With the prospect of eviction and permanent closure on the horizon, restaurants across the country are desperate to find ways to make ends meet. From eviction moratoriums and insurance coverage lawsuits, to PPP eligibility and technology solutions, restaurants are pulling out all the stops. Here’s a cross-section of last week’s hospitality-related headlines.
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- Marriott, Hilton, and IHG Continue to Dominate the US Hotel Construction Pipeline at Q2’20 Close [Hospitality Trends]
At the end of Q2, Marriott International has 1,487 projects in the pipeline, followed by Hilton Worldwide with 1,395 projects, and InterContinental Hotels Group with 920 projects. Combined they account for 68% of projects in the total pipeline.
- M3, Nvoicepay Partner on Payment Automation [Hospitality Technology]
M3, an Avero API partner announced their partnership with Nvoice pay to offer a holistic AP payment solution for the hospitality industry. The solution reduces the cost of making payments, generates rebates, and helps mitigate fraud risk.
- NYC Restaurateurs Renew Calls for Rent Relief as End of Eviction Moratorium Looms [Eater]
With the moratorium on evictions set to expire on Aug. 20th, restaurant owners are growing concerned. New York Senator Michael Gianaris proposed a bill to cancel rent for business and cancel mortgage payments for landlords that has not yet been passed.
- Association to Congress: 55% of Restaurants Not Eligible for New PPP Loans with 50% Threshold [Restaurant News Resource]
Under a proposed Senate bill, businesses with under 300 employees and suffering at least 50% loss of quarterly gross revenue YoY will be eligible for a second round of PPP loans. The National Restaurant Association is urging eligibility to be set at 20% of lost revenue.
- One-Third of US Restaurants Face Permanent Closure This Year [Bloomberg]
Aaron Allen & Associates predicts as many as 231,000 out of 660,000 eateries will close permanently this year. Additionally, more than 8,000 restaurants have been impacted by an employee with the novel coronavirus.
- What’s Next for Restaurants? Tech Can Help [Hospitality Technology]
Restaurant customers’ top concerns today include safety and convenience. Check out this infographic full of stats and tips for leveraging technology to meet customers needs and expectations during the Covid-19 pandemic.
- 25% of Diners Place Online Orders Multiple Times a Week, Study Shows [Restaurant Dive]
Online ordering has skyrocketed in popularity since March according to a Toast survey of 700 customers. Over 29% report ordering a few times per month, while 25% do so a few times per week. Get more stats here.
- The 10 Most Valuable Fast-Food Brands of 2020 [QSR]
A July report shows QSR revenue at 91% of normal pre-pandemic YoY. The QSR model has poised these restaurants to survive and even thrive in a way that full-service restaurants have not. See details on the top 10 including Starbucks, Taco Bell, and Domino’s.
- Jose Andres, Fabio Trabocchi Among the Latest DC Chefs to Sue for Insurance Coverage [Eater]
Four high-profile chefs based in DC sued their insurance carriers this week on behalf of their restaurant groups. They claim that their policies should cover the severe losses they’ve faced due to Covid-19 restaurant shutdowns.