Bankruptcies in the hotel industry haven’t been as prevalent as predicted at the beginning of the pandemic.
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Hospitality Newsletter | Insurance & Loss Prevention
Via HL Blog | image: Person accounting incomes and expenses of a company, calculating taxes, concept of work in accountant department | Trends in Hotel Receiverships

State of Play

Bankruptcies in the hotel industry haven’t been as prevalent as predicted at the beginning of the pandemic. The industry expected to see a tidal wave of bankruptcies due to the business impact from COVID-19, from stay at home orders and non-essential designations, to lack of leisure and business travel even as restrictions were lifted. Instead, there has been an uptick in receiverships, which are faster, cheaper and more flexible.

A receivership can:
  • Be a helpful tool for a lender to gain control of the property pending foreclosure, put in new management (if needed), address performance issues, and possibly sell through a court fiduciary.
  • Put pressure on a borrower to find new financing/come up with financial proposal to address delinquencies – "put their money where their mouth is."

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Hoteliers Urged To Listen, Learn from Whistleblowers

July 18, 2022 via CoStar
As hotel businesses pull out every stop to aid recovery following the worst ravages of the COVID-19 pandemic, hoteliers are being warned to make sure practices conform to law and staff who have concerns are not vilified.
Pen being used to write a check
Tips, Tricks, and Best Practices – Reducing the Risk of Fraud

July 15, 2022 via HospitalityNet
M3, the hospitality sectors #1 Reporting & Accounting Software, is hearing from more and more customers that are experiencing check fraud that ranges from checks being replicated or physically altered somewhere between when the check is issued, mailed, received, or redirected.
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How Restaurants Are Being Scammed For Gift Cards

July 11, 2022 via TastingTable

A new scam is targeting restaurants by leaving negative reviews on Google then demanding a gift card to make the reviews stop. This forces restaurant owners to decide between a constant barrage of bad reviews or having to cough up some extra cash for a scammer.
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Cyberattack on Luxury Resort Should Put Hospitality Industry on High Alert

July 13, 2022 via 4Hoteliers

What’s unique about this particular cyberattack is that the stolen information – which includes data from 1,500 employees and more than 2,500 guests, including dates the guests stayed at the hotel as well as employees’ birthdays, phone numbers, and Social Security numbers – was posted on the public internet in easily searchable form.
Fisher Phillips
Via QSR Magazine | image: insurance policy form with glasses | How to Properly Insure Your Quick-Service Restaurant
From the Great Resignation to inflation to shifting dining patterns, quick-service restaurants today could easily let insurance slip to the back burner.

But with risks ranging from fires, to food safety, to slip and falls, and even robberies, properly insuring your quick-service restaurant might be the difference between a successful year and a disaster.

Types of policies
Just like any business, quick-service restaurants have many options to manage their business risk: business owner’s policies, workers’ compensation, general liability, commercial auto, cyber, and many more.
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