Governor Sisolak authorized certain businesses, including restaurants, barbershops, hair salons, and most retail businesses, to reopen with limitations beginning May 9, 2020, and Nevada began its emergence from the pandemic shutdown. Nevada’s casinos were allowed to reopen on June 4, 2020, with restrictions. While the pandemic is far from over, this article examines some of the differences observed in casinos in the Las Vegas market since reopening and what has been learned thus far.
Three U.S. major professional sports teams—the Vegas Golden Knights of the National Hockey League, Las Vegas Aces of the Women’s National Basketball Association, and Las Vegas Raiders of the National Football League—are based in Las Vegas. The importance of sporting events for the Las Vegas market extends beyond serving as the home for these professional teams. The return of sports will contribute to Las Vegas’ eventual recovery from the impact of the COVID-19 pandemic.
Industry experts from around the globe share what they are seeing in their markets today, the status of travel restrictions, how their governments are supporting the industry financially, and how they see the recovery process starting and playing out.
Richard Katzman, Managing Director of HVS Mexico City, oversees the company’s consulting practice throughout Latin America. In this webinar, organized by Mexico’s leading real estate industry magazine and media platform, Inmobiliare, Richard and four fellow panelists discuss an anticipated path to recovery for the hotel and travel industry.
While numerous lodging brands are available to hotel owners through franchises, new brands continue to emerge. In 2020, several new brands have been introduced, providing unique niches in the marketplace to meet the demands of both hotel owners and guests. This article reviews the brands announced in 2020 and considers how they are poised to operate during the current economic climate.
The COVID-19 pandemic has placed at risk the substantial investment of state and local governments in the tourism and hospitality industries. Publicly funded destination marketing organizations (“DMOs”), tourism agencies, and convention centers face budget shortfalls, staffing reductions, and growing financial uncertainty. Targeted federal aid is urgently needed to support DMOs, tourism agencies, and convention centers whose work is critical to the recovery of vital sectors of the US economy.
What realistic choices does a bank have in handling anything from short-term loan modifications through major troubled debt restructuring without ultimately dealing with the adverse effects related thereto? And, as an alternative, does a lender really want to fight through a foreclosure process and likely Chapter 11 counter filings by the borrower?
HVS Hotel Transaction Activity: The Factors Influencing a Return to Normalcy in a Post-COVID-19 Time
As a result of the current COVID-19 pandemic, the HVS Team has received many questions about when U.S. hotel transaction volume will return to reasonable, pre-pandemic levels. While we do not have a definite answer, as this circumstances are evolving daily, we have tried to use past events to provide some insight on the factors that would affect a possible rebound.
The COVID-19 pandemic and the related restrictions on travel, business activity, and individual movement are having an unprecedented impact on our industry and economy. Hotel owners, operators, lenders, and investors are all facing greater challenges than ever anticipated, as they grapple with plummeting occupancy, average rate (ADR), and RevPAR and seek solutions to mitigate the impact on EBITDA.
Hotel demand held steady in 2019 however new inventory caused national occupancy to decline by 1 point to 65%. Average rate growth mitigated the impact leading to a virtually flat RevPAR year.