A resort administration agency has requested its landlord, the metropolis of Marietta, to defer lease payments right up until Oct 2021, citing the effect from the pandemic, which has battered the tourism sector.
Dallas-based Remington Hotel Management leases the Hilton Atlanta-Marietta Hotel and Conference heart from the city, paying out pretty much $234,000 per thirty day period, according to a memo from city finance director Sam Girl detailing the company’s request.
“Because of the Pandemic conventions and conferences are not being held and individuals are not traveling,” Metropolis Manager Bill Burton spelled out in an e-mail to the MDJ. “Business at the Hilton and other inns is down significantly. Remington is asking the City to be in a position to delay producing payments right up until small business is superior this summer.”
Remington has asked the metropolis to defer its payment of its rent from July 1 of this calendar year to July 2021, with payment to resume in Oct. Unpaid rent would complete $2.8 million bucks which Remington would shell out back with interest around a interval of 60 months. The proposed curiosity price is 3.7% per calendar year.
Bruton said the proposal would be voted on by the city’s full board in January. On Dec. 17, the City Council’s finance committee read a presentation from city employees relating to the proposal.
Council associates Philip Goldstein, Reggie Copeland and Michelle Cooper Kelly sit on the committee. Goldstein referred inquiries regarding the conference to Bruton.
Cooper Kelly claimed the council would discuss the proposal at an approaching agenda work session.
“We seriously just want to get a feel for what their plans are, what their challenges are at this second prior to we make any form of determination,” she explained.