industry reports
Service Properties Trust Sends Notice of Payment Shortfall to Marriott for Agreement Covering 122 Hotels
Service Properties Trust | September 25, 2020
Marriott Failed to Meet the Termination Threshold of 80% of Owner’s Priority Return through August. Failure to Pay the Shortfall Will Trigger SVC Termination Rights NEWTON, Mass. - Service Properties Trust (Nasdaq: SVC), or SVC, today sent a letter to Marriott International, Inc. (NYSE: MAR), or MAR, requesting MAR advance $11.0 million to cover the shortfall between the payments SVC has received to date from MAR and 80% of the priority returns due to SVC for the eight months ended August 2020. MAR has 10 days from receipt of the letter to make the payment, or SVC will have the right to terminate its agreement with MAR. SVC’s agreem...
Navy Pier Closure: A Cause for Concern?
Joseph Hansel | August 24, 2020
By Joseph Hansel On August 18th, Navy Pier Inc. (“NPI”) announced a temporary closure beginning September 8th—immediately following Labor Day weekend. Operations are intended to resume sometime in spring 2021. Suspending operations at Navy Pier not only stops visitation, but also the operation of the 70 businesses operating on the pier. Given Navy Pier’s cultural significance to the City of Chicago, such a closure is bound to draw questions about the future of all tourism amenities in the Windy City. HVS seeks to provide a quantified explanation of the effect of such a closure and what this may mean for tourist attractions in the n...
Travel Community Reacts to Breakdown of Coronavirus Relief Talks
The U.S. Travel Association | August 10, 2020
WASHINGTON (August 10, 2020)—U.S. Travel Association Executive Vice President of Public Affairs and Policy Tori Emerson Barnes issued the following statement on reports that congressional and administration leaders are suspending negotiations on the next phase of pandemic-related legislative relief: “It is critical that leaders in Washington resume talks and move forward on much-needed coronavirus-related economic relief. The travel and tourism industry accounts for 38% of all U.S. jobs lost so far, and travel companies—83% of which are small businesses—remain particularly vulnerable to the economic impact of the health crisis. ...
The Castell Project, Inc. Releases “Black Representation in Hospitality Industry Leadership 2020” Report
Castell Project | June 29, 2020
ATLANTA, June 29, 2020—Officials of Castell Project, Inc., a 501(c)3 nonprofit organization dedicated to accelerating the careers of women professionals in the hospitality industry, today released the “Black Representation in Hospitality Leadership 2020” report. The statistical document reflects the industry prior to the ongoing pandemic. Castell Project plans to release an updated report in January to show the impact on Black representation as the industry rehires. “While Black women and men account for one in five hospitality jobs according to the US Department of Labor, our research found they are a mere one in 65 hospitalit...
