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Exam Code: CHA Practice exam 2022 by Killexams.com team
CHA Certified Hotel Administrator (AHLEI CHA) 2022

General managers and hospitality executives provide leadership to every level of a hospitality operation. They establish the vision and lead their staff in executing it. Their dedication to the hospitality industry is evident in the way they seek out continuing education, manage their employees, and ensure the financial success of the property. The Certified Hotel Administrator is a prestigious certification that recognizes these leadership and managerial skills. ​

The CHA has been reformatted to be more convenient for you as a busy hospitality executive. Program features include:
Review material on the go. You can obtain program content to your computer, mobile device or tablet for offline reading.
A new section on revenue management
Content organized by Topic in a modular format that makes it easy to review material in any order
A practice quiz with each module that can be taken as many times as needed
A new certification exam format where you can take questions at the end of each module rather than having to take one comprehensive final exam.

You can earn the CHA designation if you have been employed for two years (and are currently employed) in one of these qualifying positions:

General manager, owner/operator in a lodging hospitality company, or corporate executive* at a lodging hospitality company responsible for the operation of two or more properties

Assistant general manager or director of operations/rooms division (after successfully completing the CRDE certification)
Candidate Time in Position: 2 years.
The time in position requirement can be reduced by one year by meeting the following conditions:
One current AHLEI department head certification (limit 1)
A degree from an accredited academic institution (limit 1)
* A corporate executive is defined as an individual, employed by a firm responsible for the operation of two or more properties, who serves as a regional or corporate director of operations, or has ultimate corporate responsibility for rooms, marketing, finance, food and beverage, revenue management, human resources or engineering.

How to Apply
Access the online application
Have the following documents available to upload:
Current Resume
Job Description
Employment Verification Form (signed by your immediate supervisor)
Copy of diploma or transcripts
Once AHLEI has reviewed your application, you will receive an email accepting you into the program. That email will contain a link where you can order the CHA review online and pay the program fee.

Resource Materials
The Certified Hotel Administrator review program is a self-paced online program that helps you prepare for the CHA certification exam. You can access it online or obtain the content into a mobile device, tablet or computer.

The program is segmented by modules with subjects including:
Financial Management
Food and Beverage Management
Human Resources
Leadership
Marketing and Sales
Revenue Management
Rooms Management
You can focus on one area at a time in any order. Each module includes a practice quiz that you can take as many times as you wish before attempting to take any final sections of the certification exam.
Review Session
You can participate in an informally led review workshop and then take the CHA exam.
Review classes and exam sessions are open to any CHA candidate unless otherwise stated.
Typically a review session begins at 8 a.m. and ends at noon. After a break for lunch, you can take a proctored exam. All review classes and exam sessions are subject to change without notice. Some review sessions may require a nominal registration fee payable to the sponsoring organization.

Exam
The final CHA certification exam is broken down by sections at the end of each module. Each section of the final exam has 35 questions that you are allowed 35 minutes to complete. To pass, you must achieve 70 percent or higher on each segment. You have two attempts to pass each section of the final certification exam. If you do not achieve a passing score, you can purchase two additional retakes for $100 per section.

Certified Hotel Administrator (AHLEI CHA) 2022
Hospitality Administrator plan
Killexams : Hospitality Administrator plan - BingNews https://killexams.com/pass4sure/exam-detail/CHA Search results Killexams : Hospitality Administrator plan - BingNews https://killexams.com/pass4sure/exam-detail/CHA https://killexams.com/exam_list/Hospitality Killexams : $30 million to be distributed to pandemic-affected Connecticut hospitality businesses

The state has allocated $30 million to give grants to hospitality-industry businesses that have suffered as a result of the coronavirus pandemic, Gov. Ned Lamont announced Monday at a news conference at a restaurant in Norwalk.

Connecticut Hospitality Industry Support Grants, ranging from $7,500 to $49,999 depending on the amount of loss and comparison of yearly gross receipts, will go to restaurants, hotels, breweries, wineries, entertainment venues, travel services, transportation services and other businesses, Lamont said at the news conference at El Segundo restaurant.

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Checks to eligible businesses will be issued by the Department of Revenue Services this week. The money was issued to the state’s Department of Economic and Community Development as an element of the American Rescue Plan Act, and is part of the recently passed state budget.

“So many locally-owned small businesses in the hospitality sector are continuing to recover from the pandemic, and any bit of relief that can be provided will help support them and their workers,” Lamont said.

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Alexandra Daum, deputy commissioner of DECD, said the program “is intended to serve as a stabilizing force as our hospitality businesses get back to full operations and customers return to pre-pandemic behaviors.”

According to the DECD, “the funding can only be used for eligible expenses incurred on or after March 3, 2021, and must be used to mitigate financial hardship, such as by supporting payroll and benefits; costs to retain employees; mortgage, rent, utility, and other operating costs; maintenance of existing equipment/facilities; or costs to support COVID-19 mitigation and infection prevention measures.”

The DECD adds, “funding cannot be applied to any expenses that are already covered by any other governmental or private source, including insurance proceeds.”

