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ARA H-Trust shutters two-thirds of hotels, slashes workforce, cuts pay amid pandemic
The operator of 41 hotels in the US saw its portfolio occupancy dive to 39.6% in March from 66.5% in February
Published Fri, Apr 17, 2020 · 09:50 PM
Singapore
ARA US Hospitality Trust (ARA H-Trust) has temporarily closed about two-thirds of its hotels, slashed its workforce and cut the pay of senior managers in response to the worsening novel coronavirus pandemic.
The stapled group shut 15 hotels in the last week of March and 13 other hotels in the first week of April due to low occupancy rates, its managers said on Thursday night in an investor update.
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