The COVID-19 crisis has practically paralyzed the engines that drive the U.S. economy, including the lodging industry. One of the cogs that turn the wheel is the hotel franchising system. While many hotel franchisees have long been dissatisfied with the power franchisers exert over their businesses, the coronavirus crisis has exposed even greater levels of frustration. Hotel companies are waiving or reducing fees and suspending brand standard reviews for months, but many owners say it’s not enough as they face a true financial meltdown. This report is part of Long Live Lodging’s series on the state of hotel franchising. It is also part of a special report on the coronavirus crisis and its impact on the hotel industry.
With hotel occupancies hovering around an average of 50 percent, owners and operators are seeking new ways to generate revenue beyond traditional overnight stays. One solution in the works is day use of hotel rooms. Hotel companies such as Red Roof, Hyatt Hotels Corp. and Hilton are promoting the practice during the COVID-19 pandemic. Ahead of the curve is HotelsbyDay.com, a day-use booking platform that is marketing hotels as the new office space. Long Live Lodging explores the unconventional use of hotels and how owners and operators can position their properties to attract day users. This is part of our ongoing coverage of the coronavirus crisis and its impact on the hotel industry.
She Has a Deal is a hotel development competition in which all-women teams pitch their ideas to prospective investors to win $50,000 in equity toward their project. Tracy Prigmore, founder and CEO of TLTSolutions, a hotel investment group, created She Has a Deal to open doors for women interested in hotel ownership. Five teams will read more