5 things to know: 20 October 2020
5 things to know: 20 October 2020
20 OCTOBER 2020 9:46 AM

From the desks of the Hotel News Now editorial staff:

  • More Latino owners needed in hotel industry
  • Analysts predict grim outlook for hotels in Q3
  • COVID-19 cases remain low in Asia
  • Kempinski names new CFO
  • Homeless to remain at Lucerne Hotel

More Latino owners needed in hotel industry: There aren’t enough Latino hotel owners in the U.S., which is an issue that needs to be addressed, said sources at the recent Latino Hotel Association Virtual Conference, reports HNN’s Danielle Hess.

During a session at the conference, Bill Hall, SVP of development at Radisson Hotel Group, said 91% of the company’s hotels in the Latin America region are Latin-owned, but it’s less than 1% in the U.S., and it’s “not enough.”

To accelerate the growth of Latino owners in the U.S., education is needed.

“We need to have programs that accelerate education … that education piece and showing folks what the opportunity is out there, not only for potential owners, but for the brands as well, as we can engage with one another and open up to that audience in conjunction with AHLA and other groups,” Hall said.

Analysts predict grim outlook for hotels in Q3: Things aren’t looking great in terms of third-quarter performance for public hotel companies, and industry analysts say any hopes for a quick recovery are gone, HNN’s Sean McCracken and Bryan Wroten report.

Michael Bellisario, senior hotel research analyst and director at Baird, said many analysts are further downgrading earnings estimates.

“Things are tough, I agree,” he said. “I think the biggest thing is that urban, big-box business travel and group business are coming back more slowly than people hoped 90 days ago or even 180 days ago.”

COVID-19 cases remain low in Asia: Surges in COVID-19 cases across the U.S. have led to new waves of restrictions, such as shutting down bars, but mandated measures in Asia “are becoming distant memories,” The Wall Street Journal reports.

“While China, Japan, South Korea, Singapore and Hong Kong, combined, have been recording fewer than 1,000 cases a day since September, the U.S. alone was reporting more than 56,000 cases a day on average as of Monday, the highest number since early August,” the news outlet reports.

Europe is experiencing a second wave of cases, averaging 88,000 cases a day as of Monday, which is “more than ever before.”

Kempinski names new CFO: Kempinski Hotels announced the company has named Peter Fiedler as CFO and a member of the Kempinski management board, according to a news release.

Fiedler will oversee the financials of the company and “will be in charge of corporate and hotel finance, managing of financial resources, loss prevention, compliance as well as internal audit among others,” the release states.

Fiedler has more than 40 years of experience in finance and controlling.

Homeless to remain at Lucerne Hotel: A New York judge temporarily stopped the city from displacing 235 homeless men who had been living at the Lucerne Hotel, New York 1 reports.

The property is one of the hotels Mayor Bill de Blasio moved homeless residents to during the pandemic “to protect them from the spread of COVID-19 in group-style shelters, but the move set off a firestorm in the area after some area residents objected to having homeless men living in their neighborhood, claiming some of them were committing crimes, using drugs on the street and detracting from the overall quality of life,” the news outlet reports.

Compiled by Danielle Hess.

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