State lodging association questions findings, but sees ‘great deal of risk’ that some won’t remain open.
By: Bob Sanders, NH Business Review
A recently released national report’s prediction that two-thirds of New Hampshire’s hotels will shut down if they don’t get more federal aid seems “really high,” but that doesn’t mean that the state’s lodging industry isn’t in big trouble, said Mike Somers, president of the New Hampshire Lodging and Restaurant Association.
“Let‘s be real clear: There is a great deal of risk that some hotels won’t be able to stay open. A lot of properties are heavily leveraged, and the aid could make be the difference of some of the making it and some of them not,” Somers said.
The report from the American Hotel and Lodging Association (not affiliated with the NHLRA) estimates that 233 of the state’s 348 hotels will shut down if Congress doesn’t pass another stimulus package that would include such support as the Paycheck Protection Program, which ended in early August.
Click here to read the full article on nhbr.com.