by Cecil Staton
ATLANTA – These are challenging times for us all, but we will pull through this pandemic together by supporting each other and maintaining the values that make our industry great. As we balance the concerns of keeping our loved ones safe while managing our businesses, it is important to remember that no hotel owner must go through this alone. At a time like this, it is vital that our industry remain united.
As a signal industry, hotel owners were the first to feel the economic impact of COVID-19 as meetings and events were cancelled. That’s why the Asian American Hotel Owners Association (AAHOA) is engaging with lawmakers, state lodging associations, brands, and industry partners to advocate for America’s hotel owners.
With occupancy rates drastically low, many owners are facing a sudden liquidity crisis. They are concerned about paying their employees and paying their mortgage. The passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest economic stimulus package in the nation’s history, was a step in the right direction to get small businesses the resources they need to come out on the other side of this crisis.
However, the Paycheck Protection Program (PPP), a $350 billion fund to provide businesses with critical liquidity, ran out of money in under two weeks. AAHOA and our industry partners continue to advocate for Congress and the Trump administration to provide a much-needed financial lifeline to small businesses.
While the crisis is placing an unprecedented strain on our country, we are also witnessing the best of our industry. From donating masks and personal protective equipment to hospitals, to providing meals to those in their communities who are in need, it is heartening to see that hotel owners are stepping up to make a difference even as the industry struggles. Their actions remind us that we will get through this, and we will do it together.
Cecil Staton is president and CEO of the Asian American Hotel Owners Association. Click Here to view an extended Q&A with Dr. Staton to learn more about his diverse background, as well as his views on some key industry issues.