Banker & Tradesman: May 25, 2020

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Turn to page B1 for Banker & Tradesman’s monthly coverage of all things commercial real estate.

THE FINANCIAL SERVICES AND REAL ESTATE WEEKLY FOR MASSACHUSETTS BY THE NUMBERS

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County close-up: Middlesex Spotlight: Melrose

IN PERSON

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This year marks the Newburyport-based bank’s 200th anniversary, and as the bank focused on keeping employees safe and helping customers affected by the coronavirus crisis, celebrations were placed on the back burner, said Michael Jones, Institution for Savings’ president and CEO for the past 10 years.

WEEK OF MONDAY, MAY 25, 2020

COMMERCIAL REAL ESTATE BY THE NUMBERS

HOTEL SELF-HELP

3 percent A proposed tourism marketing district would authorize a 3 percent per-room fee in Boston and Cambridge. See Steve Adams’ story on this page. Source: Boston Convention and Visitors Bureau

75 percent Summer home rentals on Cape Cod are 75 percent off their historic levels. See Jay Fitzgerald’s story on B1. Source: WeNeedaVacation.com

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A NEW MODEL FOR

State legislators are considering a bill to freeze rents during the COVID-19 emergency. See Week on the Web on page 2. Source: Joint Committee on Housing

MARKETING MASSACHUSETTS

$222 Average RevPAR for Cape Cod hotels in August 2019. See Jay Fitzgerald’s story on B1. Source: Cape Cod Chamber of Commerce

Travel Uncertainties Cloud Tourism Outlook

52 percent The year-over-year decline in RevPAR among New England hotels. See Rachel Roginsky and Sebastian Colella’s column on page B4. Source: Pinnacle Advisory Group

BY STEVE ADAMS BANKER & TRADESMAN STAFF

A

cloud of uncertainty lingers over the Massachusetts hotel industry as owners await details on Gov. Charlie Baker’s reopening plan and gauge travelers’ willingness to venture to one of the nation’s COVID-19 hotspots. For decades, the industry has grappled with another unknown: the sum of available marketing dollars to promote Bay State attractions to U.S. and global visitors. A growing coalition of tourism officials is seeking to create a new dedicated source of revenues, and the power to spend them on ad campaigns and promotions.

$1.5 million WuXi Biologics paid $1.5 million for a Worcester development site. See Week on the Web on page 2. Source: Public record

6 feet Artificial intelligence is being used to enforce social distancing on some job sites. See page 7. Source: Shawmut Design & Construction

20 percent Hotel room rates on Cape Cod could fall by up to 20 percent. See Jay Fitzgerald’s story on B1. Source: Jeannette Robinson

Unless otherwise noted, all data is sourced from The Warren Group’s Mortgage Market Share Module, Loan Originator Module, Statistics Module and/or proprietary database. For more information please visit www.thewarrengroup.com/business/ datasolutions.

Continued on Page 7

COMMERCIAL INTERESTS

BANK ON EQUITY

Without More Inventory, Home Prices Will Likely Be ‘Sticky’

Pandemic Magnifies Economic Stresses Lenders Can Address

By Scott Van Voorhis | Banker & Tradesman Columnist

By Diane McLaughlin | Banker & Tradesman Staff

One Coronavirus Casualty: Crisis Highlights Efforts New Home Starts to Help Underbanked

Commercial Real Estate PAGE 3

Banking & Lending PAGE 9


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