Here’s why Times Square Edition could reopen
While New York City theaters remain closed and corporate travelers are mostly grounded, the Times Square Edition is likely to reopen after lenders stepped in to iron out an issue with Marriott International, according to the company’s chief financial officer. Nearly six months after the pandemic thrust the global hospitality industry into crisis, U.S. hotels are burning cash and missing debt payments. That’s leading lenders, reluctant to own money-losing properties, to prop up struggling hotels.
Hotel industry faces wave of foreclosures: Report
A new national report shows that the hotel industry is facing a historic wave of foreclosures as the COVID-19 pandemic continues to devastate the industry. The report, compiled by Trepp, shows that the percentage of loans that is 30 or more days delinquent is 23.4% as of last month — the highest percentage on record. By comparison, the percentage of hotel loans that were 30 or more days delinquent at the end of 2019 was 1.3%.
Implications for Vietnam
The COVID-19 pandemic has taken a heavy toll on the Vietnam tourism industry, bringing down international arrivals to only 3.7 million and domestic-traveler trips to 23 million in the first half of 2020, a year-over-year drop of 57% and 50%, respectively, according to data from CBRE. In order to curb the COVID-19 spread, Vietnam has shut down its borders to all foreign nationals since March and limited the entrance solely to diplomats or experts working on important projects. Hence, international arrivals volume decreased by 99% year-over-year in the second quarter alone.
NYC to require quarantine forms at hotels
New York City Mayor Bill de Blasio signed an executive order requiring hotels to have visitors from 35 states to quarantine for 14 days and fill out quarantine forms before check-in. Failure to comply is a misdemeanor.
