AHLA Launches ‘Hotels for Hope’ to Assist First Responders During COVID-19 Outbreak

WASHINGTON, D.C. — The American Hotel and Lodging Association (AHLA) has launched "Hotels for Hope," a new initiative that aims to connect participating hotels with the health community struggling to find housing and support as the COVID-19 public health crisis grows. Washington, D.C.-based AHLA has identified more than 6,500 properties nationwide that are can work with the U.S. Department of Health, Human Services (HHS) and the U.S. Army CORPS of Engineers to provide access to hotel …

CBRE Predicts 60 Percent Drop in Hotel RevPAR in Second Quarter Due to Pandemic

LOS ANGELES — As the impact of the COVID-19 pandemic continues to develop, CBRE Hotels Research has released a revised Viewpoint Hotel 2020 Outlook. The firm now expects gross domestic product (GDP) growth for the United States to slow to 0.4 percent in 2020, down from its previous estimate of 1.9 percent. CBRE expects a sharp drop in economic activity in the second quarter, stabilization as early as third-quarter 2020 and a recovery underway by the fourth quarter. “Governments …

SLH Tuscaloosa to Develop 120-Room Hotel in Alabama

TUSCALOOSA, ALA. — SLH Tuscaloosa LLC will develop a 120-room Southern Living-branded hotel in Tuscaloosa. Included on the 38.7-acre site will be 32 cottages available for individual sale. The property is situated at the intersection of Rice Mine Road North and McFarlane Boulevard West, across the Black Warrior River from the University of Alabama. The 124,000-square-foot property will include a restaurant and rooftop lounge on the fourth floor, as well as a wellness center that will include …

Tower Capital Secures $20.1M Development Financing for Hilton Home2 Suites in Mesa, Arizona

MESA, ARIZ. — Tower Capital has secured $20.1 million in development financing for a Home2 Suites by Hilton in Mesa. The name of the borrower was not released. Concord Eastridge is developing the four-story, 111-key hotel, which will be situated on the 18th hole of the Longbow Golf Course in Mesa’s Falcon District. The Home2 Suites by Hilton brand features lifestyle-focused amenities, including suites with separate living and bedroom space and a “working wall” that incorporates a …

Hyatt to Furlough Most Corporate Employees in Response to COVID-19

CHICAGO — As a result of COVID-19 significantly decreasing demand for hotel rooms and event space, Chicago-based Hyatt Corp. has suspended operations at many hotels and implemented temporary furloughs as well as pay and work reductions that will impact Hyatt corporate workers across the globe. The furloughs and reductions are in place from April 1 through May 31 and affect two-thirds of the company’s U.S. corporate employees, according to Bloomberg. The furloughs will enable Hyatt corporate …

Knighthead Funding Secures $30.5M Construction Loan for Boutique Hotel in Historic Charleston

CHARLESTON, S.C. — Knighthead Funding LLC has provided a $30.5 million construction loan for Roost Charleston, a planned boutique hotel that will also include 11,003 square feet of retail space. The non-recourse, floating-rate loan has a 27-month term. The property will comprise a newly constructed building as well as three redeveloped, historic buildings. Roost Charleston will offer a combination of standard hotel guest rooms and extended stay apartments. Amenities will include a …

Oxford Economics Study Projects 44 Percent Hotel Job Losses Nationwide

NEW YORK, NEW JERSEY, PENNSYLVANIA, MASSACHUSETTS — An Oxford Economics study for the American Hotel & Lodging Association (AHLA) has found that 44 percent of hotel employees in every state have lost or are projected to lose their jobs as a result of the COVID-19 outbreak. AHLA reports that hotel occupancy rates in some markets are below 20 percent following restrictions of air-travel and business shutdowns in many states, including New York. Of the state’s 112,897 direct hotel …

COVID-19 and Commercial Real Estate: What We Know, What We Don’t

The coronavirus pandemic (COVID-19) has not only impacted the physical health of humans around the world, but the health of the U.S. economy as well. While the stock market rallied over 11 percent on Tuesday, its biggest jump in nearly 90 years, on news that a federal stimulus bill to rescue the economy from the coronavirus was imminent, the Dow Jones Industrial Average was still down 31 percent from its most recent high at the closing bell. Meanwhile, economists say weekly jobless claims — …

Cambridge Landmark Completes $30M Renovation of Sheraton Philadelphia Downtown Hotel

PHILADELPHIA — Hospitality owner Cambridge Landmark has completed a $30 million renovation of its 760-room Sheraton Philadelphia Downtown hotel in the Center City area of Philadelphia. The project upgraded the hotel’s guestrooms and 2,071-square-foot fitness center, which now features four Peloton bikes, among other new fitness equipment. The renovation also delivered a new 60,000-square-foot event space with two dining

Helmsley Spear Arranges $9.5M Refinancing Loan for Kings Hotel in Brooklyn

NEW YORK CITY — Helmsley Spear LLC has arranged a $9.5 million refinancing loan for the 49-room Kings Hotel in Brooklyn. Crown Bank provided the 10-year, fixed-rate loan that carries a 25-year amortization schedule. Located at 2416 Atlantic Ave., the hotel features a fitness center and conference rooms. Showket Ahamed of Helmsley Spear arranged the

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