Scott Dolch, president and CEO of the Connecticut Restaurant Association, said “even as restaurants have worked to recover from the pandemic, they’ve faced new headwinds in the form of inflation, worker shortages, and supply chain disruptions. We’re thankful that the state is taking this step to help local businesses.”

Dolch said that businesses that got federal Restaurant Revitalization Fund grants in 2021 weren’t ineligible for this round of funding. However, in computing need, the DECD added the amount of their RRF grant to their 2021 revenue.

“The 2021 gross receipts were compared to the 2019 gross receipts. ... Those who received [RRF], it doesn’t totally knock you out, but by adding those receipts, say you got a $300,000 [RRF] check, you’d be hard-pressed to be considered eligible,” he said.

Dolch was pleased that this funding measure included businesses that opened in 2020, 2021 and early 2022.

“Up to now there were no programs for them, no PPP, no RRF. All the grants early on, you had to show the pre-pandemic numbers and they didn’t have them,” Dolch said. “This program ... also targeted the little over 600 businesses that opened during the pandemic. They are going through the same struggles and were unable to get any support.”

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Embattled Connecticut restaurateurs were offered a ray of hope in 2021, with the RRF, which offered $28.6 billion in relief to restaurants nationwide. That hope disappeared for many. A flood of 278,304 applications were submitted, stating need totaling $72,233,280,031. In the end, just 101,004 of applicants, about 40%, were awarded grants, according to the Small Business Administration, which administered the funding.

In Connecticut, 3,369 Connecticut restaurants applied for RRF grants totaling $790 million. Of that, only about one-third, 1,303, received funding, totaling $301,164,069.

Efforts to replenish that fund to give grants to all of the overlooked restaurants failed in the U.S. Senate on May 19. The National Restaurant Association called the failure “a devastating blow to the restaurant industry and small business operators.”

Investigations are continuing since the disbursements of the RRF money. Incidents of fraudulent or ineligible applications have been suspected regarding some applicants, according to the U.S. Government Accountability Office.

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We're providing the latest coronavirus coverage in Connecticut each weekday morning.

“SBA ... prevented over 30,000 suspicious applications from receiving awards. But it flagged 4,000 award recipients for suspected fraud and isn’t taking timely action to address them,” a GAO report from July 14 states.

Catherine Marx, district director of the U.S. Small Business Administration in Connecticut, said “Every day I see cases of fraud that have been adjudicated. So people who defraud the government are definitely getting caught. Right now I’m seeing PPP loans. There is a lot to work through. ... Hopefully that money will go to restaurants that did not get the funds.”

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That GAO report, quoting data from usaspending.gov, also stated that as of June 2022, there was still $180 million in the RRF.

“The unobligated funding includes $24 million set aside for litigation, and the remainder results from realized or anticipated recoveries. SBA data also indicate that about $56 million came from returned awards. ... SBA officials said some of the recovered funds also came from awards the Department of the Treasury administratively offset and returned to SBA,” stated the report.

Marx said when the Justice Department resolves litigation pertaining to equity issues of the RRF, “the SBA stands ready to distribute the remaining funds.

“There will be money. How many restaurants receive the funds will depend on how the litigation is settled. That can’t be answered yet,” Marx said.

Susan Dunne can be reached at sdunne@courant.com.

Mon, 08 Aug 2022 07:46:00 -0500 en-US text/html https://www.courant.com/news/connecticut/hc-news-connecticut-restaurant-money-20220808-te4u77ufp5ez3nff3wngbc73h4-story.html
Killexams : Lamont: $30 million in COVID relief going to CT restaurants, hospitality businesses

Gov. Ned Lamont on Monday unveiled a plan his administration says will offer $30 million in relief funds to restaurants and other hospitality businesses impacted by the pandemic.

The governor’s office said the funds, which were approved under the state budget, would be delivered as grants to more than 1,700 businesses. The grants will arrive as checks from the state Department of Revenue Services, and range from $7,500 to $49,999, the office said.

The grants are supported by funds from the American Rescue Plan.

“So many locally owned small businesses in the hospitality sector are continuing to recover from the pandemic, and any bit of relief that can be provided will help support them and their workers,” Lamont said in a statement. “These funds are being sent directly to employers to accelerate their continued growth and can be used as they best determine to help mitigate any financial losses stemming from the pandemic.”

The industry was among the earliest and most noticeably impacted by the pandemic, as state-mandated lockdowns forced bars to close and restaurants to turn to takeout service or outdoor dining. When businesses were allowed to resume indoor dining months into the pandemic, serving hours were curtailed and capacity limits were established to restrict the number of patrons gathering indoors.

Those restrictions were lifted in May 2021, as vaccines became widely available in Connecticut.

Lamont’s office said the relief funding will benefit “businesses in Connecticut’s hospitality sector that suffered financial losses stemming from the pandemic.”

Besides restaurants, the hospitality industry includes “hotels, entertainment venues, breweries, wineries, travel services, transportation services and other businesses,” Lamont’s office said.

On Monday afternoon, the governor was joined by state officials at a news conference announcing the grants at El Segundo, a restaurant in South Norwalk’s downtown. Also present were Connecticut Restaurant Association President and CEO Scott Dolch and Connecticut Lodging Association President Duane Schroder.

