LODGING LEADERS

217 | Rainy Days Ahead: Hotels advised to prepare for a downturn

LODGING LEADERS

Many hotel-business experts believe an industry downturn is at hand.

Some say it will happen as soon as next year. Others expect business to slow in 2021.

So, is the forecasted slowdown based on fact, an economic algorithm, or is it more of a gut feeling?

In this episode of Lodging Leaders we try to answer this question. We also find out what hotel owners should be doing today to prepare for a slowing of business tomorrow.

We talk to Mark Woodworth and Robert Mandelbaum, analysts with CBRE Hotels Americas Research; Paul Breslin of consulting firm Horwath HTL; and Susan Barry of Hive Marketing, who offers tips on how to get your hotel recession ready.

Resources and Links

LODGING LEADERS
  • 311 | Shelters From the Norm: Hotels used for hospitals and housing face unexpected problems

    A year ago, Darshan Patel, CEO of Hotel Investment Group in San Diego, California, was one of the first hoteliers in the U.S. to step up and offer properties to overwhelmed hospitals seeking places to care for COVID and non-COVID patients as well as vulnerable populations. As the crisis eases and Hotel Investment Group works to return the hotels to business, Patel is negotiating with local governments to pay for the wear and tear on the properties. Patel is not alone as many hoteliers are unexpectedly dealing with problems that state and local governments’ urgent decisions have created, including property damage, increased costs and eviction bans. This report is the second in a two-part series examining the pros and cons of opening hotels to alternative uses during the pandemic. It is part of Long Live Lodging’s special coverage of the coronavirus crisis and its impact on the hospitality industry.

  • 310 | Hotels Convert to Housing: Federal COVID-19-relief funds fuel transactions

    Dhruv Patel, president of Ridgemont Hospitality, in October shared a bittersweet moment with his parents, Pravin and Sima Patel, when the family business sold the first motel that Pravin had built from the ground up more than 30 years ago. But they rest assured knowing it was the right decision because the 22-room property is being converted into affordable housing for military veterans at risk of homelessness. The transaction is among hundreds taking place across the U.S. as state and local governments work with non-profit agencies to create affordable housing solutions for vulnerable populations amid the COVID-19 pandemic. In Episode 310 Long Live Lodging reports on the financial and legal aspects of what it takes to convert a hotel into long-term housing. This report is part of Long Live Lodging’s special coverage of the coronavirus crisis and its impact on the hospitality industry.

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