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13 Must Reads for the CRE Industry Today (Sept. 1, 2020)

A quarter of all U.S. hotel properties now face the risk of foreclosure, according to Mortgage Professional America. Indoor dining will resume and movie theaters will reopen on Friday in limited capacity in New Jersey, reports the Associated Press. These are among today’s must reads from around the commercial real estate industry.

  1. Parking Garages Idle as Car Owners Pull Out of New York City “Manhattan parking-garage operators say they have lost thousands of monthly customers as many residents packed up their cars and moved out of New York City during the new coronavirus pandemic.” (Wall Street Journal, subscription required)
  2. A Quarter of U.S. Hotels at Risk of Foreclosure “A recent report compiled by Trepp and sent to Congress by the hotel industry found that almost one in four U.S. hotels are at risk of foreclosure.” (Mortgage Professional America)
  3. Indoor Dining Will Resume this Week with Limited Capacity “Indoor dining will resume and movie theaters will reopen Friday, both with limited capacity, in New Jersey, Gov. Phil Murphy said Monday.” (Associated Press)
  4. Bed Bath & Beyond Cuts 2,800 Jobs in Restructuring Move “Bed Bath & Beyond said Tuesday that it’s cutting 2,800 jobs at its corporate headquarters and stores — about 5% of its overall workforce — as the troubled home goods retailer looks to pivot more of its business online.” (Associated Press)
  5. The $1-Billion Bet that People Will Return to Downtown L.A. after COVID “The builders of a $1-billion project in downtown Los Angeles are betting that the city will revive and people will come together.” (Los Angeles Times, subscription required)
  6. Leaked Email Reveals CVS Instructed Pharmacy Staff Not to Tell Patients Their Medications Were Filled by Someone who Tested Positive for COVID-19 “A leaked email reveals that CVS Health instructed employees not to tell patients that their medications had been filled by someone who tested positive for COVID-19.” (Business Insider)
  7. No One Knows What “Back-to-School Shopping” Means this Year “Instead of a new pair of shoes or jeans, students might need masks, hand sanitizer, desk chairs, or headphones.” (Vox)
  8. Pandemic Clauses Give Retail Landlords, Tenants a New Lease on Life “Shutdowns caused by the COVID-19 pandemic have dealt a huge financial blow to the retail industry, prompting commercial landlords to include rent relief concessions in the leases of existing and prospective tenants in a bid to sustain occupancy.” (Mortgage Professional America)
  9. Allegations Fly in Trial over Anbang and Mirae’s $5.8B Hotel Deal “Testimony reveals how talks for 15-property sale descended into acrimony.” (The Real Deal)
  10. Host Hotels Stock Falls After REIT Sees Negative Impact of COVID-19 Lasting 'Well After' Restrictions Are Lifted “Shares of Host Hotels & Resorts Inc. shed after the real estate investment trust, which manages luxury hotels, said it expects the COVID-19 pandemic to have a "material negative impact" on financial results "well after" restrictive measures to contain the outbreak have been lifted.” (MarketWatch)
  11. CSA Exclusive: Camp Talks About Post-Pandemic Reopening Strategy “Experiential retailer Camp is slowly getting back to business, but the company is taking a new approach to immersive retail.” (Chain Store Age)
  12. EXCLUSIVE: NYC to do ’Virtual Inspections’ of Gyms Set to Reopen this Wednesday “The Health Department will conduct “virtual inspections” of gyms to ensure they are following new rules to keep customers and staff safe.” (Daily News)
  13. Developer Unveils First Look Into Residences at New York’s Iconic Waldorf Astoria “The fabled 52-story Art Deco building on Park Avenue will have 375 residential condos, with 375 hotel rooms on the lower floors.” (Mansion Global)
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