Four Lessons from Three Pandemic-Era Hospitality Projects
by Kate Ivanova, McHugh vice president of hospitality & special projects
Urban Land Institute – It is no secret that hospitality was one of the commercial real estate sectors hardest hit by COVID-19. In fact, hotel occupancy fell to a historic low of 24.5 percent in April 2020 and averaged just 44 percent that year, as compared with 66 percent in 2019, according to the American Hotel and Lodging Association. Despite a historic-low, pandemic-induced hotel occupancy rate of 24.5 percent in April 2020, hotel construction did not come to a standstill.
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