Don't see images? Click Here SUBSCRIBE FOR FREE MANAGE EMAIL PREFERENCES
Bisnow - (Almost) Never Boring
July 6, 2020

D.C. Hotels Below 20% Occupancy During Usually Busy Summer Tourism Season

[Webinar] Opportunity Zone Update With HUD Secretary Ben Carson: Case Studies & Best Practices For Your OZ Investments July 9

The summer months have always been the backbone of D.C.'s tourism industry.

Families taking summer vacations, international tourists visiting the nation's capital and business travelers attending conferences typically provide D.C.'s hotel market with robust demand during the summer. But this has been anything but a typical summer.

D.C. Hotels Below 20% Occupancy During Usually Busy Summer Tourism Season

The coronavirus led to a sharp drop in tourism and business travel that has brought D.C. hotel occupancies to a fraction of their pre-crisis levels, and that impact is especially pronounced now during what is typically a lucrative time for the city's hotels. The occupancy rate for D.C. hotels stood at 19.2% for…

Read the full story here.

  Share:  
 
Perforation

Top Stories on Bisnow.com

Banks Stand To Lose $48B On CRE Loans Banks Stand To Lose $48B On CRE Loans
Developer Signs Deal To Bring Delos Air Purification System To 40,000 Apartments Developer Signs Deal To Bring Delos Air Purification System To 40,000 Apartments
AAREP Releases Platform Of Anti-Racist Policies For Real Estate Companies AAREP Releases Platform Of Anti-Racist Policies For Real Estate Companies
PNC CEO Bill Demchak On Selling BlackRock And Why We're Underproducing As A Nation PNC CEO Bill Demchak On Selling BlackRock And Why We're Underproducing As A Nation
Perforation

Chevy Chase Land Co. Hires New CEO From McCaffery

Chevy Chase Land Co. Hires New CEO From McCaffery

A 130-year-old D.C. development firm has a new leader. Chevy Chase Land Co. announced Monday it hired John L. Ziegenhein III as president and CEO. He comes from McCaffery, where he has worked since 2008, most recently as chief operating officer."John's operational expertise combined with…

Read the full story here.

  Share:  
 
Perforation

Mixed-Use Project With Residential, Office, Retail Proposed In Clarendon

Mixed-Use Project With Residential, Office, Retail Proposed In Clarendon  

Jefferson Apartment Group is adding to its D.C.-area development pipeline again, this time with a mixed-use project in Clarendon.  The developer filed an application with Arlington County for a 128-foot-tall building with 211 apartments, 68K SF of…

Read Full Story

  Share:  
Perforation

In Case You Missed It...

D.C. Office Vacancy Hits All-Time High As It Falls Behind Suburbs In Q2 D.C. Office Vacancy Hits All-Time High As It Falls Behind Suburbs In Q2
Court Gives Green Light To EYA Project As Northeast D.C. Developments Move Forward Court Gives Green Light To EYA Project As Northeast D.C. Developments Move Forward
D.C. Announces $66M In Affordable Housing Investments To 10 Projects D.C. Announces $66M In Affordable Housing Investments To 10 Projects
'The Floodgates Are Going To Open': Virginia Lifts Ban On Apartment Evictions 'The Floodgates Are Going To Open': Virginia Lifts Ban On Apartment Evictions
NAACP To Move Headquarters Out Of Baltimore NAACP To Move Headquarters Out Of Baltimore
 
Perforation

Distressed Assets Simmer On The Sidelines As CMBS Delinquencies Lurch Higher

CMBS delinquencies are through the roof, with nearly a quarter of hotel- and retail-associated loans breaking bad. Even other property types are seeing delinquencies inch up.

The latest Trepp Analytics data puts CMBS delinquency of loans associated with hotels at 24.3% of the total in June, up from 19.13% in May. Loans associated with retail properties were delinquent at a rate of 18.07% in June, up from 10.14% in May. 

Multifamily CMBS delinquencies, which were less than 2% as 2020 began, stood at 3.29% in June; and office CMBS, also less than 2% at the beginning of the year, edged up to 2.66% in June, Trepp reports.

These trends are preconditions for a robust distressed asset market, but much still has to happen before the dreams of pandemic-era grave dancers are realized, experts say. 

"Opportunity for distressed assets is clearly rising, but there are still a lot of unknowns," DBRS Morningstar Vice President of CMBS Analytical Services Steve Jellinek said. 

Read the full story here.

 
Perforation

'We Need Open-Heart Surgery’: NYC Restaurants Desperately Rework Leases To Stay Alive

NEW YORK CITY — New York City restaurants were dealt another major blow this week, when city and state officials walked back plans to allow indoor dining, which was supposed to reopen July 6.

Though coronavirus infections in the state have come down significantly, cases in other parts of the country are exploding to record highs, spooking local politicians who desperately want to avoid a fresh wave of the virus that has already killed more than 30,000 New Yorkers.

Restaurant operators in the city have long relied on cramming tables into small, high-rent spaces. Now, they say renegotiating those leases has become a matter of financial life and death. Many are asking landlords for leases to be restructured to percentage rent — to mixed responses. Others are relying on rent abatement or deferral, and some are pinning hopes on federal intervention.

“We need the government, the banks, landlords and commercial tenants to come together and forgive rent, restructure mortgage and leases, otherwise we could see default through the system,” Hospitality Alliance Executive Director Andrew Rigie said.

Read the full story here.

 
Perforation

'This Is Going To Get Harder': Economists React To June Jobs Report On Twitter

Nonfarm payroll employment increased by 4.8 million jobs in June, the U.S. Bureau of Labor Statistics reported Thursday.

The unemployment rate declined to 11.1%.

"These improvements in the labor market reflected the continued resumption of economic activity that had been curtailed in March and April due to the coronavirus (COVID-19) pandemic and efforts to contain it," the Bureau of Labor Statistics wrote in its report.

Leisure and hospitality accounted for about 40% of the increase, adding 2.1 million jobs in June after adding 1.4 million in May. The industry has lost 4.8 million jobs since February.

Construction employment grew by 158,000 jobs for the month, but the industry has lost 472,000 jobs since February.

Read the full story here.

 
Perforation

My New Normal: Pollock Commercial Real Estate Services Founder Jeff Pollock

 

This series aims to capture a moment in time, talking to men and women in commercial real estate about how their lives and businesses are being transformed by the coronavirus pandemic.

At 42, Jeff Pollock is one of the youngest presidents ever of the Atlanta Commercial Board of Realtors.

Pollock, the board's 2020 president, also has the unique distinction of being the first president since the commercial version of the board started in 1998 to lead the organization during a pandemic that forced the government to shut down businesses and required residents to shelter in place.

Read the full story here.

 
 
 
       
 
You are receiving this email because you are either a member of the Bisnow community, have attended a Bisnow event, because you have a legitimate interest in real estate news and events because of your profession, or because of your business associations, memberships or partnerships.
 
This email was sent to: newsletter.archives@bisnow.com
 
   
 
123 William St, Suite 1505, New York NY 10038
Newsletter Approval Code: 40039