“These grants will provide meaningful help to Connecticut restaurants negatively impacted by the pandemic, most of which are family-owned businesses whose owners and employees live in and around the communities in which they work,” Dolch said.

U.S. Sen. Richard Blumenthal, D-Conn., described the grants in a statement as a “lifeline” for businesses in the state.

“Connecticut has some of the best restaurants, breweries and hotels in the country, but our hospitality industry is still rebuilding from two years of debilitating losses,” he said.

Mon, 08 Aug 2022 06:41:00 -0500 en-US text/html https://www.stamfordadvocate.com/business/article/Lamont-30-million-in-COVID-relief-going-to-CT-17358870.php?src=sthpbusiness
Killexams : The SBA will redistribute the remaining $180 million to restaurants in need

Following the release of a report that uncovered $180 million in unobligated funds left over from the Restaurant Revitalization Fund, the U.S. Small Business Administration confirmed with Nation’s Restaurant News that the SBA is working with the Justice Department on a plan to award the rest of the funds.

“The SBA plans to award the remaining funds and is working closely with the Department of Justice to resolve evolving legal decisions involving RRF and formulate a plan on how to distribute any unobligated funds,” the SBA told Nation’s Restaurant News in an emailed statement. “The funding provided by the American Rescue Plan’s Restaurant Revitalization Fund has helped more than 100,000 restaurants and other food and beverage business owners get back on their feet and survive the pandemic, and the SBA remains committed to providing relief and assistance in any way possible.”

The SBA declined to provide more information on what will happen if the $180 million is not redistributed by the end of the year. The agency also does not have further information on whether restaurants that were approved for funding but did not receive it will be first in line to receive a portion of the $180 million leftover funds.

Of the original $28.6 billion that was appropriated for the restaurant industry, 88% of applicants (250,738 businesses) were deemed eligible, but only 100,527 (40%) of those eligible applicants received funding. The 150,166 approved but unfunded applicants requested $41.2 billion in funding in total in 2021.

If the entire $180 million were to be appropriated toward awarding these applicants, only 0.44% would be funded. To fund the entire group of disappointed Restaurant Revitalization Fund applicants would require an additional $41.02 billion, which would have been covered by RRF replenishment passed by the House but killed in the Senate earlier this year.

According to the report released by the U.S. Government Accountability Office, the remaining 60% of applicants that did not receive funding, on average, sought smaller award amounts than those that did receive funding, were less likely to have received PPP loans, and the majority did not apply on the first day of the program (only 14% of applicants that did not receive funding had applied on the first day).

There is no word yet on if businesses would have to reapply for the Restaurant Revitalization Fund to be one of the lucky few to receive a portion of the leftover funding.

Contact Joanna at [email protected]

Find her on Twitter: @JoannaFantozzi

Tue, 02 Aug 2022 08:40:00 -0500 en text/html https://www.restaurant-hospitality.com/coronavirus/sba-will-redistribute-remaining-180-million-restaurants-need
Killexams : Houst avoids administration through Restructuring Plan

UK: London-based managed flexible lettings platform Houst has avoided administration after reaching an agreement on a High Court-sanctioned Restructuring Plan.

In an update issued to investors on Seedrs, the company said that it was the first SME [small- and medium-sized enterprise] to pursue a Restructuring Plan. Houst decided to pursue the Plan in January after working with advisers at Begbies Traynor to develop alternatives to entering administration.

Founder James Jenkins-Yates reached out to existing investors, including Seedrs, to ascertain demand for a Restructuring Plan. Seedrs decided to abstain from voting on the plan, which was unanimously approved by voting shareholders and by the court.

The Restructuring Plan allows Houst to reduce significant liabilities of around £9 million that were accrued during the pandemic and the company is raising a round exclusively for existing investors, including those on Seedrs.

Citing the “unanticipated” global pandemic and the impact on the travel and hospitality sectors, which reduced the company’s revenue by over 90 per cent, Houst said that it had taken a number of “tough” decisions to ensure the future viability of the business, including “dramatically” cutting costs, leaving its office, furloughing all UK staff, moving customer support to a more cost-effective location and “significantly” cutting all expenditures.

At the start of 2020, Houst raised venture debt of £2.5 million from Virgin Money before acquiring the assets of its property management competitor in London, Hostmaker, which went out of business that March. Houst claimed that the acquisition had strengthened its dominant position across Europe, and it then forecasted profitability for 2020 and each year beyond that.

Since then, the company revealed that it had shifted pricing from a market share acquisition strategy to a more sustainable model, significantly increasing revenue per home. Despite closing a £2.6 million Future Fund Convertible Note Round, it was not enough to see Houst through the pandemic without further support, leaving over £10 million of liabilities that it was not able to meet.

The Restructuring Plan, which enables Houst to avoid administration, reduces the company’s liability to creditors depending on their status and raises a minimum of £500,000 [and maximum of £750,000 at a price per share of £0.0229] from existing shareholders. £250,000 is being used to finalise a repayment to Virgin Money, which will no longer allow Houst to defer payments of its loan.

