It’s critical to address “the unique circumstances faced by commercial real estate, including securitized commercial mortgages, whether through access in the MSLP [Main Street Lending Program] or a separate facility. Several options have been circulated and should be carefully considered in crafting the appropriate terms,” Sen Crapo said in the letter.
Without assistance, more than 8,000 hotels across the country face foreclosure beginning in September, Chip Rogers, president and CEO of the American Hotel & Lodging Association, warned in a statement.
Rogers predicted that tens of thousands of hotel employees will lose their jobs and small-business industries that depend on hotels to drive local tourism and economic activity will likely face a similar fate if financing is not made available quickly.
“Travel and hospitality has been the hardest hit industry due to this unprecedented public health crisis. With record low travel demand, thousands of hotels can’t afford to pay their commercial mortgages and are facing foreclosure with the harsh reality of having to close their doors permanently,” Rogers said, adding that the hotel industry strongly supports The HOPE Act.
Reps. Al Lawson (D-FL) and Andy Barr (R-KY) co-signed the Helping Open Properties Endeavor (HOPE) Act.