It might not be a surprise to hear that the pandemic has effectively shutdown the hospitality market, but now that we were seven months into the pandemic and the travel shutdown, the impact is clear. Since March, occupancy rates have plummeted and ADR declined in step, according to a mid-year report from Integra Realty Resources. In addition, transaction volumes fell dramatically, mimicking the lowest points of transaction volumes in the previous recession.

Occupancy rates began to fall almost immediately in late February following the mandated shutdown of travel and businesses. In March, US hotel occupancy rates fell to 39%, a 63% decreases compared to March 2019, according to the report. March was only the beginning. Occupancy rates have continued to decline in April to 24%; however, occupancy began to increase again in May and June, rising to 33% and 46% respectively.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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