The Bend and its Hyatt Position and Hyatt Household in East Moline had been off to an exceptional start off in 2020, the complex’s very first entire 12 months of organization.
“We ended up on track to have a greatly effective 12 months,” said Mike VanDeHeede, with Bend Resort Enhancement Co. at the time. “With the Expo Center (currently being developed), with the resort, with all the things that was going on, the apartments (currently being finished and marketed). That improvement was having off, just like we experienced planned. In advance of the pandemic hit, we had been way earlier mentioned finances, we were being way above our projections. We had been acquiring a excellent yr.”
But COVID-19 arrived. By mid-March, Gov. JB Pritzker requested bars and eating places closed. By March 20, all non-essential corporations were being shut.Youth sports groups, holidays and in-individual corporate conferences were identified as off, and the hotel suffered. The Bend misplaced quite a few million dollars when its organization was interrupted by the pandemic and the governor’s purchase.
The growth had a saving grace, VanDeHeede reported: Company interruption insurance plan from The Cincinnati Insurance policy Co.
But the insurance coverage corporation is not going to pay out. It contends small business interruption insurance policies won’t cover losses from the novel coronavirus because the virus does not cause bodily decline or injury.
The Bend Lodge Improvement Co. is just not by itself. Marsh and McLennan, an insurance plan broker, claims about 11,000 claims have been filed for enterprise interruption insurance policies due to the fact of the pandemic, mentioned Leon Buck, vice president of authorities relations, banking and fiscal expert services with Nationwide Retail Federation. “We estimate that firms (nationally) have sustained anywhere from $50 to $100 billion in losses due to COVID. It can be very detrimental.”