image credit: Unsplash

U.S. Hotel Industry Ended Record-Setting Development Streak in May

June 16, 2020

It took several months, but coronavirus is finally impacting hotel construction.

The hotel development pipeline had been an anomaly to the economic downward spiral from the pandemic. While hotel occupancy rates and revenue plummeted in March and April, the pace of hotel construction continued to hit record highs in both months. But construction finally showed signs of a slowdown in May, with nearly 3,000 fewer hotel rooms under construction compared to the record level seen in April.

Read More on Hospitality Net