Since the Virus Started
- State by State Breakdown: Job Loss Figures (download)
- Economic Talking Points
- As of April 22, nearly 8 out of 10 hotel rooms were empty across the country per STR.
- Since the public health issue began escalating in mid-February in the U.S., hotels have already lost more than $15 billion in room revenue.
- This figure is rapidly accelerating with hotels currently on pace to lose more than $500 million in room revenue per day based on current and future reported occupancy rates.
- This pace means a loss of $3.5 billion every week and will only further escalate as the situation worsens.
- CBRE is projecting revenue losses of 80% for the second quarter. Last week, revenues were 20% of what they were last year per STR.
- The human toll is equally devastating with major hotel managers already reporting significant layoffs and furloughs.
- Based on current occupancy estimates for the immediate future and historical employment impact rates, nearly 3.9 million total jobs have either been eliminated or will be eliminated in the next few weeks.
- With 70% of direct hotel employees laid off or furloughed, hotel workers are losing more than $2.4B in earnings each week.
- Individual hotels and major operators are projecting occupancies below 20% for upcoming months. At an occupancy rate of 35% or lower, hotels may simply close their doors, putting 33,000 small business at immediate risk.
WHAT'S AT STAKE?