REPORT FROM THE U.S. – It’s been a memorable year for hotel developers, though most would rather forget it.
Bereft of financing and severely lacking in clarity over the industry’s trajectory, new hotel projects came to a sudden halt in the U.S. in March with the onset of the COVID-19 pandemic.
“When COVID hit, everybody just shut down and was paralyzed for a while,” said Rick Takach, Jr., chairman and CEO of Vesta Hospitality. “All the equity, and everybody, was really afraid to spend money in the hospitality world.”
