Hospitality

COVID-19: Hotels Face Five-Year Slump

A new study by HotelAVE estimates that it could take five years for hotels to restore growth to pre-coronavirus numbers, according to HOTELSMag. This estimated hit to the hospitality industry reflects current travel restrictions and anxiety toward tourism across the U.S.

The study, citing data from HotelAVE, CBRE, HVS and SunTrust, estimates a 25%-30% drop in revenue by the end of March, and another 10%-15% drop this month. The study also compares COVID-19 to previous downturns, including 9/11 and the 2008-’09 “great recession.”

It took 18 months after the great recession began ...