A third of US hotels could disappear: report

Robert59

Robert59

Well-known Member
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Now I live in Tennesee. Did live in Michigan.
A third of hotels in the U.S. could go under due to the coronavirus pandemic, according to a new study.

Some 33% of hotel owners expect to hand the keys back to their lender or enter a forced sale situation, according to a September 7 survey of 103 hotels by the Hospitality Asset Managers Association (HAMA).

https://www.yahoo.com/finance/news/...et-managers-association-report-173743714.html
 

What is meant by 'hotels'? Is it the local drinking hole which we in Australia call 'the pub' or the more upmarket city establishments that offer accommodation and hospitality services? The link seems to indicate that it is the latter and they are in trouble due to inability to repay loans.
 
Warrigal said:
What is meant by 'hotels'? Is it the local drinking hole which we in Australia call 'the pub' or the more upmarket city establishments that offer accommodation and hospitality services? The link seems to indicate that it is the latter and they are in trouble due to inability to repay loans.
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Hotels are places were you stay and rent a room overnight. They vary in their services. Motels are smaller cheaper places. So, accommodation and services will vary from lots to a pop machine in the lobby, if their is a lobby.

Since very few are traveling, they cannot make money, therefore they cannot pay their bills. Like the rest of us.
 

In our area, we are feeling the ripple effect in local government by the loss of sales/room tax revenue from local hotels.

If corporations find that they can do business with conference calls and eliminate much of the face-to-face business travel I think that we will see some of the local hotels close or reinvent themselves.

I would love to see one or two of the better hotels in our center city switch to senior citizen housing with meals, transportation, shops, etc...
 
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Aunt Bea said:
In our area, we are feeling the ripple effect in local government by the loss of sales/room tax revenue from local hotels.

If corporations find that they can do business with conference calls and eliminate much of the face-to-face business travel I think that we will see some of the local hotels close or reinvent themselves.

I would love to see one or two of the better hotels in our center city switch to senior citizen housing with meals, transportation, shops, etc...
Click to expand...


No offence but, I'd rather see business & life return to normal. And hotels return to being hotels.
 
Like a forest fire, this pandemic will destroy a lot of businesses. Some were already half-dead, others were just in a very unlucky situation.

When this is behind us, as it surely will be in a year - perhaps less - new growth will emerge. Restaurants, hotels, cruises, etc., will appear on the landscape. Humans adapt and survive.

If some hotels leave the industry to become senior residences, rest assured other hotels will be built to satisfy the need. Nature abhors a vacuum and so does Main Street.
 
Marriott seem desperate for me to stay with them, judging by the amount of emails they send me. I've got lifetime 'Gold' status - just missed out on lifetime 'platinum'. Hope they're still around next year - I've got a bucket load of Marriott reward points to use up.
 
Not today, but only a day or so ago, all the big hotel chains were in the green. As per the stock report on TV.

I'm hoping the mom&pop motels can hang on. When I traveled I always preferred those, although in the more recent years, they were getting shabby. Foreign buyers , buying them up [to house the family] and make an income. I know of a few that went down hill in a hurry.
 
Aunt Bea said:
In our area, we are feeling the ripple effect in local government by the loss of sales/room tax revenue from local hotels.

If corporations find that they can do business with conference calls and eliminate much of the face-to-face business travel I think that we will see some of the local hotels close or reinvent themselves.

I would love to see one or two of the better hotels in our center city switch to senior citizen housing with meals, transportation, shops, etc...
Click to expand...

You can imagine the effect on the Orlando area with low hotel occupancy. Few tourists, empty rooms, low hotel tax revenue. The sky is falling.
 
Hotels, restaurants, airlines, car rental agencies, cruise lines, and Anything related to the travel/tourist industry is/are taking a major financial hit during this pandemic. If the predictions of a timeframe when a vaccine is available, and the majority inoculated hold true, it will probably be the better part of another year before any real improvement in these industries occurs. In the interim, there will be a lot of closures.
 
On the other hand, campgrounds are doing a booming business. RV's of all types are in high demand. We stay at campground most of the summer and a lot of newbys. Tents to million dollar motor homes. Although one guy had his listed for sale at 1.5 million but paid 2 million plus 2 years ago.
 
Very true about campgrounds. Even on rainy day in the mid week, campgrounds were very full. The season is well over here.
 
We normally use our RV frequently over spring and summer but haven't taken it on the road since January. With most things closed - or nearly so - we simply couldn't see the point. :(
 
rgp said:
Not today, but only a day or so ago, all the big hotel chains were in the green. As per the stock report on TV.

I'm hoping the mom&pop motels can hang on. When I traveled I always preferred those, although in the more recent years, they were getting shabby. Foreign buyers , buying them up [to house the family] and make an income. I know of a few that went down hill in a hurry.
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Always liked those myself and like your experience, in these latter years many were bought up by foreign folks who housed their families as well as guests. And although some did go "downhill" many were still well maintained.
 
Robert59 said:
A third of hotels in the U.S. could go under due to the coronavirus pandemic, according to a new study.

Some 33% of hotel owners expect to hand the keys back to their lender or enter a forced sale situation, according to a September 7 survey of 103 hotels by the Hospitality Asset Managers Association (HAMA).

https://www.yahoo.com/finance/news/...et-managers-association-report-173743714.html
Click to expand...

Doesn't surprise me! I normally stay in hotels several times a year on leisure travel. Haven't slept in one since February due to COVID-19. May not stay in another one until maybe 2022.
 

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