Tax

While the impacts of the COVID-19 pandemic on the lodging industry are ongoing, this tenth annual HVS Lodging Tax Study quantifies the revenue impact of the pandemic over the past year. An analysis of 25 major US markets shows losses totaling approximately $1.3 billion in 2020 from historical levels in 2019. HVS forecasts a loss of $1.45 billion in rooms revenue in 2021 from a baseline scenario with no pandemic.

Stan Harris, LRA president and CEO, weighs in on the tax law changes that could provide restaurants with big credits.

While prior HVS annual lodging tax studies have looked back on tax rates and revenues across the United States, this ninth annual Lodging Tax Study also looks forward and assesses the impact of the COVID-19 pandemic. This analysis of 25 major US markets illustrates the depth of the impact on the hospitality industry and projects a pattern of recovery over the next few years.

Following waves of asset of appreciation, the pendulum has swung, and many hotels will be facing significant value declines in the current economic climate. As owners look for every way to reduce operating expenses, they should remain vigilant to pending fluctuations in real property assessment levels and proactive on appealing their assessments, if warranted.

Based on patterns of recovery following the two most recent recessions, HVS projected the lodging tax revenues of 24 U.S. urban markets. Compared to a baseline scenario without the pandemic, HVS estimates combined lodging tax losses across these markets could range from $4.0 to $5.5 billion. Losses of this magnitude will force stakeholders to consider steps such as debt refinancing or seeking alternative revenue streams until the hospitality industry recovers from this pandemic.

In the 8th annual Lodging Tax Report, HVS explores the current status and historical trends of lodging taxes in the USA. This updated version provides lodging tax rates/collections on all 50 US states and 150 US cities.

Tax Research Says 'Voluntary' Tax Agreements with Short-Term Rental Platforms, Like Airbnb, Lose More Public Revenue Than They Gain

This ruling by the Colorado Board of Assessment Appeals confirms our theory on the valuation of hotels that manage third-party-owned condominiums through their rental management programs.

Hotel Lawyers share tax news for those owning interests in foreign entities.

In this 7th annual Lodging Tax Report, HVS explores the current status and historical trends of lodging taxes in the USA. This updated version provides lodging tax rates/collections on all 50 US states and 150 US cities.