One of the sectors hit hardest during the COVID-19 pandemic was hospitality, which included restaurants and hotels. A member of the U.S. Congress could be betting on the comeback of hotels with a recent investment in an LLC that owns hotels.
What Happened: Speaker of the House Nancy Pelosi recently added money to the REOF XX LLC that she has previously put money into.
As reported by Congresstrading on Twitter, Pelosi put $15,000 to $50,000 in the LLC on Aug. 24. The investment was reported today with a new filing.
The filing said this is an additional investment in the LLC that acquired five Courtyard by Marriott hotels: Fairfax, Virginia (1 hotel); Baltimore, Maryland (2 hotels) and San Antonio, Texas (2 hotels). The Courtyard by Marriott hotels are franchised by Marriott International Inc MAR.
Congresstrading noted that this LLC received $1.4 million in paycheck protection program (PPP) loans as part of the federal government’s program to help struggling businesses during the COVID-19 pandemic. The PPP loan was forgiven and used for payroll according to another source.
Why It’s Important: Pelosi has put money into REOF XX LLC five times since January 2020, according to Capitol Trades.
REOF XX LLC is a commercial real estate investment that has ties to Flynn Properties Group, a unit led by Greg Flynn, the owner of the largest restaurant franchising company in the U.S., Flynn Restaurant Group.
The five hotels mentioned in the filing by Pelosi are part of the hotels listed on the Flynn Properties website.
Several other Pelosi-linked companies took PPP loans as part of the Small Business Association program to help with payroll during the COVID-19 pandemic.
Pelosi and her husband have faced scrutiny over large stock and option purchases with the timing of several trades coming close to major government announcements and the perception that inside trading could be happening.
The investment in the hotel sector could signal that Pelosi saw the travel industry showing continued recovery post-COVID-19.
Image and article originally from www.benzinga.com. Read the original article here.