safe?’” said Suzanne Markham Bagnera, Ph.D., professor and chair at the School of Hospitality Administration at Boston University.

“Cleaning has traditionally been a back-of-the-house or behind-the-scenes tactic, hotels are now needing to bring that to the center stage,” she said.

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What Options Do CMBS Borrowers Have for Relief from the Economic Effects of COVID-19?

In the June issue of Today’s Hotelier, Rushi Shah, principal and CEO of the commercial mortgage and real estate investment banking firm and AAHOA Club Blue Member Mag Mile Capital, discussed the latest implications for hoteliers related to CMBS relief. “The fact that many property values have already dropped or will fall below the CMBS loan amount only contributes to this ongoing uncertainty,” he writes.

“This ambiguity is particularly problematic to CMBS loans because special servicers … are wary about restructuring terms.” Read the full article.

 

TreppWire Podcast: The Massive Spike in CMBS Delinquencies

Trepp, leading provider of data, analytics, and technology solutions to the global securities and investment management industries, released a new episode of its TreppWire Podcast, where they broke down the massive spike in CMBS delinquencies (the largest month-over-month increase seen since 2009), loan forbearance expectations, office exposure in the CMBX 12 index, and what our summer vacations might look like. Listen now.

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Survey Results: How Do You Think the Hospitality Industry Will Rebuild After COVID-19?

HCareers, a community for hospitality talent, recently published the results of its latest survey surrounding hospitality employment. According to the results, 86.2% of respondents employed in hospitality plan to stay within the hospitality industry. Most of those who answered “other” elaborated that they are either waiting to see how the industry bounces back or potentially seeking other types of temporary employment and will re-evaluate once business picks back up. Access the infographic for full results.

 

MetLife & U.S. Chamber of Commerce Small Business Coronavirus Poll

New data from the Small Business Coronavirus Poll shows that while 8 of 10 small businesses are in the process of reopening, there is an increasing percentage (55%) who believe it will take more than 6 months to be fully operational. That is up from 50% in April and 46% in March. Perceptions of cash flow and revenue have also improved. More than half (56%) feel comfortable with their company’s cash flow situation, up from last month’s low of 48% and similar to late March (59%). Also, 50% expect next year’s revenues to increase, while 19% expect them to decrease.

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AAHOA Board, Staff to Donate 8,500 Face Masks to Atlanta-Area Hospitals

On Friday, June 5, Georgia Regional Director Vik Zaver, AAHOA Lifetime Member Dylan Patel, and two AAHOA staff members, Dascia Freeman and Tiffany Pearce, had the honor of presenting Atlanta-area hospitals with face masks, donated on behalf of AAHOA, to help front-line workers as a part of the industry’s #HospitalityStrong campaign to shed light on the positive impact that the industry – and AAHOA Members – have on their communities and giving back. With more deliveries to take place in the weeks to come, AAHOA is committed to donating a total of 8,500 masks in support of the Hospitality Strong initiative. Thank you to Vik, Dylan, Dascia, and Tiffany for helping to make this critical contribution!