As 2020 got underway, the hotel cycle was at the peak of expansion with relatively sound fundamentals, albeit slowing growth. Seemingly overnight, the industry enters a downward spiral the likes of which have never been seen before. Demand falls off a cliff with no definitive end in sight and new development has come to a screeching halt. As of the writing of this article, there is no proven therapeutic treatment or vaccine for COVID-19 and cases are still peaking in major markets across the U.S.