The Plan was introduced as part of emergency measures brought in at the outset of the pandemic in the Corporate Insolvency and Governance Act 2020 [a new Part 26A in the Companies Act 2006]. It enables a company to compromise creditors to ensure the survival of the business while leaving the management team in place and without an insolvency event.

It has also introduced a new class provision that enables a company to bind dissenting classes of creditors under a Restructuring Plan, provided at least one class approves the Plan by at least 75 per cent by value of those present and voting.

Speaking to STRz about becoming the first SME to pursue the Restructuring Plan, Houst founder and CEO, James Jenkins-Yates, said: “We were the perfect example of a company that should use this legislation because we were acutely affected [like many] by Covid but have recovered nicely.”

Houst said that it was now working to change its operational setup to provide an improved service and increase revenue per booking to a more sustainable level.

The company revealed that increasing revenue resulted in its first-ever profitable month in June 2022, achieving £105,000 EBITDA, and expects this to remain the case for the rest of the summer, leaving a cash buffer to break even in the winter.

Houst dropped its previous brand name of Airsorted in January 2020 to recognise the growing number of platforms catering to short- and mid-term lettings for their properties. It came at a time when Airbnb was reported to have put pressure on companies to drop “Air” from their company names in case of any confusion differentiating between the brands.

Wed, 27 Jul 2022 21:42:00 -0500 Paul Stevens en-GB text/html https://shorttermrentalz.com/news/houst-restructuring-plan/
Killexams : A New Life for Pension Plans

Don't ring the death knell for defined-benefit pensions just yet. A new effort is under way to rehabilitate these plans.

For workers struggling to manage their 401(k)s, employers' decades-long shift away from traditional, professionally managed pensions seems relentless -- and potentially disastrous. But now, one plan administrator is bucking the trend, backing away from a 401(k) that wasn't working for participants and adopting a new type of defined-benefit plan designed to reduce risks for both employers and workers.

At the start of this year, roughly 4,500 Boston-area hospitality workers belonging to the Unite Here Local 26 union became participants in a new defined-benefit pension plan. This "Adjustable Pension Plan," designed by actuarial firm Cheiron, divides investment risk between employers and employees. Workers get pooled, professional money management rather than the individual accounts found in 401(k)s. At retirement, Local 26 workers are promised an annual base benefit of at least $300 to $400 for each year of service, no matter how the plan's investments perform. But workers can also earn a higher annual benefit if the plan's investments beat a relatively conservative return hurdle.

This bold experiment illustrates one possible solution to many problems plaguing both 401(k)s and traditional pension plans. The new plan's risk-sharing approach avoids placing all the investment risk on employers, as in traditional pension plans, or on workers, as in 401(k)s. Amid market upheaval and low interest rates, many employers have frozen or terminated traditional pension plans. Just 15% of private-sector workers participated in a defined-benefit plan in 2008, down from nearly 40% in 1979, according to the Employee Benefit Research Institute. Many workers have been left to fend for themselves in 401(k)s, which burden participants not just with the risk of market downturns but also with the risk that a long lifespan could cause them to burn through their retirement savings.

The Adjustable Pension Plan "is a really promising compromise between the 401(k) world, which we know doesn't work for lots of people, and the traditional defined-benefit world," which comes with hefty potential liabilities for employers, says Norman Stein, a law professor at Drexel University and senior policy adviser for the Pension Rights Center.

The Local 26 union arrived at its trailblazing plan by following a path now familiar to many American workers. The union had a traditional defined-benefit plan in the 1960s and '70s, says Joey Mokos, executive director and chief compliance officer of Local 26 Benefits Administration, which administers the union's retirement plans. Workers in the 1980s were switched to a defined-contribution plan -- first in the form of a money-purchase plan, and ultimately in the '90s, a 401(k) plan. But many workers didn't participate in the 401(k). And thanks to two major market downturns, 401(k) participants on the brink of retirement "realized they didn't have the money they were counting on," Mokos says. With defined-benefit plans also struggling in the wake of the financial crisis, he says, a return to a traditional pension plan didn't seem a viable alternative.

The union's solution, the Adjustable plan design, was born from an effort to analyze the weaknesses of traditional pensions and develop a new plan that mitigates their risks, says Richard Hudson, Cheiron's principal consulting actuary. One key remedy for traditional pension woes lies in the Adjustable pension's relatively conservative return assumption of roughly 5%. Traditional pensions have taken on considerable investment risk in an effort to meet return assumptions that critics say are unrealistically high, and many of these plans are severely underfunded. But the Adjustable pension can invest mostly in bonds and still have a good chance of beating its return target -- and adding a nice bonus to workers' "floor" retirement benefit, Hudson says.

"We're not looking for big returns," Mokos says. "We're taking the turtle's approach, slow and steady, and that keeps us fully funded."

Given its conservative return assumptions, the plan "should be far less battered by unpredictable financial storms" than traditional pensions, Stein says.

Employees don't contribute to the Adjustable plan. In the Local 26 plan, employers contribute 75 cents for every hour a participant works. And while a floor benefit of $400 per year of service may not sound like much, it allows workers over a 30-year career to build up a guaranteed annual benefit of $12,000, which combined with Social Security should replace a substantial portion of preretirement income for these participants, Hudson says. And any benefit will be better than what many of these workers were saving in the 401(k) -- which was nothing, Hudson notes.

