ELFA recently sent out an e-mail to members covering topics that help to offer immediate financial relief. If you are a member and did not receive this e-mail, please e-mail Executive Director Louis Smith at firstname.lastname@example.org so we can ensure we have a best e-mail address for future ELFA e-mail updates.
With each area, the key has been to be pro-active – acting now before finances and resources make situations more dire and more difficult to overcome.
Financing / Debt Service:
Connect with your lender immediately on payment deferrals (3-6 mo.), interest-only status, or other creative strategies. The banking industry is healthy, unlike the 2008 financial crisis, they are expecting these calls, and to date this is showing to be highly effective for those hoteliers who are pro-actively in contact.
Utilities / Telecom:
Reach out to your local providers of all services and request deferrals, abatements, or other remedies to assist during the next 90-120 days. This may also involve reaching out and connecting to your local legislators and municipal leaders requesting utilities relief. This also is proving highly effective.