AHLA continues to advocate on the issue of commercial mortgage-backed securities (CMBS) loan relief due to COVID-19. During a recent Senate Banking Committee hearing with Treasury Secretary Steve Mnuchin and Federal Reserve Chairman Jerome Powell, Senator Thom Tillis (R-NC) expressed his concern for COVID-19’s devastating impact on the hotel industry, and noted his concerns about CMBS loans.
Senator Tillis cited an AHLA survey finding that only 15% of hotel CMBS borrowers had received any kind of forbearance or relief. Secretary Mnuchin acknowledged these challenges and suggested that his department would work with Congress on the CMBS issue. Please know that CMBS loan relief will continue to be a top association priority.
We have also been made aware of an initiative lead by Ann Hambly of 1st Service Solutions to create a CMBS working group for hotel owners. While this is not an AHLA initiative, we pass along this information on how to join the group’s calls if interested:
Thursday June 4