The U.S. lodging industry was prepared for a slowdown in performance entering 2020. CBRE Hotels Research was projecting a 1.1 percent increase in RevPAR for the year. Even with this low level of revenue growth, there were certain factors that could have sustained – or at least cushioned the blow of minimal declines - the nine-year trend of profit growth for U.S. hotels since 2010.
Mainland Chinas daily hotel occupancy reached an absolute level of 31.8% on 28 March, according to preliminary data from STR.
Economic Analysis Shows COVID-19 is an Existential Threat to Airport Business
During the week of 22-28 March, Canadian hotel occupancy fell 76.1% to 14.8%, ADR decreased 25.1% to 109.66 Canadian dollars ($77.15) and RevPAR plummeted 82.1% to CA$16.23 ($11.42).
When a hotel loan gets in trouble, a lender should immediately perform a Comprehensive Situation Analysis. Borrowers should do the same and be fast to approach lenders with candor and an actual plan demonstrating what is needed and how it will work.
Starting Thursday, April 2, restaurant employees can apply to receive a check for $500 from the National Restaurant Association Educational Foundation Restaurant Employee Relief Fund.
Reflecting the continued impact of the COVID-19 pandemic, the U.S. hotel industry reported significant year-over-year declines in the three key performance metrics during the week of 22-28 March 2020, according to data from STR.
For most hotels in North America, the sales team is entering week three of the Covid19 disruption. The first week or so was just crazy, as salespeople from all market segments endured a frantic wave of cancelations and postponements. Just as that wave was starting to pass, most sales leaders had to make the difficult move of furloughing or laying off sales staff to pare down the payroll costs.
Destination Analysts' ongoing travel sentiment survey reveals how COVID-19 may more deeply change travel
As we navigate unprecedented times during the COVID-19 pandemic, the world has put travel on pause. While everyone is social distancing, people continue to stay connected online through social media, FaceTime, video conferencing, and email. People are searching for an escape and for quality content to lessen their stress and enhance the quality of time at home. In light of this, many hotels can continue creating valuable and entertaining content across channels to stay connected with guests.