WASHINGTON, D.C. – The American Hotel & Lodging Association (AHLA) on Wednesday released a statement in support of H.R. 7809—the Helping Open Properties Endeavor Act, or HOPE Act. Representatives Van Taylor (R-Texas), Al Lawson (D-Fla.), and Andy Barr (R-Ky.) introduced the bipartisan legislation to provide borrowers of commercial mortgages with financial assistance through the HOPE Preferred Equity lending facility. The bill would help prevent commercial real estate foreclosures and protect jobs in the hospitality industry, according to AHLA President and CEO Chip Rogers.
“With record low travel demand, thousands of hotels can’t afford to pay their commercial mortgages and are facing foreclosure and the harsh reality of having to close their doors permanently,” Rogers said. “Tens of thousands of employees are faced with losing their jobs permanently. Other small businesses that depend on these hotels to drive local tourism and economic activity will likely face a similar fate. Before the pandemic, one out of every ten jobs in the U.S. depended on travel and tourism. It’s imperative we get back to those levels once this crisis is behind us.”
“The hotel industry supports the HOPE Act to give struggling small business hotels an opportunity to keep their doors open and avoid foreclosure,” Rogers continued. “We urge Congress to quickly pass this legislation to keep hotels open for business and position America’s tourism industry to survive and recovery when the public health crisis subsides.”