Real estate development and hospitality operating company Palisociety has announced it is starting a fund for the stabilization of struggling independent and boutique hotels in the wake of the coronavirus.
The outbreak of COVID-19 and subsequent lockdowns have left most industries in financial difficulty, and hotels have been hit hard.
In recognition of this, LA-based Palisociety is founding its Boutique and Independent Hotel Recovery Fund.
It will provide sub-100 key independent hotels with relief and recovery capital as well as access to the brand’s operational infrastructure and shared services platform.
The fund for hotels, Palisociety founder Avi Brosh hopes, can stabilize hotel operations, mitigate further operational losses, and successfully relaunch hotels.
He commented: “Over the next six to 18 months, hotels will need to rely upon strong brand recognition, smart and novel marketing and revenue strategies, and nimble financial structures in order to succeed in the mid-term and regain the confidence of travelers.
“The Palisociety relief fund offers the capital, cost effective resources and operating models, and national visibility to enable the speedy recovery and future success of these properties.”
The fund is now accepting enquiries through its website, or via email at email@example.com.