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Saying goodbye to the hotels that closed due to COVID-19

Saying goodbye to the hotels that closed due to COVID-19
Feb 2, 2021
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It’s been a year since we all first heard the words “novel coronavirus,” and the pandemic has lasted longer than many of us had expected. Hotels worldwide have struggled to keep their doors open and entice travelers to visit whether for the day for a quiet workspace, a staycation for a simple change of scenery or a stop along a road trip route. ....

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Hotel Owner Burned in Financial Crisis Loses Again in Pandemic

Hotelier Burned in Financial Crisis Loses Again in Pandemic Bust
Columbia Sussex Group is in foreclosure on three hotels and is prepared to surrender two others to the lender.
Bloomberg | Jan 25, 2021
(Bloomberg) A hotel company that ran into trouble during the financial crisis is shaping up to be one of the biggest losers in the pandemic lodging bust, as property owners who delayed debt payments grapple with impatient lenders.
Columbia Sussex Corp., the closely held Crestview Hills, Kentucky-based owner of 49 lodging properties, is in foreclosure on three hotels, and is prepared to surrender two others to lenders, loan documents compiled by Bloomberg show. At least 25 properties that the company has financed with loans packaged into commercial-mortgage backed securities are in special servicing or on servicer watch lists. ....

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Columbia Sussex Corp. is in foreclosure on three hotels

Columbia Sussex Corp. is in foreclosure on three hotels
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CoStar | # 1 Commercial Real Estate Information Company

STR DataShifts in Demand Mix Help Higher-End Hotels Maintain RateThe easy explanation might be that hoteliers with luxury and upper-upscale hotels learned the lesson that dropping rates doesn t necessarily speed up recovery. However, the data suggests other factors were at play.
When It Comes to the Pandemic, Hotel Executives Agree They Were WrongThe moderator said he would be kind by not naming names, but one year into the pandemic, an online panel of leaders in the hotel industry all had to admit one thing: No one realize.
One Year Later, Hoteliers Expect Elevated Disinfecting Efforts To Stick AroundAt the onset of the COVID-19 pandemic, hotel brands rolled out elevated protocols for disinfecting public spaces and guestrooms. Now, a year later, most of these guidelines are still in place and will remain long term. ....

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Ashford Hospitality Trust Announces Closing Of Corporate Financing

Ashford Hospitality Trust Announces Closing Of Corporate Financing
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DALLAS, Jan. 15, 2021 /PRNewswire/ Ashford Hospitality Trust, Inc. (NYSE: AHT) ( Ashford Trust or the Company ) today announced that the Company has closed on the previously announced strategic financing from funds managed by Oaktree Capital Management, L.P. ( Oaktree ). The Company drew down $200 million on the financing at closing and has the option to draw down an additional $250 million, if needed. The optional additional drawdown has increased $100 million from the previously announced terms.
We re excited to announce the closing of this strategic financing with Oaktree and believe this partnership will be beneficial for the Company going forward, commented J. Robison Hays, Ashford Trust s President and Chief Executive Officer. With this important financing now closed and vaccine distribution ramping up, we look forward to g ....

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