Widespread hotel mortgage foreclosures are not likely even though nearly one-quarter of US properties were delinquent at summer's end, experts say. The consensus of observers is that lenders are wont to take on a large number of hotels that they are unlikely to revive on their own under the stress of the pandemic.
The Omni Viking Lakes Hotel was scheduled to open today as part of the Minnesota Vikings' new complex in Eagan, Minn., overcoming worries about timing in light of the pandemic. "I don't think we're naive enough to think we're going to fill up anytime fast, but we thought it was important to get open and build momentum," said Brent Glashan, general manager of the 14-story Nordic-themed hotel.
Shanghai has provided coronavirus guidelines to hotels ahead of the China International Import Expo, which will be held Nov. 5-10. The tourism board listed 1,151 hotels that have met safety criteria to host guests.
Judging from data gathered from the commercial mortgage-backed securities market, hotel and mall values may have dropped by 25% or more because of the coronavirus pandemic. Wells Fargo reports that new appraisals, which are ordered when a property owner fails to make a mortgage payment, are increasing, with 68 done this month.
A 19th-century hotel in Naples, N.Y., with a reputation for spooky incidents has been revived by Tom and Destiny Salviski of Brighton as Halloween looms. The Naples Hotel has entertained such notable guests as Robert F. Kennedy in addition to recognition by the "Ghost Hunters" TV show and Haunted History Trail of New York State.
The Waldorf Astoria Monarch Beach Resort & Club will bring Hilton's luxury brand to Dana Point, Calif. The 400-room property, which features an 18-hole golf course, partners Waldorf Astoria Hotels & Resorts with Ohana Real Estate Investors.
Zoom Chief Diversity Officer Damien Hooper-Campbell in this interview discusses the positive effects of working remotely on diversity and offers advice to other leaders. "As a D&I practitioner, you're a therapist, coach, educator, activist, and advocate," Hooper-Campbell says, urging leaders to put their "own oxygen mask on first."
Many minority-owned restaurants and local standbys get pushed out of gentrifying neighborhoods as outside restaurant names move in and rents go up, writes Vince Dixon. New restaurants are often the first signs of gentrification, which can be seen in the drastic difference between the beloved, 40-year-old Carnitas Urapan in Chicago's Pilsen neighborhood and upscale newcomers like Thalia Hall.
MGM Resorts International and Wynn Resorts announced plans for rapid COVID-19 testing now that Nevada Gov. Steve Sisolak reopened the state to small conventions with up to 1,000 people. MGM will use the Convene with Confidence plan, which was used for the NHL Stanley Cup playoffs.
Fort Collins, Colo., is home to the Hydrate IV Bar, an IV drip spa. "We are working with folks suffering from jet lag, altitude sickness, general health and wellness ... and the hangover crowd," said Brendan Charles, franchise co-owner.
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