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Million Acres: Where Are Hotels Hurting The Most?

It's been a very challenging year for the hotel industry as a whole. While hotels have seen vacancy rates and RevPAR bounce back from March, numbers are still far below pre-pandemic numbers. As of November 14, hotel analytics firm STR reported that occupancy was at 43.2%, down by 32.7% year over year. The average daily rate was $90.58, a drop of 28.6%, and RevPAR was off 52% from last year. With COVID-19 rising in recent weeks, many potential travelers may change their plans.

2020-11-25T13:41:54-04:00News|

Real Estate Daily Beat: Pandemic puts NYC Hotels on the brink

New York City’s hotel industry is in crisis, with four out of five properties underpinning commercial mortgage bonds now showing strain, according to the Financial Times. The effects of the coronavirus and overbuilt supply is hitting the nearly $4 billion of hotel mortgages that are bundled into CMBS deals hard.

2020-11-20T14:16:10-04:00News|

CGTN: Global Business Daily: Gaming wars, Tencent profits soar, Pfizer boss cashes in

A drop in tourist footfall to New York City due to its place as a COVID-19 epicenter is now having knock-on affects on bond markets linked to borrowing and support lent to the sector. Commercial mortgage bonds are now showing strain, with the Hotel Association of New York City saying if just half of the 640 hotels in the city survive the crisis, it would be a "great" outcome.

2020-11-13T16:33:06-04:00News|
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