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10 Must Reads for the CRE Industry Today (March 20, 2020)

Some hotels are targeting guests who face lengthy quarantines to boost bookings, reports the Wall Street Journal. Small restaurants in the U.S. are struggling due to coronavirus, according to Reuters. These are among today’s must reads from around the commercial real estate industry.

  1. Hit by Coronavirus Slowdown, Hotels Try Catering to the Quarantined “With the coronavirus pandemic pummeling global travel, some hotels are employing a new tactic to boost bookings: targeting guests who face lengthy quarantines.” (Wall Street Journal, subscription required)
  2. For U.S. Small Restaurants, Coronavirus Impact is Swift and Brutal “The rapidly escalating coronavirus outbreak in the United States has begun to decimate the restaurant industry as an increasing number of states and regions enforce population lockdowns and close eateries, bars, gyms and other “non-essential” businesses.” (Reuters)
  3. COVID-19 Impact on Commercial Real Estate Purchase and Sale Agreements “In the absence of a force majeure clause or similar provision in a PSA, the parties should not expect any of the fallout from COVID-19 to result in additional time to satisfy any pre-closing or closing obligations that have definitive “time of the essence” deadlines.” (Pryor Cashman)
  4. Investment Managers Launch Coronavirus Fund To Buy Low On Hospitality Stocks “New York City-based Compound Asset Management announced this week its principals are raising money for a new fund aimed at buying shares in real estate companies hit hard by the stock market rout that they expect will recover.” (Bisnow)
  5. Pain Points in the Coronavirus Crisis “The pain points one should be alert to in the months ahead are in cash flows and liquidity shocks; in the resiliency of the financial system under a time of stress; and in the economic fundamentals, both prior to the spread of the coronavirus and, especially, as partial or complete shutdown of sectors in the economy take their toll.” (Nareit)
  6. Domino’s Expects to Hire 10,000 Workers “Domino’s Pizza expects to hire about 10,000 workers nationwide in response to the coronavirus pandemic.” (CNBC)
  7. Walmart Makes Run to All-Time Highs Amid Coronavirus Market Plunge “Walmart shares are emerging as a winner during the chaotic coronavirus crisis.” (CNBC)
  8. Landlords Offer Retailers Some Relief Amid the Coronavirus Outbreak “Retailers fear that temporary closures to slow the spread of COVID-19 might turn permanent, if a drop in sales mean they cannot pay their bills.” (Yahoo Finance)
  9. Real Estate Brokers Lean On Tech, Adapt to Coronavirus “With the global pandemic unfolding, the real estate industry is not immune to its effects. To shoulder the temporarily new normal of isolation in the face of the current public health crisis, real estate brokers are relying heavily on technology more than ever to get deals done, Maria Avellaneda, a broker at real estate brokerage firm Compass, tells GlobeSt.com.” (GlobeSt.com)
  10. Commercial Real Estate Leaders Urge Patience and Perspective “Kate Clifford, founder of the Strategic Sites commercial real estate firm, said it’s too soon to tell how COVID-19 will impact the market for the long term.” (Jax Daily Record)
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