Source: LODGING
April 23, 2020
WASHINGTON, D.C. — As COVID-19 continues to devastate the hotel industry, the American Hotel & Lodging Association (AHLA) released a new report highlighting that 70 percent of hotel employees have been laid off or furloughed, according to Oxford Economics and Hotel Effectiveness, and eight in 10 hotel rooms across the nation remain empty, according to STR.
Tourism Economics recently reported that COVID-19’s impact on the travel industry is nine times worse than 9/11. CBRE is forecasting that 2020 occupancy rates will hit record lows worse than rates in 1933 during the Great Depression.
