• The COVID-19 pandemic has forced some states to impose strict stay-at-home orders that are adversely affecting many industries. This is leading the U.S. economy into a recession that will result in very sharp declines in GDP for H1 2020 and in job losses, particularly in the retail, food & beverage and transportation sectors.

 

  • The hotel industry is particularly exposed to effects of the pandemic. Severe reductions in demand and occupancy characterized performance in March and are expected to continue through Q3.

 

  • Hotel demand was down 14.2% nationally in Q1 2020 and 41.2% in March. Supply growth remained at 2.0% in Q1.