Saturday 22 August, 2020 TODAY'S TOP STORY US hotels facing historic level of foreclosures US: A national report compiled by Trepp reveals that nearly one in four hotel CMBS loans LATEST NEWS
If you missed our last newsletter... check out the stories below! FEATURES VIDEOS & PODCASTS EDITOR'S COMMENT 22/08/2020
• The true impact of the lockdown and halt in tourism is beginning to manifest in the United States, where $20.6 billion in delinquent hotel CMBS loans have been recorded for July. The fixed costs attached to managing and operating a hotel business have sent the sector reeling, ultimately leading to the country facing a historic volume of foreclosures.
Almost 4000 industry leaders co-signed a letter to Congress calling for the enactment of the HOPE Act. The legislation would provide commercial property owners the temporary liquidity needed to keep doors open in exchange for a preferred equity interest in the property. It would essentially enable hoteliers to alleviate the debt crisis whilst helping to safeguard jobs.
The likelihood that distressed hotel assets will surface over the next few months is looking all the more concrete. Here in the UK, opportunistic buyers are already on the hunt. I recently spoke to Deepesh Thakrar, senior director of debt finance at OakNorth Bank, who mentioned he's received a number of calls. "Unfortunately, there’s going to be some businesses that don’t make it out the other side," he said, "at the same time, we’re seeing a lot of the big funds actively looking for distressed assets. Like the last recession, it represents opportunity."
• Don't forget to register for our next Urban Living webinar series, which takes place on Wednesday August 26th, 2pm BST, when we will be discussing: Placemaking - overvalued buzzword or underutilised pursuit?
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Future topics include: • Wednesday September 2nd, 4pm BST: Flex rentals - investing in innovation • Wednesday September 9th, 2PM BST: The anyplace workplace: Office of tomorrow v office of yesterday • Wednesday September 23rd, 9AM BST: Meet the money: what are urban hospitality real estate assets worth and where are the opportunities post Covid-19? • Wednesday September 30th, 2PM BST: New real estate models and proptech investors SPONSORED BY RMS CLOUD • Wednesday October 7th: Investment: How to partially pandemic-proof your portfolio
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Eloise Hanson, news editor
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