Dallas Hotel Owner Largest Beneficiary Of Coronavirus Loan Program

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Monty Bennett’s accommodation sector has been hit hard by the pandemic. According to him, Ashford Inc. and its subsidiaries have laid off or put on leave 95% of their 7,000 employees. An affiliate, owner of 117 hotels, has stopped paying most of its $ 4 billion in debt, he said.

But during the crisis, Mr. Bennett and other preferred shareholders still received millions of dollars in preferred dividends. In one of the companies, Ashford Hospitality Trust, payments to third party preferred shareholders have been reported by its …

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