The American Hotel and Lodging Association released a staggering report this week about the current financial crisis for hotels across the nation. The report shows that the hotel industry is facing a historic wave of foreclosures as the COVID-19 pandemic continues to devastate small business hotel owners and its workforce.
Since the beginning of the pandemic the hotel segment has faced a historic number of delinquencies and is the most heavily hit sector of the commercial mortgage-backed securities (CMBS) market. AZLTA joined nearly 4,000 hotel industry leaders in an urgent letter to Congress seeking immediate action to help hotels avoid foreclosure and the loss of tens of thousands of jobs.
AzLTA continues to urge our Congressional Delegation to act swiftly to assist our industry.
Also, a special thank you to Glenn Wiliamson, Honorary Consul of Canada for Arizona and CEO of the Canada Arizona Business Council; Hector Vazquez, President of Rocky Point CVB and General Manager of Las Palomas Beach & Golf Resort; Deborah Ostreicher, Assistant Aviation Director of Phoenix Sky Harbor International Airport; and Glenn Hamer, President & CEO of the Arizona Chamber of Commerce and Industry, for joining our Tourism Talks Webinar series this week regarding restarting international tourism.
Be sure to register for our Tourism Talks: The Significance of Tourism Promotion webinar next week.