6-Month COVID Financial Status Survey of Hotels

Summary The American Hotel & Lodging Association's recent survey highlights the severe financial crisis faced by the hotel industry due to COVID-19. Two-thirds of hotels could face closure within six months without federal aid, such as additional PPP loans. The survey reveals that nearly 70% of hotels are operating with less than half their pre-COVID staffing levels, underlining the drastic reduction in travel demand. Immediate legislative support is critical to avert widespread closures and layoffs, threatening to push one-third of hotels towards bankruptcy or sale by year's end.