First, I sanded down the old holiday red (220 grade) and spray painted the prepped tray with glossy white. After a few hours of dry time, I sprayed adhesive on the inside of the tray and placed the burlap that I cut to fit the shape.
The end result is great! Even if I spill a little liquid on the fabric, it can easily be replaced. You can find other great tray rehab projects here, here and here.