From the desks of the Hotel News Now editorial staff:
- Focus on attendee health important to future events
- NYC hotel owners to pay $500 million to employees
- Investors don’t expect recovery to spur rise in inflation
- Some hotels may not reopen due to COVID-19
- Hotel Thanksgiving meals around the globe
Focus on attendee health important for future events: Experts in the meetings business said meetings planners will need to focus on the health and safety of attendees going forward, which has led some planners to include medical teams as part of events, HNN’s Sean McCracken writes.
David Adler, chairman and founder of BizBash, said the success of future events will depend on reliable COVID-19 testing.
“In the trade show business, the No. 1 thing they’re worrying about is on-site testing to make sure that when you’re in there you feel confident,” he said. “That’s going to be the biggest problem, though, is people are still not confident about travel to get to those events.”
NYC hotels owners to pay $500 million to employees: An arbitrator’s recent ruling says hotel owners in New York City will have to pay $500 million to employees displaced by COVID-19, The Wall Street Journal reports.
Hotel owners and union representatives told the news outlet that this is the largest hotel-employee payout ever given in the city.
“The magnitude of the payments is heightening tensions between lodging owners and the hotel union as COVID-19 ravages New York’s hospitality business,” according to the news outlet.
Investors don’t expect recovery to spur rise in inflation: Progress made in the development of COVID-19 vaccines has given some hope that the economy will recover faster from this crisis, and investors don’t think the recovery will lead to a jump in inflation, The Wall Street Journal reports.
“Investors began exiting 10-year Treasury inflation-protected securities, or TIPS, after the U.S. election, as hopes for a large fiscal stimulus package began receding and worries about inflation abated. The yield on TIPS, known as the real yield, rose to minus 0.768% on (9 November), the highest level since early July. It had fallen to an all-time low of minus 1.104% at the end of August,” the news outlet writes.
Debt investors often have a fixed cash flow, which makes them sensitive to inflation as their income is worth less when prices rise.
Some hotels may not reopen due to COVID-19: Some hotels in New York City might be left empty after COVID-19 as hotels are starting to close permanently in the city, the Commercial Observer reports.
Data cited by the news outlet from STR, parent company of HNN, shows at least four hotels in the city had announced permanent closures by mid-November this year.
“It’s costing them hundreds of thousands of dollars (a month), or, in some cases, higher than that, to remain closed,” Sean Hennessey, founder and CEO of Lodging Advisors and clinical assistant professor at the Jonathan M. Tisch Center of Hospitality at New York University, told the news outlet. “In order for these hotels to reopen, the numbers could be in the many millions of dollars. Employees are scattered and need to be rehired or retrained. Right now, the outlook looks painful.”
Hotel Thanksgiving meals around the globe: With Thanksgiving happening next week, Forbes took a look at 29 Thanksgiving recipes from hotels around the globe.
Recipes include vegan stuffed honeynut squash from the Beverly Hilton; chocolate, candied pecan nut and cinnamon s’more pot from Ireland’s Ashford Castle and New England pumpkin pie from the Bedford Post Inn.
Check back to HNN next week to hear what some hotels in the U.S. are doing to serve up delicious Thanksgiving meals while sticking to COVID-19 protocols.
Compiled by Danielle Hess.