While workers in the plan know they'll at least receive the floor benefit, the possibility of receiving a higher adjustable benefit leaves some uncertainty about their exact level of retirement income. Most communications to participants "will be talking about the floor benefit," Hudson says, though the hope is "that the plan should provide for a nice surprise in retirement."

Cheiron is currently working with a couple of employers who have traditional pension plans and are considering a move to the Adjustable Pension Plan, Hudson says. Many firms with traditional pensions are inclined "to abandon ship and jump to a defined-contribution plan, so what this does is give you a balance between the two. Participants need more retirement security than what a defined contribution plan can provide," he says. At Local 26, the 401(k) plan will continue, but new workers enrolling in the plan will no longer receive an employer matching contribution, Mokos says.

A successful implementation of the Adjustable Pension Plan would offer some hope for the future of defined-benefit plans, pension experts say. If the plan works in practice, Stein says, "other people will take note that there are creative things people can do to control costs in these kinds of plans and still harvest the advantages of defined-benefit plans."

Wed, 13 Jul 2022 12:00:00 -0500 en text/html https://www.kiplinger.com/article/retirement/t047-c022-s001-a-new-life-for-pension-plans.html
Killexams : Los Angeles hospitality workers react to proposal that would require hotels to offer up vacant rooms to homeless people

"Hotels did not cause the homeless problem. Hotels are not the solution for the homeless problem," Stuart Waldman, the president of the Valley Industry and Commerce Association, told LA council members on Friday.Walter Bibikow/Getty Images

  • A recently proposed ordinance in Los Angeles would require hotels to open up vacant rooms to homeless people.

  • Hotel workers spoke both for and against the proposal at a city council meeting on Friday.

  • The ordinance will appear on Los Angeles voters' ballots in 2024, the council decided.

Hotel workers, some of whom have experienced homelessness themselves in recent years, shared their input Friday on a controversial ordinance that would require Los Angeles hotels to rent vacant rooms to homeless people through a voucher program.

The proposed initiative, titled the "Responsible Hotel Ordinance," is backed by the hospitality worker union Unite Here Local 11 and will appear on Los Angeles' voters ballots in 2024, the Los Angeles Times first reported.

At a city council meeting on Friday, hotel workers and industry players voiced opinions for and against the proposal, with several noting that staff members are not properly trained to provide the mental health and social services required to adequately address unsheltered individuals' needs.

Thomas Franklin, a night auditor at the Beverly Hills Marriott in West Los Angeles, said he himself was homeless ten years ago and described a "chaotic" experience living in a transitional housing program that had 24-hour security and staff on hand.

"With all the drugs, all the fighting ... we did not have the support in order to make it a successful program there," he told council members on Friday. "Without having a clearly defined support from policing and mental services, there's no way that I think that this is something that we should be able to do."

An owner of the Hampton Inn Suites in Los Angeles reiterated these concerns, saying his employees are "absolutely scared and fear not just for their lives and their safety, but also for how we are treating the homeless and unsheltered."

"There has to be a more humane way to take care of this problem," he continued. "My staff is here with me today ... this is no joke to them. If this passes, they will look for other opportunities."

Dixie Moore (right) talks with representatives from St Joseph Center Homeless Services who will help her move from her tent encampment along the Venice Beach Boardwalk to short-term housing in a nearby hotel on July 2, 2021.Robyn Beck / AFP) (Photo by ROBYN BECK/AFP via Getty Images

Carly Kirchen, an organizer for the worker's union backing the ordinance, said hotel owners are perpetuating the "myth" that "every person experiencing homelessness is so sick that they are a danger to the people around them," adding that thousands of Local 11 members are currently facing eviction.

"Even as a union member with a good-paying job, I was recently homeless due to the housing crisis in our city,"  Bambian Taft, a hotel minibar attendant and former housekeeper, said.

Other speakers noted the proposed ordinance's lack of economic data and funding information. Richard Earle, an executive at the hotel insurance provider Petra RiskSolutions, said the proposal would cause carriers to "legitimately pull coverage."

"It will not be available because it changes the entire scope of the business," he said, adding that coverage for hotels adhering to the initiative would be four to five times more expensive than their current rates. "It will be a direct destructive punitive impact on their business."

The ordinance would also require hotels that demolish housing in order to build new developments to replace the destroyed units with affordable housing. Ronald Bermudez, who said he works as a bellman at the Westin Bonaventure Hotel, voiced support for this initiative at the meeting Friday.

"I'm a renter at near the downtown area," he told council members. "It will become so difficult to stay in Los Angeles due to the high cost of rent. We need to do everything we can to protect housing in our city."

