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While every facet of the commercial real estate industry has been impacted by the coronavirus, the hospitality industry has been hit particularly hard.
Revenue per available room projections have plummeted, occupancy rates are down and many hotels have closed temporarily until this crisis passes.
Few people understand what hoteliers are facing right now better than Jon Bortz. As the CEO of Pebblebrook Hotel Trust, which is one of the largest U.S. hotel REITs, Bortz has been forced to temporarily close 85% of Pebblebrook hotels across the country.
In March, he and other members of the American Hotel and Lodging Association Executive Board of Directors went to the White House to ask for a $150B bailout for the hospitality industry.
While the $2 trillion CARES relief package did pass, the Paycheck Protection Program loans have already been exhausted, and Bortz believes that more funds are needed to help hotels recover from the crisis.
Join Bisnow as we host a virtual town hall with Bortz to discuss how the coronavirus has impacted the hotel industry, the measures he believes hoteliers need to take to help their properties survive and more. There will also be an opportunity to ask questions.
This Bisnow webinar will take place on April 22 at 3 p.m. ET. Register here for tickets.
Read more about our speaker:
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Jon Bortz is the chairman, president and CEO of Pebblebrook Hotel Trust, a position he has held since 2009. Prior to taking that position, he was president and CEO of LaSalle Hotel Properties from its inception in 1998 until his retirement in 2009. He also founded the hotel investment group of Jones Lang LaSalle Inc. in 1994 and oversaw all of its investment and development activities. Currently, he is chairman of the board of the American Hotel and Lodging Association, a member of the Executive Committee of the Board of Governors of the National Association of Real Estate Investment Trusts and on the board of trustees of Federal Realty Investment Trust.
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