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AHLA Supports Plan to Add Funds For Small Business Loans, Seeks Additional Action to Protect Hotel Jobs
AHLA | April 9, 2020
AHLA CEO says additional funding and further action needed by the Administration and Congress to save millions of hotel jobs and tens of thousands of small business hotels at risk WASHINGTON (April 8, 2020) – The American Hotel & Lodging Association (AHLA) today expressed support for plans by Senate Majority Leader Mitch McConnell and Speaker Nancy Pelosi to provide an additional $250 billion in loans for small businesses. In a letter sent to Congressional leadership today, AHLA urged Congress to make several updates to the CARES Act in addition to increasing the funding. AHLA also sent an urgent letter to the Federal Reserve and
SELECT Hotels & Resorts Offers Virtual Experiences
Travel Leaders Group | April 9, 2020
NEW YORK, April 7, 2020 - SELECT Hotels & Resorts, a competitive, luxury-added amenity program made up of the world's most distinguished properties, is now offering travelers access to unique virtual experiences they can enjoy no matter where they are in the world. From children's programs to cooking classes to livestream yoga and meditation, virtual offerings help keep communities connected while allowing individuals and families alike to make the most of their time at home. "Despite these uncertain times, people are still eager to stay connected," said Mike Heflin, Senior Vice President, Hotel Division, Travel Leaders Group. "We'r
Global Business Travel Becomes The Latest Casualty of the Coronavirus Pandemic
The Global Business Travel Association | April 9, 2020
Alexandria, VA (April 9, 2020) — Business travel has become the latest casualty of the coronavirus pandemic by coming to a halt across the globe, according to the latest research conducted by the Global Business Travel Association (GBTA). This is the fifth poll that GBTA is releasing and the numbers are dire. To understand the coronavirus’s effects on business travel, GBTA conducted its fifth lightning poll among membership on April 1-4, 2020. GBTA received responses from almost 1,000 member companies throughout the world. View the entire poll results here. “With the spread of the coronavirus and many countries under quarant
Wynn Resorts Announces Pricing and Upsizing of Private Offering of $600 Million Aggregate Principal Amount of Wynn Resorts Finance 7.75% Senior Notes ...
Wynn Resorts | April 8, 2020
LAS VEGAS - Wynn Resorts, Limited (“Wynn Resorts”) (NASDAQ: WYNN) announced today the pricing by Wynn Resorts Finance, LLC (“Wynn Resorts Finance”) and its subsidiary Wynn Resorts Capital Corp. (“Wynn Resorts Capital” and, together with Wynn Resorts Finance, the “Issuers”), each an indirect wholly-owned subsidiary of Wynn Resorts, of $600 million aggregate principal amount of 7.75% Senior Notes due 2025 (the “Notes”) in a private offering. The aggregate principal amount of Notes to be issued in the offering was increased to $600 million from the previously announced $350 million. The Notes will be guaranteed by all of
Message From Arne Sorenson, Marriott CEO: Our Continued Efforts: We Will Travel Again
Marriott | April 8, 2020
It’s been three weeks since I last communicated with you about the dramatic impact of COVID-19 on our business. Sadly, since that time, we’ve all borne witness to how this insidious virus is impacting our families, our communities and our very way of life. What we’re facing is daunting, but I am heartened by the moments of triumph in everyday acts of courage, humanity and love. Although these are trying times for us all, I remain optimistic that our world will thrive once again. Today, I want to let you know how we’re focused on supporting the communities where our associates live and work. I also want to provide you with an up
How Well You Communicate With Employees During a Crisis Will Determine a Hotel’s Reopening Success
Beekeeper | April 8, 2020
By Andrada Paraschiv In just three months, the coronavirus spread from Wuhan, China, to every corner of the world. Everyone is affected by this global pandemic, and few industries have been as negatively impacted as hospitality and travel. As in any crisis, communication with employees is essential. With hotels closing daily and workers being furloughed, hoteliers are quickly realizing that they do not have effective communication processes in place to stay connected with their valued workforces. Although hotel companies are working diligently to triage this crisis the best they can, each are facing limitations. But there is some good news
Hotel Investing in the Uncertain Pandemic Climate
Marcus & Millichap | April 8, 2020
As we commence a new quarter in 2020, facing heavy headwinds in the face of the new decade, it is more important than ever to develop a plan to work through this pandemic. There is still so much uncertainty, yet it is our responsibility as business professionals to develop a plan to prepare ourselves for the worst-case scenario. The good news is however, that our economy is taking action to assist our business. The U.S Small Business Administration 504 program is providing loans with the same type of long-term, fixed-rate financing enjoyed by larger firms, denoted by interest rates equivalent to favorable bond market rates. Businesses are el
MGM Resorts’ Entertainment Partners Unite in Unprecedented Support for Company’s Employees During COVID-19 Crisis
MGM Resorts | April 8, 2020
LAS VEGAS (April 8, 2020) – 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. David Copperfield, Jay Leno, Bill Maher, Kathleen Madigan, David Spade, Boyz II Men, Brad Garrett, Carrot Top, Terry Fator, Ray Romano, Jabbawockeez, Shin Lim, Thunder from Down Under, Hans Klok, Australian Bee Gees, Fantasy and Bill Blumenreich Presents each showed their support for the MGM Resorts family this week with a donation to the fund.