Visit www.aahoa.com/covid-19 for the latest info
Click here if you are having trouble viewing this message.
AAHOA

Update for Monday, August 3

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
 

  • AAHOACON20: Make sure you’re ready to vote in the virtual election
  • The HOPE Act: Congressmen introduce bill to provide relief for those with CMBS loans
  • CBMS Loans: Senate banking chairman petitions Fed, Treasury for aid for the lodging industry
  • Tomorrow’s Virtual Events: Join us to learn about taxes in Alabama, get updates on Washington DC Area
  • Tomorrow’s Webcast: Getting Back to Business: Coronavirus Legislation on NOL Carrybacks & Other Provisions – Part II
  • STR: U.S. performance results for the week ending July 25
  • ADARA: Traveler Trends Tracker shows uptick in domestic air travel, hotel bookings

Make Sure You’re Prepared to Make Your Voice Heard in the Upcoming Election
This year’s election for the 2020-2021 AAHOA Board of Directors is being done via remote voting next week on August 11, so it is vitally important that each voter log into your MyAAHOA account to check your eligibility. You must make sure the account includes your unique mobile number and a unique email address. Both are required to receive a ballot and they cannot be duplicated or shared across accounts.

More voting information will be coming out soon, but in the meantime, prepare for our 2020 election by logging into MyAAHOA and visiting the MyBallot page today to ensure you're eligible and ready to vote.

The HOPE Act: Congressmen Introduce Bill to Provide Relief for Those with CMBS Debt

On Wednesday, Congressmen Van Taylor (R-TX-03), Al Lawson (D-FL-05), and Andy Barr (R-KY-06) introduced legislation in the House to provide economic support to the commercial real estate (CRE) market, especially for businesses with CMBS debt. “The COVID-19 economic downturn has created a terrible crisis for thousands of small business owners who depend on hotel and travel industries. ... Defaults and delinquency rates in our industry are reaching record levels and there is truly a debt crisis for small businesses,”

AAHOA President & CEO Cecil P. Staton said. “The HOPE Act will provide hotel owners with liquidity when they need it most and will serve to help keep businesses open and to save local jobs.” H.R. 7809, the Helping Open Properties Endeavor (HOPE) Act works to prevent CRE foreclosures, specifically to borrowers of commercial mortgages.

 

ICYMI: Senate Banking Chairman Petitions Fed, Treasury for Aid for the Lodging Industry

For the past several months, AAHOA and our coalition partners have been pushing for relief for hoteliers with CMBS loans and to address the larger debt crisis in the lodging industry. Last Friday, Senate Banking Chairman Mike Crapo (R-ID) sent this letter to Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin urging their expansion or creation of a facility to address the needs of our industry.

The proposed program would create a federally guaranteed preferred equity facility that would provide liquidity without undertaking additional debt. This new program also will not solve all our problems, but Friday’s letter is a critical step in action to help hoteliers who have largely been dealing with considerable uncertainty.

Tomorrow’s Virtual Events: Join Us to Learn About Taxes in Alabama, Get Updates on Washington DC Area

We have two virtual events lined up for tomorrow that you don’t want to miss. At 2 p.m. EDT, Regional Director Sanjay M. Patel will host AAHOA Vice Chair Vinay Patel and Patrick Price of DuCharme, McMillen & Associates to discuss taxes in AAHOA Alabama Virtual Event: Property Tax. Later that day at 3 p.m. EDT, Regional Director Sandip Patel will help get area hoteliers up to speed when he hosts association leaders from

Tomorrow’s Webcast: Getting Back to Business: Coronavirus Legislation on NOL Carrybacks & Other Provisions – Part II

The CARES Act and subsequent guidance from the IRS were designed to lessen the effects of the COVID-19 pandemic. Hotel owners need to be aware of the vast tax-savings opportunities created by the legislation. Join us at 11 a.m. EDT tomorrow, August 4 for the final part of this series to learn more about these opportunities to help keep more money in your pocket.

Attend to learn more about the expansion of NOL Carrybacks and how to revoke certain elections to gain access to additional provisions. This valuable webcast is not to be missed. Register now.

 

STR Video: Occupancy at 55.8% But That’s About the Only Good News

U.S. weekend occupancy was at 55.8%, but RevPAR declined 54.8%. That was the good news-bad news scenario for the week ending July 25, according to the attest STR report. “U.S. weekend occupancy was at 55.8%, but COVID cases continue to increase... with a million new cases over the past two weeks,” Jan Freitag, Senior VP of Lodging Insights for STR, said. “RevPAR declined 54.8%, but the rate of change is slowing. So, it’s not getting much better.

Nice gains from early in May and June are a thing of the past.” Each week, STR analysts provide a deep-dive into U.S. hotel performance. Get the full results here.

 

ADARA: Traveler Trends Tracker Shows Uptick in Domestic Air Travel, Hotel Bookings

After regressing for a month, the trend in domestic air and hotel bookings for future travel improved slightly over the past two weeks (from -73% year-over-year in early July to -70% last week). That was some good news from ADARA's Traveler Trends Tracker, which is updated daily and taps into real-time travel data on travel-related consumer behavior including hotel volume and flight bookings for both business and leisure travel. See the full results here.