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284 | Sharing the Wealth: Hotel industry leaders want to bring Black investors into the fold
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The coronavirus pandemic and the resulting downturn in the travel industry will make it difficult for investors to find the capital they need to acquire and develop hotels.
That means minority investors, in particular Black Americans, might face an uphill climb in qualifying for bank loans unless they can close the ever-widening equity gap.
Several industry groups, including owners, are looking post-pandemic and reviving efforts to partner with Black investors in hotel development, including partially financing new projects.
Industry leaders also want to educate minority owners of other commercial real estate assets how to reap financial returns through investment in hotels.
Last week, Lodging Leaders reported on Black hoteliers introducing boutique concepts that celebrate Black heritage and culture. This week, we explore the state of Black hotel investment and how the coronavirus pandemic has strengthened industry leaders’ resolve to invite more minority investment into hospitality.
We feature John Lancaster, new regional vice president of emerging markets at Choice Hotels International in Rockville, Maryland; Omari Head, director at Paramount Lodging Advisors, a hotel brokerage in Washington, D.C.; and Navroz Saju and Azim Saju of Hotel Development and Management Group, a family-owned business in Ocala, Florida.
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303 | Hotel Tech Goes Viral: COVID pandemic forces industry to modernize operations
The coronavirus pandemic is forcing hoteliers to deploy new technology to run more cost-efficient businesses and to ensure customers that properties are safe by providing such services as contactless check in and mobile key. Long Live Lodging explores how the COVID-19 outbreak has invigorated hotels’ adoption of tech solutions and looks at what types of products owners and operators are investing in during the coronavirus crisis and for the post-pandemic era. This report is part of Long Live Lodging’s ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.
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302 | Value Judgment: Hotel asset pricing in COVID-19 age is different from previous recessions
Hotel appraisers and brokers expect distressed assets to come to market as the pandemic recession continues into 2021. Analysts say billions of dollars in private equity are waiting in the wings to acquire hotels underperforming as a result of the coronavirus crisis. But pricing will be different than in previous economic downturns. While a transaction may be distressed, it will not necessarily reflect distress pricing,” said Daniel Lesser of LW Hospitality Advisors. Long Live Lodging explores the state of hotel values as well as what may lie ahead with regard to transactions in 2021 as the spread of COVID-19 continues to stifle lodging performance. This report is part of our ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.