Coronavirus has devastated the hospitality industry, forcing hotels to take drastic steps to survive.
His company, Vision Hospitality Group, owns 37 hotels in six states and it had seen record business in January and February, according to Patel. Things were going so well, he was planning to open two more hotels this year, and seven next year. But then, in early March, Patel met with executives from Marriott, the brand many of his hotels operate under, to discuss business. China came up. The hotel business there had plummeted amid the coronavirus outbreak.
Chip Rogers, CEO of the American Hotel & Lodging Association, expects that over the next month about half of hotels in the US will shut down temporarily to weather the coronavirus outbreak, and half will remain open with small teams. An Oxford Economics study conducted for AHLA found that 44% of hotel employees are likely to lose their jobs. And while the $2 trillion financial stimulus package will help, Rogers said it's far from enough.
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