Overview this week
The hospitality industry is suffering tremendously amidst spikes in COVID-19 cases. Few of these business owners are confident in their long-term success and experts are already discussing how to convert hotels that shut down permanently as a result of the pandemic.
Top 3 News Highlights This Week
- The UK hospitality industry has lost over 600,000 jobs since the start of the pandemic. Few businesses in this sector feel confident about their survival throughout the pandemic and in the long-term. Over 30% also fear collapse as a direct result of pandemic-related loss of business.
- New York City hotel owners will have to pay over $500M to their union employees as a result of COVID-19 displacement. Many of these hotels have temporarily closed since March, with some transformed into homeless shelters, senior care facilities, and housing for essential workers.
- Several hotels have permanently closed as a result of the COVID-19 pandemic. With others sure to follow, experts debate how to convert these spaces into new businesses. Conversion to residential or office spaces is certainly a possibility, but this concept still leaves the hospitality sector suffering financially and leaves many jobless.