The travel industry has come almost to a standstill, and the world’s ‘largest industry’ is reeling in the fallout. A health crisis that no one could predict. So many facts (sometimes conflicting) have bombarded the airwaves. It is overwhelming and scary.
I believe we must be hopeful yet diligent in these days.
Hopeful in the knowledge that our industry will come through this. Diligent in that we must keep abreast of the information that will become available for economic recovery for our small travel industry lodging segment. In addition we should seek out advice that is available now.
The B&B Team’s recent newsletter provided the type of helpful information we need to know.
Update from the SBA regarding loans
From our friend and colleague, Rick Newman of Commercial Capital Network:
“Banks all over the country are being hit with requests from hospitality property owners to abate payments until this blows over…. Even if the borrower does not have an SBA Guaranteed loan, I would suggest they contact their bank to request a rate reduction and or an abatement of principal & Interest payments for 3 to 4 months.”
Yesterday, Rick shared this notice from the Small Business Administration.
ALP – Association of Lodging Professionals is also a great source of information and helpful advice.
Their webinar on March 18 discussed the many concerns we all have. There will be more webinars to come. Sign up for ALP’s newsletter.
What ALP is doing and What your Property can do in the face of COVID-19
ALP has gotten a lot of questions, emails and phone calls from properties concerned about cancellations and the other effects the virus scare is having on lodging properties. Please Join ALP CEOs, Kris Ullmer and Rob Fulton and Marketing Director, Heather Turner as we review what we know, suggest some plans of action for properties and discuss cancellation recommendations and other challenges properties are facing.
Besides keeping in contact with your lender and staying informed through ALP’s newsletter, your State Association, and Chamber of Commerce, keep in contact with your innkeeping peers that are likely experiencing the same angst as you. Old fashioned telephone conversations can be very therapeutic. Hearing another voice in these times of social distancing is nice!!
You can also call any of us at The B&B Team.
I am going end with a bit of hope and humor from a quote Kathy Powell, innkeeper of the PineCrest Inn ,Gorham Maine, reposted on her Facebook page.
“I know this. When this ends-AND IT WILL-every game will sell out, every restaurant will have a 2-hour wait, every kid will be glad to be in school, everyone will love their job, the stock market will skyrocket, every other house will get TP’d, and we’ll all embrace and shake hands. That’s gonna’ be a pretty good day. Hang in there, World.”
Yes, hang in there innkeepers, stay safe, diligent and hopeful. The travel industry will continue to be the world’s largest industry. You are the small but mightily important segment of the travel industry.
Thanks for Listening,
And another thing that is a feel good. Give a wave of thanks, send a thank you letter or email to an essential worker. The list is long, from medical workers, military personnel to sanitary workers. Everyone who is working to keep things going in these trying times.