Major U.S. hotel companies lost hundreds of millions of dollars in the spring as they gradually reopened hotels this summer to low demand, and their leaders expect there could be a long road back to profitability.
Courtesy: 1 Hotel South Beach
The 1 Hotel South Beach at 2341 Collins Ave. in Miami Beach
The hotel industry, by job losses and debt defaults, has been the hardest hit by the pandemic. The biggest owners and operators of hotels have revealed a host of new financial information over the last two weeks as companies release their earnings reports for the second quarter, which includes the nadir of pandemic-related shutdowns.
In addition to the data from April through June, which shows billions of dollars in losses for hotel REITs and brand giants, the companies have shined a light on a discouraging trend that materialized in July.
A spike in COVID-19 cases across the