Socimis and Large Funds will Cut the Rents for Hotels and Commercial Tenants

23 March 2020 – Brainsre.news

Hotel, restaurants and textile chains are asking to negotiate the conditions of their rental contracts and are proposing rent waivers, moratoriums and discounts for the duration of the state of emergency due to Covid-19.

Hotel groups, restaurants and textile chains have started to ask their landlords to negotiate the conditions of their rental contracts and to propose rent moratoriums and discounts, at least for the duration of the state of emergency decreed by the Government to try to put a stop to Covid-19.

This would affect Socimis that own shopping centres, such as Merlin, Lar España, Castellana Properties and General de Galerías Comerciales; other retail giants, such as Sonae Sierra and Unibail Romanco-Westfield – which have already announced that the coronavirus pandemic has affected their centres. It would also impact funds such as Blackstone, which owns a high-profile hotel portfolio following its purchase of Hispania, which it controls through HIP; and property managers such as Azora, which will have to review their business plans and adapt their commercial policies with their tenants.

Original Story: Brainsre.news

Translation/Summary: Carmel Drake

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