The retail market faced challenges before COVID-19 hit. The office market was solid before the pandemic sent employees working from home in droves. But the hospitality market? It was thriving in many parts of the country before March of 2020.
But when COVID hit? This sector took an immediate nosedive. Business travel disappeared in March and April of last year. And leisure travel was all but nonexistent, too.
Consider these numbers from researcher STR: In March of 2020, the U.S. hotel occupancy rate fell 42.3 percent from the same month one year earlier, plummeting to 39.4 percent. The average daily