Hospitality Fiscal Stimulus Special Report
Fiscal Stimulus Packages Offer Aid to Beleaguered Hospitality Sector; Public Health Crisis Temporarily Reduces Demand for Hotel Rooms
Public health crisis has substantially impacted the hospitality industry; some demand drivers remain present. Since February 15, hotel occupancy has fallen from 63.6 percent to 21.6 percent for the week ended April 4, pulling average RevPAR down 80.6 percent. The drop in demand is most severe for higher chain-scale establishments while economy, extended-stay, and interstate-adjacent hotels have fared slightly better. Some rooms are still being used by healthcare professionals and individuals supporting supply chains. Others are electing to use hotel rooms to self-isolate or for personal travel.