Cushman & Wakefield recently published a report on the first half hotel & lodging business in the U.S. and to nobody’s surprise, the report shows the industry has taken an unprecedented hit to overall business as a result of the COVID pandemic.
While starting off strong through the Jan-Feb period, the pandemic reversed those early trends with the 2020 2nd quarter REVPAR -70% vs. the same period year ago. Overall occupancy during the 2nd quarter ’20 was -52.2% versus 2019.
Luxury properties and convention and event-driven properties suffered the most, with economy, lower priced properties with minimal amenities being the category that has been surviving the best during the downturn. Occupancy at these properties has been frequently driven by medical, first responder and emergency personnel stays.
According to the Cushman & Wakefield report, “The U.S. travel industry continues to be among the hardest hit sectors by COVID-19. The stay-at-home orders have been embraced by many businesses that are mandating work-from-home; some companies have extended this practice into at least the first quarter of 2021.”
For the full report please visit: https://drive.google.com/file/d/1g5SZrB1tZnAui_vbYUV-pthLFHFpb2E6/view?usp=sharing
