Location… location … location. It’s a constant refrain in real estate and, by extension, the hotel industry. The turn of phrase took on a whole new meaning in the wake of the COVID-19 pandemic. Depending on orientation, some hotels thrived, some survived, some shuttered and some didn’t survive.
Asset type also had consequence. Full-service hotels situated in downtown locations with ample meeting space and F&B outlets were a victim of circumstance and did not fare well on a profitability continuum. Meanwhile, hotels in secondary or tertiary markets, so-called drive-to markets, or properties within resort destinations had a better chance to stay afloat or succeed.
