As we look forward to a brighter future in 2022, we should all be proud of our TMD hotel community and its perseverance in moving forward despite the many unforeseen obstacles of the pandemic. It is truly due to the collaborative spirit of our local hotel and tourism industry that we are where we are today – poised to move forward safely and responsibly in welcoming back our leisure and group business to Los Angeles.
As you will recall, the TMD Board of Directors earlier this year approved support for ChampionLA’s efforts to bring mega sporting and entertainment events to Los Angeles and we will start the new year by welcoming Super Bowl LVI to L.A. in February 2022 which will deliver significant impacts to L.A. as reported in the just-released Economic Impact Report discussed below.
I'm also pleased to share the good news that Visit California will receive additional funding of $45 million for marketing recovery which was allocated by the Governor from the EDA grant that California recently received. These funds will be used to support the return of international guests and to extend Visit California's efforts in the group sector.
I am also pleased to advise the TMD Board of Directors recently approved the proposed budget for CY 2022 which reflects the improving performance of TMD hotels vs. last year. Also, please help me in welcoming two new Board Members: Steve Pastor, General Manager of Hotel MdR - a DoubleTree by Hilton Hotel, and Philip Barnes, General Manager of the Fairmont Century Plaza.
As always, I welcome and appreciate your comments and feedback.