CORONAVIRUS
What’s a Hotel Worth Today?
CORONAVIRUS
As U.S. hotels close or dramatically scale back business during the COVID-19 pandemic, it’s difficult to assess the value of a lodging asset that may or may not be able to recover from steep losses in revenue. And some hotel segments, such as economy extended stay, are doing well when compared to their higher priced competitors. Suzanne Mellen and her cohorts at HVS have attempted to paint a picture of what hotel values may look like in the coming months. Presenters at Long Live Lodging’s LodgingStream digital conference on April 30 said it’s too early to tell if and by how much hotel market values may change, though one speaker said he’s seeing discounts of 25 percent to 30 percent emerging. This article is part of our special report on the coronavirus and its impact on the hotel industry.
CORONAVIRUS
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291 | On The Brink: Hotel associations lobby on Capitol Hill to ward off disaster
Leaders at AAHOA and the American Hotel & Lodging Association say time is running out for the nation’s 57,000 hotels in need of federal government financial relief as the coronavirus pandemic in the U.S. heads into its eighth month. Cecil Staton, president and CEO of AAHOA, and Chip Rogers, president and CEO of AHLA, are tirelessly rallying the industry to implore Congress to act soon before half of the country’s hotels go into foreclosure. This report is part of our ongoing coverage of the coronavirus crisis and its impact on the hotel industry.
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290 | DAY-CATIONS: Hotels turn guest rooms into private office spaces
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.