Monty Bennett

Monty J. Bennett (born 1964 or 1965)[1] is an American businessman who founded and is the chairman and CEO of Ashford Inc., a hospitality real estate company. He is also the publisher of the Dallas Express, a newspaper launched in 2021 that covers daily news in Dallas, Texas.

Monty Bennett
Born1964/1965 (age 56–57)[1]
EducationCornell University (BS, MBA)
OccupationBusiness executive
EmployerAshford Inc.
TitleChairman and chief executive officer

Early life and education

Monty Bennett grew up in Houston, Texas, as one of seven children. His father was Archie Bennett Jr., also a hospitality executive. After high school, he earned a Bachelor of Science degree from the Cornell University School of Hotel Administration in 1988,[2] and a Master of Business Administration from Cornell University's Samuel Curtis Johnson Graduate School of Management in 1989.[3]

Career

Hotels and real estate

In 1989, Bennett co-founded and joined Remington Hotels, a hotel company co-owned by Archie Bennett Jr., his father.[2] Bennett was the CEO of Ashford Hospitality Trust from its founding until 2017, and he remains the firm's chairman.[4] He was CEO of Braemar Hotels & Resorts until 2016 and since 2013 has remained its chairman.[5] Ashford is the advisor to two real estate investment trusts (REITs): Ashford Hospitality Trust and Braemar Hotels & Resorts, which combined own 120 hotels.[6] Bennett's 2015 annual compensation from Ashford was $6.65 million.[7]

COVID-19 pandemic and relief funding

During the COVID-19 pandemic, Ashford laid off or furloughed 95% of its 7,000 workers by late March 2020. In addition, one-third of the company's salaried staff was laid off permanently. Bennett forfeited 25% of his 2019 earned bonus, cut his own salary by 20% and later took his reduced salary in stock only.[8]

Also in March 2020, as the CARES Act for COVID-19 relief funding was being negotiated, Ashford Inc. spent $50,000 to hire its first lobbyists in Washington, D.C.[9] The lobbyists were both former fundraisers for Donald Trump.[10][11]

In April 2020, it was reported that Bennett's businesses were the largest recipient of funds distributed through the Paycheck Protection Program (PPP).[12] They applied for $126 million in PPP funds through multiple loans, and received at least $56 million.[10][13] Senate Minority Leader Chuck Schumer called for an investigation by the Small Business Administration into how Bennett's corporations were granted so much funding.[10] The United States Department of the Treasury later ordered publicly traded companies to return the funds, and Ashford and its subsidiaries did so.[9][10] Bennett blamed the backlash on the media.[1]

Publishing

Bennett is the publisher of the Dallas Express, a daily newspaper launched in 2021 that covers news in Dallas, Texas.[14][15][16] The publication has drawn criticism for using the name of a historic progressive Black newspaper.[16]

In October 2020, The New York Times reported that Bennett had pitched a media network run by Brian Timpone to publish articles about topics ranging from COVID-19 stimulus legislation to U.S.–China policy.[17][18][19]

Dispute with regional water district

In 2018, it was reported that Bennett owned property with U.S. Congressman Lance Gooden (R-TX).[20] In 2020, Bennett clarified that he did own less than one acre at one time with Gooden and other investors, but no longer does.[21] Before they knew each other, Gooden helped Bennett with a dispute with a regional water district in 2011, supporting legislation that would help stop a proposed water pipeline from going through Bennett's 1,500-acre Athens, Texas ranch property.[20] Bennett spent over $235,000 of his own money to support the election of two Tarrant Regional Water District board members, who opposed the plan; both ultimately lost their elections.[22] With the aid of a legislator, Bennett created a conservation district on his land. He also brought endangered animals to live on the land amongst other exotic animals he already had, and created a cemetery where the pipeline was planned to be laid.[1] The dispute was eventually settled out of court, with the TRWD agreeing to route the pipeline around Bennett's property.[23] The water district board election results led to an investigation that was called "the largest voter fraud investigation in Texas history" by the Fort Worth Business Press. Thousands of ballots were found to be fraudulent, and the Texas Attorney General prosecuted an individual who eventually pled guilty and served time.[24]

Political involvement

Bennett was a substantial donor to Donald Trump's presidential campaigns and to the Republican National Committee.[11][10] Bennett donated more than $1.1 million to Trump and the Republican Party between the 2016 election and May 2020.[10]

As of 2019, Bennett was on the advisory board of Texans for Education Reform.[6]

