“We have to get back to the basic problem that many of these tenants simply don’t have the income to pay the rent,” said Barry Zigas, senior fellow at the Consumer Federation of America.
Occupancy for U.S. hotels averaged 44 percent in 2020, the lowest number on record, according to STR.
Revenue from the Trump hotel in Washington, D.C. and hotel properties in Las Vegas fell by more than half from 2019.
The test examines the effects of a 37 percent economic contraction, more global protectionism and a future where people avoid offices, restaurants and stores.
Biden plans to sign a package of executive orders within hours of the inauguration, including delaying the expiration of the moratorium.
Some experts predict family offices’ risk tolerance will likely increase this year.
More hotel bankruptcy filings might be on the horizon as lenders lose patience dealing with defaults.
In New York, getting back to normal might not be so easy. This year, the city’s businesses may add back fewer than 30 percent of the jobs cut in 2020.
The city’s office vacancy rate reached 16.7 percent at the end of 2020, up 11 percentage points from a year ago.
Private equity funds have been among the most active buyers in recent months.