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AAHOA

Update for Monday, June 15

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
 

  • Letter: Tell your representative to support business owners with CMBS loans
  • SBA and Treasury: New guidance and revisions to the PPP released
  • Virtual Events: AAHOA adds three new events to the calendar to help during the pandemic
  • Webcast: It’s now time for hoteliers to revisit their 2021 forecasts
  • Hotel Business: CHLA’s Bijal Patel discusses California hotels reopening in recent interview
  • STR: Myrtle Beach, SC, tops the list as drive-to destinations continue strong weekend showing
 

Send This Letter to Your Representative to Support Business Owners with CMBS Loans

Many of our members are experiencing challenges to meet loan obligations. While conventional lenders have been able to permit hoteliers to delay payments for a few months, borrowers with commercial mortgage-backed securities loans (CMBS) are largely required to make the payments on schedule without delay, or risk foreclosure.

These loans have strict terms and cannot be easily altered. Congressmen Van Taylor (TX-03), Andy Barr (KY-06), Denny Heck (WA-10), and Al Lawson (FL-05) have recognized the challenges small business owners with real estate are facing during this unprecedented crisis. They have drafted a letter to Treasury Secretary Mnuchin and Federal Reserve Chairman Powell to raise awareness of this issue and to act urgently with targeted economic support to help ensure these small businesses can survive. We request that you send this message to your representative asking them to sign onto the CMBS letter.

 

SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program

The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past felony convictions. To implement the PPPFA, SBA revised its first PPP interim final rule, which was posted on April 2, 2020.

As described in detail in an announcement on June 8, 2020, the new rule updates provisions relating to loan maturity, deferral of loan payments, and forgiveness provisions. SBA issued revised PPP application forms to conform to these changes. SBA will issue additional guidance regarding loan forgiveness and a revised forgiveness application to implement the PPPFA in the near future.
 

Click here to view the new Interim Final Rules.

Click here to view the new Borrower Application.

 

Virtual Events: Three New Events on the Calendar to Help Members Survive the Pandemic

In our ongoing quest to provide members and the industry all the information and resources they need to persevere through the COVID-19 pandemic, AAHOA has added three new virtual events to the calendar. Join us at 4 p.m. EDT, Wednesday, June 24 for AAHOA Young Professional Hoteliers Virtual Event: Advocacy Updates, Getting Involved, and the PPP where the AAHOA Government Affairs team will show you the steps to take to get the attention of your representative.

They also will give a full breakdown of the PPP Flexibility Act. At 2 p.m. EDT, Thursday, June 25, Tina Burnett, Division Vice President, Franchise Brand Performance, G6 Hospitality, will be among the guest speakers when we host Owning and Operating Hotels in a Post-COVID-19 World: A Conversation with G6 Hospitality. Then, at 4 p.m. EDT, Thursday, June 25, join us for AAHOA Women Hoteliers Virtual Event: Maintaining Health and Wellness Through the Pandemic where Joshua Francis, PhD, LPCC-S, LICDC-CS will discuss self care during the pandemic. Submit your anonymous questions for Dr. Francis by June 23.

 

Register Now: Tomorrow’s Webcast on 2021 Review and Reset Post-Crisis

Most hotels have not touched their 2021 forecasts, but now is the time to revisit those figures. Join us at 3 p.m. EDT tomorrow, Tuesday, June 16, for a webcast on reviewing and resetting post-crisis. Register now for Hotel Owners & Conquering COVID: Phase 2. 2021 Review and Reset Post-Crisis to walk through areas for review, including market position, LNR expectations, recurring event demand, new or returning events pricing opportunities, inventory and rate fence adjustments, social content, and channel and segmentation expectations.

 
virtual

Hotel Business: CHLA’s Bijal Patel Discusses California Hotels Reopening to Tourism

As restrictions to lodge only essential workers are being lifted in California, according to Bijal Patel, AAHOA Lifetime Member and Chairman of the California Hotel & Lodging Association (CHLA), more than 5,000 hotels will reopen to nonessential travel “in the next two weeks.” However, seven Bay Area counties, including the San Francisco metro area, will remain closed to leisure travelers until Aug. 3.

Patel, whose organization worked extensively with Gov. Gavin Newsom’s Governor’s Office of Business and Economic Development (GO-Biz) and the Office of Emergency Services to make this date happen, connected with Hotel Business to discuss the state’s reopening plans. Read the full article here.

 
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STR: Drive-to Destinations Continue Strong Weekend Showing

Drive-to destinations continued to show strong weekend performance, with Myrtle Beach, SC, recording an 83.4% occupancy level. That was the main takeaway from the most recent STR video, which highlights performance for May 31 through June 6. Economy class hotels reached a 50.3% occupancy level for the week, while the Upper Upscale class showed the lowest occupancy level among the classes (22.1%). The ADR difference between Luxury and Economy class hotels was $123 for the week. A few key beach submarkets have been able to grow ADR more than 100% during the last 60 days.