COVID-19 - HOTEL Sector Implications - Commercial Real Estate
COVID-19 – HOTEL Sector Implications – Commercial Real Estate
As a result of the COVID-19 pandemic, investors, landlords and tenants are assessing impacts, adjusting operations and building and executing contingency plans to support people and their businesses.
The following assesses the impact of COVID-19 on the Hotel sector in the Canadian commercial real estate space and how key considerations can help through this changing climate.
Hotel
Impact: With the Government of Canada banning all non-Canadian citizens from entering Canada, conferences and international meetings are being postponed or canceled, leaving the hotel sector on pause.
The loss in demand from lack of tourism has sharply impacted profitability in this sector.
Key Considerations: The contingency plan for hospitality investors has been to prioritize the health of guests and staff to prevent transmission of this virus and to take actionable steps to minimize losses.
The impact may be prolonged depending on how long the social distancing policies remain in place.
Owners should continue to communicate with their lenders and other stakeholders to ensure they understand the unfortunate financial position their businesses are in, and to work to mitigate losses.
Source Real Estate News Exchange. Click here to read a full story
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