The U.S. hotel industry has begun its comeback as all states are reopening their economies. The numbers show that occupancy is slowly but steadily increasing as hotels get back to business. But, to be sure, it is not business as usual.
Relatively few hotels completely closed during the coronavirus pandemic. More than 80 percent remained open and found themselves serving essential workers, housing vulnerable populations or being transitioned into health care facilities. During this time, hotel owners and operators have discovered and introduced new health and safety protocols into their standard operating procedures.
This is probably reassuring to current guests, but it’s easy to be fooled into complacency.
People planning leisure or business trips this summer might believe every hotel and motel in America has undergone deep cleaning and now practices heightened housekeeping protocols. But one hotel CEO Lodging Leaders interviewed says he recently discovered that’s not so, and fears lackadaisical owners are in danger of losing their businesses to the coronavirus.
In this episode, Lodging Leaders looks at the new standard of clean and steps the industry is taking as a whole to reassure the public their properties are safe. We also talk to an industry supplier and other advisers who stress the importance of following product instructions and on documenting the steps your staff is taking to clean and sanitize your hotel.
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Lodging Econometrics has tracked the hotel industry since 1998. Its global database includes new-hotel pipelines as well as renovations and brand conversions. Hotel franchisers once eager to launch new brands are focused on converting existing hotels because it’s a faster way to recover revenue lost to the COVID-19 pandemic than through new construction. In Episode 346, Lodging Leaders explores the increasing number of conversions in the U.S. hotel industry and what owners and operators need to consider before repositioning an asset.
In the first few months of the COVID-19 pandemic in the U.S., financiers anticipated a swell of distressed hotel businesses. Some raised rescue funds to respond to what they thought was a pending crisis. Though there are financial rescues taking place, the level of such activity is far below what industry advisers and fund managers expected. Commercial real estate investors positioned to act in the early days of the pandemic held off and are now just beginning to unleash their cash hoards totaling billions of dollars. Episode 345 of Lodging Leaders podcast explores the state of capital investment in the hotel industry.