More than 1,760 hotels or 5 percent of U.S. room inventory have permanently or temporarily closed since March 2020, when the coronavirus pandemic first gripped the country, reports Kalibri Labs. Though last year was the worst on record for hotel business performance, the reason behind the change in the metrics is different than in previous economic crises. The shuttering of hotels as well as government restrictions on travel are skewing national averages in key performance indicators, including average daily rate, experts say. For the most part, hoteliers have been smart about holding rate as much as possible in contrast to the “race to the bottom” seen in past economic crises. Episode 314 explores what is truly impacting hotel rate during the coronavirus pandemic. This report is part of Long Live Lodging’s ongoing coverage of the coronavirus crisis and its impact on the hospitality industry.
The post 314 | No Discounts Available: Smart rate management keeps hotels afloat amid COVID-19 storm first appeared on Long Live Lodging.
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