As the hotel industry continues its struggle with the Coronavirus-led economic downturn, it appears that some brands are having trouble paying their bills.
For the second time in recent days, Service Properties Trust has sent a letter to a well-known hotel company requesting payment on which the hotel giant has been delinquent.
Issued last week, the latest missive—which concerned an agreement covering 122 hotels across 31 states—asked Marriott International to "advance $11 million to cover the shortfall between the payments SVC has received to date from the hotel firm and 80% of the priority returns due to SVC for the eight months ended August 2020," according to a statement from Service.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
