The Ritz-Carlton on Peachtree Street in Atlanta’s downtown boasts well-appointed suites with skyline views, chic amenities and a cocktail bar that slings $17 juleps. Before the coronavirus pandemic forced the hotel to close its doors, a standard room could go for between $440 and $650 a night.
That statistic doesn’t tell the entire story. Large, publicly traded companies can be comprised of a smattering of smaller entities. In some cases, these holdings can qualify for PPP loans. And because the entity is smaller and the maximum size of a PPP loan is based off of monthly payroll costs, the total is lower. But they can add up quickly. For instance, Ashford Hospitality has applied for 13 loans for less than $150,000 through the LLCs linked to its various properties.
Ashford Inc. says it has carefully managed its applications to avoid “double dipping.” But it is still in violation of the PPP's purpose, according to Dennis Kelleher, the president and CEO of Better Markets, a nonprofit founded in the wake of the 2008 financial crisis that promotes tighter regulation on Wall Street.
Rogers also argued that the size and type of company that receives the loan ultimately doesn’t make a substantial difference. ABC News reached out to more than a dozen publicly traded REITs to inquire if they or any of their holdings applied for PPP loans. Although some of the companies own hotels that received loans through the program, only one REIT responded to ABC’s request—Chatham Lodging Trust. The company confirmed it had applied for loans for all 40 of its properties but the money would not cover any of the operational costs associated with the REIT itself.
Not shocked that this happened.
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