ARA H-Trust temporarily closes over 65% of its US hotels, to cut workforce by 70%
SINGAPORE - In response to the acceleration of the coronavirus pandemic, ARA US Hospitality Trust has turned to a series of measures including the temporary closures of about two-thirds of its hotels in the United States with low occupancies, slashing its workforce and pay cuts for senior managers.
Meanwhile, the trust has also"consolidated operations" at three hotels to other owned assets in the market, the managers said on Thursday. All contract labour in property management will also be eliminated, all senior managers' salaries are lowered by 20 per cent and managers are required to cover four shifts per week within 50 hours per week over six days.
All property improvement plans, asset enhancement initiatives and other non-essential capital expenditures will be deferred for a year.
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