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Thousands of hotels facing foreclosure as pandemic persists
Houston hotels are not expected to return to pre-pandemic revenue levels , according to commercial real estate firm CBRE. Some may not make it that long.The American Hotel and Lodging Association predicts the industry is facing "massive foreclosures of thousands of hotel properties" across the nation, according to a press release sent out Wednesday."With a sharp decline in travel demand, nine times worse than September 11 and with lower room occupancy than during the Great Depression, our small business owners are struggling to survive," Chip Rogers, the association's chief executive, said...…Houston hotels are not expected to return to pre-pandemic revenue levels , according to commercial real estate firm CBRE. Some may not make it that long.The American Hotel and Lodging Association predicts the industry is facing "massive foreclosures of thousands of hotel properties" across the nation, according to a press release sent out Wednesday."With a sharp decline in travel demand, nine times worse than September 11 and with lower room occupancy than during the Great Depression, our small business owners are struggling to survive," Chip Rogers, the association's chief executive, said...WW…
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