Name: Dallas companies founded by hotelier Monty Bennett receive nearly $60 million in small business rescue loans
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Dallas companies founded by hotelier Monty Bennett receive nearly $60 million in small business rescue loans

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7:15 PM on Apr 21, 2020 CDTThree publicly traded Dallas companies in Monty Bennett’s hotel empire received a combined $58.7 million in loans under the federal government’s small business rescue fund.The Paycheck Protection Program loans were disclosed in regulatory filings over the last two days.In a after the market close, subsidiaries of Ashford Inc. reported receiving six low-interest loans totaling $12.8 million. The loans from Key Bank, Comerica Bank and Centennial Bank went to Ashford’s audio-visual and watersports arms, its hotel management firm and a company that operates a hotel and conference center in Marietta, Ga.On Tuesday, two real estate investment trusts overseen and advised by Ashford Inc. reported receiving $45.9 million in loans.Subsidiaries of Ashford Hospitality Trust Inc. received 42 loans totaling $30.1 million from Key Bank, according to after Tuesday’s market close. Five hotels getting loans are in Dallas-Fort Worth, including Marriotts in Dallas and Irving, an Embassy Suites in Dallas, a Residence Inn in Plano and The Ashton in Fort Worth.Braemar Hotels &amp; Resorts Inc. subsidiaries received $15.8 million in eight loans from Key Bank, according to . Its luxury properties are in cities like Chicago, San Francisco, Sarasota and Key West.The REITs are part of a family of firms founded by Bennett, chairman and chief executive of Ashford Inc. He’s also founder and chairman of the REITs.When stay-at-home orders went into effect around the country, Bennett that he laid off or furloughed 95% of the 7,000 workers at his hotels across the country. The hotel and restaurant industries were largely shut down by the orders designed to control the spread of COVID-19.Ashford Inc. started as a family business. Bennett’s father, Archie Jr., began acquiring troubled hotels in 1968. Monty joined the business after graduating from Cornell University’s hotel administration school in 1989, and took it over a decade later when his father retired.The three companies had combined revenue last year of $2.2 billion. Ashford Hospitality Trust’s portfolio includes 117 hotels, primarily branded as Marriott, Hilton, Hyatt and Intercontinental, and 90 condominiums at WorldQuest Resort in Orlando, Fla.Related:The $349 billion Paycheck Protection Program has been under fire in recent days for leaving out small business owners who needed the low-interest loans the most when the fund capped out last week. Critics contend lenders gave money to publicly traded companies with millions in assets and strong balance sheets rather than smaller business owners without the same access to capital markets.The two-year loans are forgivable if they’re used for in the eight weeks after companies receive them.On Tuesday, the Senate voted to inject an additional $300 billion into the program. The House is expected to vote on it Thursday.Note: This story was updated at 6 p.m. Wednesday to include the regulatory filing by Ashford Inc.Related:Related:Get the latest real estate news from Steve Brown and the business staff at The Dallas Morning News.By signing up you agree to our

7:15 PM on Apr 21, 2020 CDTThree publicly traded Dallas companies in Monty Bennett’s hotel empire received a combined $58.7 million in loans under the federal government’s small business rescue fund.The Paycheck Protection Program loans were disclosed in regulatory filings over the last two days.In a after the market close, subsidiaries of Ashford Inc. reported receiving six low-interest loans totaling $12.8 million. The loans from Key Bank, Comerica Bank and Centennial Bank went to Ashford’s audio-visual and watersports arms, its hotel management firm and a company that operates a hotel...

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Dallas companies founded by hotelier Monty Bennett receive nearly $60 million in small business rescue loans

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