Oxford Economics reported last week that the U.S. economy is in recession. The nation’s travel and tourism industry, hit hard by the global COVID-19 pandemic, is the leading cause of the decline in the nation’s GDP. In this report, the seventh in Long Live Lodging’s Special Coronavirus Report, hotel industry analysts clarify the impact the coronavirus crisis is having on business performance in the U.S. The data from China offer a glimmer of hope at the end of a long, dark tunnel.
Memorial Day weekend enticed many Americans to travel to destinations such as beach towns, mountain resorts and amusement parks as states are in the midst of lifting shelter-in-place directives and reopening their economies. Many hotels in these markets reported occupancies similar to pre-COVID-19 days. As the industry gets back to business, it will be anything but normal as owners and operators adapt to new health and safety protocols. In this report, Long Live Lodging looks at what brands, owners and advisors are doing to help the industry adjust to doing business amidst the coronavirus threat. This is part of an ongoing report about the coronavirus and its impact on the hotel industry.
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 read more