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.
Hundreds of hotel owners have filed or are considering filing lawsuits against their property insurers to recover tens of millions of dollars in lost business revenue during the coronavirus pandemic. Long Live Lodging’s report features a hotel owner, lawyers and a researcher on risk and uncertainty and explores what’s happening with unsatisfied business interruption insurance claims and government legislative proposals seeking to resolve the problem. This report is part of Long Live Lodging’s ongoing coverage of the coronavirus crisis and its impact on the hotel industry.
As the hospitality industry struggles to mitigate the massive loss of revenue caused by the coronavirus pandemic, hundreds of hotel owners are filing lawsuits to force their property insurance providers to cover their financial casualties. Meantime, state and federal lawmakers are considering legislation that would mandate U.S. insurance companies pay for business losses related to read more