Are you a hotel worker struggling to afford housing? Reach out to this reporter from a non-work address at htowey@insider.com

Read the original article on Business Insider

Sun, 07 Aug 2022 08:04:00 -0500 en-US text/html https://www.yahoo.com/news/los-angeles-hospitality-workers-react-200422880.html
Killexams : George Best hotel investors support recovery plan to complete Belfast project

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Tue, 26 Jul 2022 04:57:00 -0500 en text/html https://www.belfasttelegraph.co.uk/business/food-drink-hospitality/george-best-hotel-investors-support-recovery-plan-to-complete-belfast-project-41869543.html
Killexams : Hersha Hospitality Trust Refinances Credit Facilities

- Eliminates Near-Term Debt Maturities -
- Fully Undrawn Revolving Credit Line -
- Utilizes Existing Swap to Hedge the Facility -
- Closes First Tranche of Urban Select Service Disposition -
- Full Paydown of Junior Unsecured Notes -

PHILADELPHIA, Aug. 05, 2022 (GLOBE NEWSWIRE) -- Hersha Hospitality Trust HT ("Hersha" or the "Company"), owner of luxury and lifestyle hotels in coastal gateway and resort markets, today announced the Company closed on the refinancing of a $500 million Senior Secured Credit Facility (the "Credit Facility") and the closing of the first tranche of six of the previously announced disposition of seven non-core Urban Select Service properties (the "USS Portfolio").

Credit Facility

The $500 million Credit Facility consists of a $400 million Term Loan and an undrawn $100 million revolving credit line. The facilities will bear interest at 2.50% over the applicable adjusted term SOFR. The $500 million Credit Facility matures in August 2024 and has one 12-month extension option subject to certain conditions, which would result in an extended maturity of August 2025. The Company utilized an existing swap to hedge $300 million of the new term loan at a fixed rate of approximately 3.95%. Following the refinancings, 72% of the Company's outstanding debt is either fixed or hedged through various derivative instruments. The Company has a weighted average interest rate of approximately 4.15% across all borrowings with a weighted average life-to-maturity of approximately 2.7 years.

"We are pleased with our lending group's continued support and constructive view of Hersha's growth initiatives and strategic direction. The refinancing of our existing credit facilities sustains the significant efforts undertaken to optimize our balance sheet and provides additional flexibility to execute our business plan. The Credit Facility refinancing in conjunction with the mortgage refinancings we completed in 2021 address our near-term maturities. Furthermore, the utilization of the existing swap on $300 million of the new term loan is forecasted to result in approximately $10 million of interest expense savings over the life of the new term loan." stated Jay H. Shah, Hersha's Chief Executive Officer.

The Term Loan refinancing was arranged by Citibank, N.A., Wells Fargo Securities, LLC, and Manufacturers and Traders Trust Company as Joint Lead Arrangers and Joint Book Running Managers, with Citibank, N.A. as Administrative Agent and Collateral Agent.  Wells Fargo Bank, N.A. and Manufacturers and Traders Trust Company acted as Co-Syndication Agents.   Manufacturers and Traders Trust Company, Fifth Third Bank and Wilmington Savings Fund Society, FSB acted as Co-Documentation Agents.  Other participating lenders include Goldman Sachs Bank USA, Raymond James Bank, N.A., The Huntington National Bank and The Provident Bank.

Urban Select Service Disposition

The Company had previously announced the pending sale of the USS Portfolio. On August 4, 2022 we closed on the sale of six of these USS Portfolio properties for gross proceeds of approximately $435.9 million.

The closing of the 145-room Courtyard in Sunnyvale, CA is expected to close at a later date due to the timing of the CMBS loan assumption process for this asset.

Hersha Hospitality Trust (HT) is a self-advised real estate investment trust in the hospitality sector, which owns and operates luxury and lifestyle hotels in coastal gateway and resort markets. The Company's 30 hotels totaling 4,544 rooms are located in New York, Washington, DC, Boston, Philadelphia, South Florida and select markets on the West Coast. The Company's common shares are traded on The New York Stock Exchange under the ticker "HT". For more information on the Company, and the Company's hotel portfolio, please visit the Company's website at www.hersha.com

Forward Looking Statement 
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, and, as such, may involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance to differ from those reflected in the forward-looking statement. These forward-looking statements may include statements related to, among other things, the Company's access to capital on the terms and timing the Company expects and the Company's expectations regarding future interest rates. Forward-looking statements are generally identifiable by use of forward-looking terminology such as "believe," "could," "outlook," "consider," "expect," "anticipate," "forecast," "project," "likely," "estimate," "plan," "continue," "intend," "should," "may" and words of similar import. Because these forward-looking statements relate to future events, the Company's plans, strategies, prospects and future financial performance, and involve known and unknown risks that are difficult to predict and may be outside the Company's control, they are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Therefore, you should not rely on any of these forward-looking statements. For a description of factors that may cause the Company's actual results or performance to differ from its forward-looking statements, please review the information under the heading "Risk Factors" included in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q filed by the Company with the Securities and Exchange Commission ("SEC") and other documents filed by the Company with the SEC from time to time. All information provided in this press release, unless otherwise stated, is as of August 4, 2022, and the Company undertakes no duty to update this information unless required by law.

