News Source: northwestgeorgianews.com
Remington asks Marietta to defer rent on Hilton hotel
News Source/Courtesy: northwestgeorgianews.com

A hotel management firm has asked its landlord, the city of Marietta, to defer lease payments until October 2021, citing the impact from the pandemic, which has battered the tourism industry.

Dallas-based Remington Hotel Management leases the Hilton Atlanta-Marietta Hotel and Conference center from the city, paying almost $234,000 per month, according to a memo from city finance director Sam Lady detailing the company’s request.

“Because of the Pandemic conventions and meetings are not being held and people are not traveling,” City Manager Bill Burton explained in an email to the MDJ. “Business at the Hilton and other hotels is down dramatically. Remington is asking the City to be able to delay making payments until business is better this summer.”

Remington has asked the city to defer its payment of its rent from July 1 of this year to July 2021, with payment to resume in October. Unpaid rent would total $2.8 million dollars which Remington would pay back with interest over a period of 60 months. The proposed interest rate is 3.7% per 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 heard a presentation from city staff regarding the proposal.

Council members Philip Goldstein, Reggie Copeland and Michelle Cooper Kelly sit on the committee. Goldstein referred questions regarding the meeting to Bruton.

Cooper Kelly said the council would discuss the proposal at an upcoming agenda work session.

“We really just want to get a feel for what their plans are, what their challenges are at this moment before we make any kind of decision,” she said.

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News Source: northwestgeorgianews.com

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