A solid recovery in the hotel industry is years away as travel and tourism will likely remain suppressed well into 2021 as cities across the US have reinstated some form of coronavirus restrictions to mitigate the spread.
As COVID-19 infections, hospitalizations, and deaths soar, along with a new mutation of the virus spreading in Europe, Americans continue to shun hotels.
According to STR, Inc, a hotel industry market data firm, the US hotel occupancy rate plunged 26.4% to 36.8% during the week of 13 to 19 December, compared over the same period in 2019.
STR said the average daily rate (ADR) dropped 21.9% to $85.50 over the week. Revenue per available room (RevPAR) was at $31.45, down 41.5% Read more…..
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