Dallas (WBAP/KLIF) – The Dallas billionaire hotelier whose company was the single largest recipient of COVID19 aid funds meant for small business, says that he “will not return the money.”
Monty Bennett, CEO of Ashford Inc. received over 96-million dollars from the Paycheck Protection Program, according to the Dallas Morning News.
The money went to Braemar Hotels & Resorts, which owns luxury properties including the Ritz-Carlton in St. Thomas, U..S. Virgin islands and Ashford Hospitality Trust – which owns more than 100 hotels around the country.
Also see: CEO and chairman Monty Bennett and other major shareholders pocketed millions in preferred dividends
Bennett, a huge Trump campaign donor said in a statement on Saturday:
“Unlike other publicly traded, multimillion-dollar companies, it would not be returning the money, adding that “media concern” about the funds are “misplaced.
The statement went on to say that, the loans the company received are “crucial for the stabilization of our business, and they make up a significant portion of our (now much less valuable) companies.”
“We plan to keep all funds received under the PPP,” the company said. “Total PPP funding for the hotel industry accounts for less than 3% of the fund’s initial budget … Our companies have not crowded out smaller businesses from receiving funds.”
(Copyright 2020 WBAP/KLIF 24/7 News. This report contains material from the Dallas Morning News.)
