Industry leaders share the realistic and profound impact of COVID19 on the hospitality industry. The principle challenge is clear – containment practices including closed borders, travel restrictions and social distancing have left an abrupt and indefinite bearing on demand for hotels.
Owners are making difficult decisions and given the circumstances are forced to take proactive measures. A resounding echo on the hospitality industry, the COVID19 crisis is already of greater impact than 9/11 and the financial crisis of 2009 – combined. Unlike anything the industry has seen before, the detriment from COVID19 is incomparable even to hotels that bore witness to the Great Depression.
- Hotels have lost $13 billion in room revenue since this started
- 8 of 10 hotel rooms in the US are vacant
- Hotel industry is on pace to lose 5.3 mm jobs