After facing the lowest occupancy levels since the 1930s and the greatest declines in revenues and profits ever experienced in the second quarter, the U.S. hotel industry is poised to begin a multiyear recovery in the third quarter.
According to Kalibri Labs, the number of room nights occupied in U.S. hotels during the second quarter was 60 percent less than a year earlier. With such a dramatic decline in demand, the national occupancy level for the quarter was just 28.3 percent. It is estimated that 15 percent of U.S. hotels were forced to close for some portion of the three-month period.
