As hotels in the U.S. are forced to dramatically scale back operations or close altogether because of the new coronavirus pandemic, government officials are looking to use the empty rooms to fight the spread of the virus or help patients recover.
Meantime, hotel operators are taking a fresh look at cleaning procedures to assure guests both now and in the future that their properties are focused on the health and safety of guests and employees.
In this episode, Lodging Leaders talks to Darshan Patel, a lawyer who also runs his family’s business – the Hotel Investment Group in San Diego, where the county government has claimed two of their independent hotels to deal with overflow from area hospitals.
We also feature Jyoti Sarolia, principal and managing partner of Ellis Hospitality Group in Temecula, California, who believes every hotelier needs to step up and help their community through this pandemic.
Also included is Adrian Chavez, regional director of operations for Kriya Hotels in Texas, who is overhauling the company’s cleaning protocols in light of the COVID-19 outbreak.
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Hotel appraisers and brokers expect distressed assets to come to market as the pandemic recession continues into 2021. Analysts say billions of dollars in private equity are waiting in the wings to acquire hotels underperforming as a result of the coronavirus crisis. But pricing will be different than in previous economic downturns. While a transaction may be distressed, it will not necessarily reflect distress pricing,” said Daniel Lesser of LW Hospitality Advisors. Long Live Lodging explores the state of hotel values as well as what may lie ahead with regard to transactions in 2021 as the spread of COVID-19 continues to stifle lodging performance. This report is part of our ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.
Global business travel is a $1.4 trillion industry. The Global Business Travel Association calculates the coronavirus pandemic in 2020 resulted in a loss of $113 billion in business travel spend in hotels, airlines and other sectors of the travel industry. But all is not lost. GBTA, industry analysts and travel management companies see some green shoots of hope for 2021 as the COVID-19 vaccine rolls out and corporations put some of their people on the road again. This report is part of Long Live Lodging’s ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.