2 of the sickest lodging REITs have had their hands out looking for some bailout money from the FEDs and both were initially successful.
Sotherly Hotels (SOHO)–a small lodging REIT which has suspended their common and preferred dividends for the time being applied for and received PPP loans at a rate of 1% interest for around $10,000,000 in funds–most of which are potentially forgiveable.
Ashford Hospitality (AHT) which has suspended common and preferred dividends (actually they haven’t announced the preferred suspension YET) applied for and received PPP funds in the amount of almost $50 million.
Unfortunately for the company public and government pressure came down hard on Ashford and the company returned the money to the Small Business Administration. I guess when you own $5 billion worth of properties maybe you aren’t really a small business.