Owners

This New York Hotel Quarantined the Sick. Now the Owners Regret It.

ROCHESTER, N.Y.—When the pandemic erupted last spring, the husband-and-wife owners of an upstate New York hotel felt compelled to offer the 43-room property to Monroe County authorities for use as a quarantine facility.

Silas Patel and his wife, Micky Patel, both previously worked in the healthcare industry, and they were eager to provide shelter at their Clarion Pointe hotel for people who had Covid-19, or had been exposed to the coronavirus. The couple also said it brought in some revenue when the rest of their lodging business had evaporated.

More than 15,000 hotels across the U.S. offered to provide

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Real-Estate Losers in 2020, Like Hotel and Mall Owners, Starred in the First Quarter

Shares of companies that own shopping centers, hotels and New York office buildings were decimated most of last year but mounted a first-quarter comeback, as investors bet that a vaccine rollout can revitalize these hard-hit businesses.

Real-estate investment trusts overall rose 9% during the three months, beating the S&P 500’s 6% gain, according to data-analytics firm Green Street. Fueling the REIT rally was an 18% rise in the shares of lodging owners and a 32% gain by mall owners.

The real-estate recovery was part of a broader market surge that lifted many beaten-down sectors starting late last year, when

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Fairmont San Jose hotel owners target quick end to bankruptcy

SAN JOSE — The Fairmont San Jose owners have sketched out a swift endgame for the iconic hotel’s bankruptcy case in the first version of a formal plan to reorganize the property’s wobbly finances, court papers show.

Newly filed court papers in the case point to the completion of the court case about four months after the Chapter 11 bankruptcy filing on March 5. That sort of schedule could conclude the bankruptcy case by sometime in July.

Under the U.S. Bankruptcy Code, debtors have the exclusive right to file a plan of reorganization for at least the first 120 days,

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New owners bring new brand, new hopes for Hotel Nyack

While a slow and financially painful recovery from Covid-19 has been forecast for the hospitality industry, the new owner of what was The Time Nyack Hotel has rebranded it using a boutique concept from the Hyatt chain and anticipates a bright future.

The American Hotel & Lodging Association reported that hotels were one of the first industries affected by the pandemic after travel ground to a virtual halt and it will be one of the last to recover. Its recent report characterizes the impact of Covid-19 on the travel industry as being nine times that of the economic shock

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