Contact:   Ashish Parikh, Chief Financial Officer
    Andrew Tamaccio , Manager of Investor Relations & Finance
    Phone: (215) 238-1046

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Thu, 04 Aug 2022 22:45:00 -0500 text/html https://www.benzinga.com/pressreleases/22/08/g28371933/hersha-hospitality-trust-refinances-credit-facilities
Killexams : Your City Was Home to a Superspreader Hotel: What Hospitality Can Learn From Boston’s Comeback Plan

The world's hotels need events and meetings to return, likely before a coronavirus vaccine is released, in order to survive financially. Boston's rebound plan is a solution with global implications.

Boston travel organizations know they have a giant thorn from their past to overcome for state officials to green light a plan to once again allow the private events and meetings the state’s largest hotels need in order to survive.

A Biogen conference at the Boston Marriott Long Wharf hotel in late February has been labeled an early coronavirus superspreader event — tied to cases both in Massachusetts as well as across the U.S. and Europe when attendees returned home. Massachusetts, one of the hardest hit in the U.S. during the coronavirus pandemic, eventually went into one of the toughest state-mandated lockdowns in the U.S. and has since seen its new case count plummet while other regions see their confirmed cases soar.

Massachusetts entered the third phase of its economic reopening this week, enabling indoor dining and many tourist attractions to reopen. But Gov. Charlie Baker’s administration has capped indoor event capacity to 25 people, well below the range hotels need in order to make money.

The state’s travel leaders’ pitch to once again allow indoor events could set a precedent for the hoteliers in hard-hit areas around the world.

“Many of these hotels can’t open until they can host meetings. They can’t sustain themselves on the current market mix of small corporate travel and leisure business,” said Martha Sheridan, president of the Greater Boston Convention & Visitors Bureau. “To reopen, they’d need assurances they can host larger groups than 25 people.”

Sheridan along with the leaders of businesses and organizations like the Massachusetts Health Council, the Cambridge Office for Tourism, and five of Boston’s convention hotels — including three Marriott-affiliated properties — submitted a request to the Baker administration to allow bigger events to happen across the state. But these events would look a lot different than the impacted Biogen conference from earlier this year.

Tourism officials want to initially start with meetings and events capped at 100 people in the initial return to business before eventually growing to a 250-person maximum in a later point in the current reopening phase.

Events would respect six-foot social distancing, utilize technology to reduce close interactions, and abide by coronavirus guidelines outlined by the World Health Organization, Centers for Disease Control and Prevention, state government, as well as the individual hotel companies.

“We are working with the hotel community here, and they are committed to doing what’s right and safe for their employees and guests,” Sheridan said. “They by no means want to put anyone in a situation where there’s a risk of infection or outbreak.”

The convention leader acknowledged there is obviously a high hurdle to overcome in convincing the public it is once again safe to attend a meeting or event at a hotel, given the Biogen conference. While political leaders haven’t brought up the Biogen conference as a potential reason to block events and meetings from happening, Sheridan said it does come up more in public discussions.

But she emphasized hoteliers, like the rest of the world, have learned a lot since February and responded with entirely new health and safety protocols.

“Some questioned whether the Long Wharf should be able to reopen. Is any place where an infection occurred not able to reopen? That’d be thousands of businesses,” Sheridan said. “Every hotel in the city is committed to following appropriate protocols and standards.”

Marriott declined to comment specifically for this story and directed Skift’s questions to Boston’s visitors bureau.

A Blocked Recovery

Drive-to and leisure travel sparked the hotel industry’s initial recovery from record-low occupancy rates seen earlier this year, but analysts and executives acknowledge there is a threat of a recovery plateau until group business and convention travel returns.

Group business travel accounted for 51 percent of room nights at convention hotels and 40 percent at resort hotels in 2019, according to CBRE. Group business travel generally hovered between 22 and 24 percent of overall U.S. hotel occupancy between 2012 and 2019, according to STR.

“Room revenue is only part of the story,” Nathan Seitzman, a partner in McKinsey & Co.’s travel practice, told Skift last month. “Group business drives hotel profitability as a source of food and beverage revenue and high occupancy nights, and because it typically books further in advance it will inform everything from marketing strategy to revenue management. So even when business and leisure transient travel fully recover, a lagging group recovery could have a disproportionate impact on hotel profitability.”

Boston, normally a top-performing hotel market, faces a particularly tough road to recovery.

Hotels were only allowed to reopen to non-essential travel last month following nearly three months of shutdowns. Most of the city’s convention hotels remain closed due to current demand levels not justifying reopening. While the average occupancy rate in Panama City, Florida, hit nearly 89 percent the week of June 20, it barely surpassed 26 percent in Boston, according to STR.

Midweek occupancy in Boston is now in the 30 percent range — a sign some business demand is returning, Sheridan said. But hotels still need meetings and events to survive.

Not Your Typical Event

Sheridan recognizes there may be local fear in hosting events that attract visitors from growing coronavirus hot spots like Florida and Texas. But the GBCVB isn’t planning on major, city-wide events until at least next year.

Instead, the organization plans to focus on smaller meetings and events that would attract visitors from northeastern U.S. states, seven of which the Baker administration has exempted from a 14-day quarantine advisory placed on arriving visitors from the rest of the country.

“We will be strategic in our approach to luring meetings,” Sheridan said. “We certainly don’t see international meetings in the near-future, and national meetings are a long way out as well.”

