Florida Hotel, Motel, And B&B Charitable Donation
Its no secret the hotel industry is greatly supported by those who travel, an activity that has recently been greatly restricted due to the quick spread of the novel coronavirus in the U.S. There is an alternative for those who own these types of real estate and are struggling in this most recent economic downturn. Consider a hotel, motel, or Bed and Breakfast charitable real estate donation.
The current economic situation situation for those in the hotel and hospitality industry is more damaging than post-9/11 and the Great Recession combined. The two instances led to about 10% declines in hotel occupancy. Meanwhile, in the current pandemic, hotels are seeing declines of 80% and 90%.
According to one Oxford Economics study, as of mid-March, 88,631 direct hotel operations jobs in Florida have been lost as a result of the pandemic. The data also shows that 305,146 hotel-supported jobs have been lost in the state as of mid-March. It is estimated that 70% to 75% of all hotel employees in the U.S. have already been furloughed or let go. The longer the country is struggling with the virus, the longer it will take for the hotel industry to recover.
Hotels and bed and breakfasts are losing business in the time of year when they stand to make the most money, and for the upcoming fall months — when travel may or may not resume as normal — are when business is usually slower.
Are you a bed and breakfast owner, hotel owner, or motel owner who is taking a hard look at bills, researching possible loans to try and stay afloat? Maybe you simply would like to take this time to step back from the hospitality industry?
If you have kept a charitable mindset throughout the turmoil, a real estate donation may be something worth considering. Real estate charities, like Real Estate With Causes, may be able to lift the financial burden of the properties that are not generating income like they used to. Look for charities who specialize in the donation of hotel real estate, donation of motel real estate, and donation of bed and breakfast real estate, or for any commercial property donations you may be considering. Whether you own one hotel or a portfolio, a hotel donation, motel donation, or a bed and breakfast donation can be a major decision n these hard times.
Hotel donations, motel donations, or bed and breakfast donations are just a few favorites of many charities dealing with property and real estate donations. Of course, every property donation is welcomed by these organizations, but hotel donations are able to open so many doors and opportunities for community improvement that they are especially coveted.
Take a moment to think about this: a building that is capable of providing so many varied spaces — such as a multi-unit dwelling or a motel or hotel — provides a numerous opportunities to a great charitable organization whose mission it is to house those in need, improve community amenities, as well as raise proceeds for deserving people and organizations alike.
There are many ways hotel/motel/bed and breakfast donations can be converted into usable, functional spaces. Charities, like Real Estate with Causes, are able to make the best possible use of donated real estate, with constant attention paid to the usability of the space and the needs of the community as a whole.
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