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Why new hotels are opening amid the pandemic

September 4, 2020


To say that Covid-19 has hurt the hotel industry, along with travel as a whole, is something of an understatement.According to Hotel News Now, the news division of hotel research company STR, the sector has seen a loss of 5 million jobs since February in the United States alone. And Zachary Sears, a senior economist at Tourism Economics, part of research firm Oxford Economics, says that hotel occupancy in some instances is down 95% versus a year ago.”Properties have been forced to close permanently because of the financial loss they’ve taken,” he says.In fact, the American Lodging and Hotel Industry released a report on August 31 that indicates 65% of hotels remain at or below 50% occupancy.

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