Many companies have put a freeze on in-person meetings until health conditions Strengthen or there is a widely available treatment or vaccines. But that hasn’t stopped hotel companies like Accor from rolling out their own plans to show they can safely host a small event before a medical breakthrough.

Several companies have expressed interest in hosting meetings in Boston ahead of a vaccine rollout, Sheridan said while declining to give specific names.

But Massachusetts travel organizations need Baker’s approval the most. The Massachusetts governor’s press office did not respond to Skift’s request for comment in time for publication.

“They do not show their hand. For me, they’ve been good to work, with but they hold their cards close to the vest. Their mantra is ‘data not dates,’ and I respect that,” Sheridan said. “The good news is the data is trending in the right direction.”

Fri, 08 Jul 2022 12:00:00 -0500 en-US text/html https://skift.com/2020/07/09/your-city-was-home-to-a-superspreader-hotel-what-hospitality-can-learn-from-bostons-comeback-plan/
Killexams : Illinois hotel owners optimistic about hospitality industry recovering, but business travel still lags

SPRINGFIELD (WGEM) - Hotel owners across the country hope to see the hospitality industry fully recover from COVID-19 economic losses by 2024. Illinois hotels have seen a significant increase in leisure travel during the summer months, but many owners are still waiting for a boost from business travel.

Illinois Hotel & Lodging Association President and CEO Michael Jacobson said the state continues to see metrics grow each month. Jacobson said Illinois saw hotel occupancy hit 72% during June, beating the 70% occupancy rate across the country. He noted things are looking far better for Illinois hotels than in the past two years, but occupancy levels haven’t returned to the rate seen in 2019.

JUNE 2022 HOTEL OCCUPANCY RATES (STR DATA)
70% United States
72% Illinois
71% Bloomington
65% Springfield
65% Rockford
64% Quincy
60% Champaign
58% Peoria

Family leisure travel is expected to wane going into the fall and winter months, but Jacobson is excited to see more business travel for meetings and conventions soon. The Pritzker administration also put $30.3 million into the ‘Middle of Everything’ tourism campaign this year.

“Our industry is really dependent on leisure travel right now. It’s kind of the pent-up demand of families deciding where to take vacations to,” Jacobson said Tuesday. “I think our state being able to play on a level playing ground with all the other states in the country, marketing in the same fashion, plays a huge role.”

Still, Jacobson said one strong summer for hotel owners won’t make up for the economic damage from the pandemic. He says there’s still a long way to go until hotels find profitability and are able to pay off old bills. State lawmakers passed a $75 million relief plan for hotels this year, but that money hasn’t been disbursed yet. Jacobson noted hotel owners are extremely thankful for the four rounds of relief funding passed by the General Assembly.

“It’s helpful when we’re talking to our banks and trying to avoid things like a foreclosure,” Jacobson said. “It’s been a huge help, especially considering that the federal government did not provide a dedicated source of relief to hotel owners the same way they did for other industries within hospitality like the airlines and restaurants.”

Jacobson stressed the financial relief from Illinois leaders became a lifeline for many hotel owners who struggled to get by during the peak of the pandemic. Although, he explained hotels could face challenging headwinds over the next few years with the possibility of a nationwide recession, high gas prices, and spikes in COVID-19 cases.

Shockingly, Jacobson said inflation hasn’t challenged the industry’s recovery. Customers may notice that room rates are higher than they were several years ago, even though the occupancy rates haven’t recovered fully. Jacobson explained wages have gone up considerably over the last three years, energy costs continue to soar, and hotel owners have to pay property taxes as well.

“Really, the cost of every single thing that a guest consumes while they are at a hotel has gone up considerably over recent months. So, naturally, the price of the room has gone up,” Jacobson added. “What we haven’t seen is that play a major role in the consumer attitude.”

While this has been a strong summer for travel, Jacobson said it was devastating to lose $5.4 billion in economic activity for the state’s hotels since the start of the pandemic. He said the decline in hotel use also cost more than $1 billion in state and local taxes.

Labor shortages are the top issue for the hotel industry across the board. Jacobson said a lot of people don’t understand how many different jobs there are in hotels and lodging. There are many more jobs than the front desk or housekeeping, Jacobson added.

“Regardless of your interest level, whether it is in accounting, sales, customer service, or maintenance and engineering, we have a job for you 24 hours a day,” Jacobson said. “Hotels never shut their doors, so there are jobs for single parents who need some flexible working hours or students who need a job on the side.”

Jacobson would like to see Illinois lawmakers create more incentives for people looking for work to start jobs in the hotel industry. He stressed that many of the jobs in small or large hotels can help create a path to the middle class for people.

“Sometimes we just need some help with job training or working with local economic development agencies to connect those dots and make sure people realize the opportunities that exist,” Jacobson said. “There is support out there and I’m hopeful that we’ll be able to link up and help those people looking for work while also helping hotel owners find workers to join their team.”

Copyright 2022 WGEM. All rights reserved.

Tue, 19 Jul 2022 06:18:00 -0500 en text/html https://www.kwqc.com/2022/07/19/illinois-hotel-owners-optimistic-about-hospitality-industry-recovering-business-travel-still-lags/
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