Personal life

Bennett is married and has four children. Two are from a previous marriage, and two are stepchildren. He lives in Dallas, where he has lived for more than 30 years. He also owns a 1,500-acre ranch in Athens, Texas, a portion of which has been in his family for three generations.[1]

References

  1. Walters, Natalie (July 5, 2020). "Villain or victim? How Dallas hotelier Monty Bennett became PPP's face of corporate greed". Dallas Morning News. Retrieved October 1, 2020.{{cite web}}: CS1 maint: url-status (link)
  2. "Schedule 14A - Ashford Hospitality Prime, Inc". U.S. Securities and Exchange Commission. April 28, 2017. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  3. "Monty Bennett". Bloomberg. Retrieved March 17, 2020.{{cite web}}: CS1 maint: url-status (link)
  4. "Bennett, Monty J." The Wall Street Transcript. September 10, 2015. Retrieved March 17, 2020.{{cite web}}: CS1 maint: url-status (link)
  5. "Ashford Hospitality Prime Rebranding to Braemar Hotels & Resorts" (Press release). National Association of Real Estate Investment Trusts. April 23, 2018.
  6. "Monty J. Bennett". Global Hotel Network. Archived from the original on November 29, 2019. Retrieved November 12, 2021.
  7. "The 100 highest-paid CEOs in Dallas-Fort Worth". The Dallas Morning News. July 22, 2016. Retrieved November 12, 2021.
  8. Gandel, Stephen (March 18, 2020). "Major hotel executive: "I've just cut 95% of my staff"". CBS News. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  9. LoBianco, Tom (April 23, 2020). "A Trump megadonor who hired Trump fundraisers to lobby the Trump administration got the biggest payout from the Paycheck Protection Program". Business Insider. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  10. Stone, Madeline (May 4, 2020). "Everything we know about Monty Bennett, the Trump megadonor whose hotel conglomerate is returning its PPP funds after backlash". Business Insider. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  11. Markay, Lachlan (April 23, 2020). "Trump Donor Hired Trump-Tied Lobbyists, Then Raked in Coronavirus Relief Cash". The Daily Beast. Retrieved November 13, 2021.
  12. Simek, Peter (June 2021). "The Real Story Behind the Dallas Express". D Magazine. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  13. "SEC Filings Public Companies Receiving SBA PPP Loans Under the CARES Act". FactSquared. Retrieved April 28, 2020.
  14. Bengani, Priyanjana (October 14, 2021). "Advocacy groups and Metric Media collaborate on local 'community news'". Columbia Journalism Review. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  15. Rogers, Tim (January 13, 2021). "Dallas Express, Historic Black-Owned Newspaper, Has Become Dubious News Site". D Magazine. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  16. Monacelli, Steven (February 12, 2021). "Formerly Black Owned Dallas Express Resurrected As Right Wing Propaganda Site". Dallas Weekly. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  17. Alba, Davey; Nicas, Jack (October 18, 2020). "As Local News Dies, a Pay-for-Play Network Rises in Its Place". The New York Times. Retrieved March 2, 2021.{{cite web}}: CS1 maint: url-status (link)
  18. "Advocacy groups and Metric Media collaborate on local 'community news'". Columbia Journalism Review. Retrieved November 12, 2021.
  19. Simek, Peter (June 2021). "The Real Story Behind the Dallas Express". D Magazine. Retrieved November 12, 2021.{{cite web}}: CS1 maint: url-status (link)
  20. Root, Jay; Svitek, Patrick (May 16, 2018). "Lance Gooden's biggest donor in the Texas Legislature is now spending big to get him into Congress. The two go way back". The Texas Tribune.
  21. Lawrence, Tom. "Bennett refutes reports of shared land ownership with U.S. Rep. Gooden". East Central Texas News. Retrieved February 19, 2021.{{cite web}}: CS1 maint: url-status (link)
  22. Hanna, Bill (July 19, 2014). "Dallas businessman donated more than $235,000 to Tarrant Regional Water District candidates". Fort Worth Star-Telegram.
  23. Hanna, Bill (May 25, 2017). "Dallas settles legal fight with Monty Bennett over East Texas pipeline". Fort Worth Star-Telegram. Retrieved November 12, 2021.
  24. Richter, Marice (October 18, 2016). "More details emerge in voter fraud investigation in Tarrant County". Fort Worth Business Press. Retrieved February 19, 2021.{{cite web}}: CS1 maint: url-status (link)
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.