slows

Losses Mount For Hotel Owners Burning Through Cash As Recovery Slows

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. 

The 1 Hotel South Beach at 2341 Collins Ave. in Miami Beach

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

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Infection growth slows in California, but deaths surge

California overall is not experiencing the same alarming surge in COVID-19 infections as it did in late June and early July, but record-breaking death tolls reported this week underscore the continued seriousness of the coronavirus pandemic.

California set a new record Wednesday when it reported its highest COVID-19 death toll in a single day with 197 dead. On Thursday, the state reported another 194 deaths, the second highest single-day coronavirus death toll thus far.

Deaths have dramatically increased from the flat-line levels in May and June: As of Thursday, an average of 112 people died from the virus in California every day over the last two weeks. Two weeks ago, about 84 people died every day on average over a two-week period.

Some of those deaths, however, may have occurred several days or weeks ago because of the verification process used by local health officials.

In the last week, California

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