THERE IS NO ONE-SIZE-FITS-ALL , AND REMEMBER , DECISIONS MADE FOR NOW COULD HAVE LASTING RAMIFICATIONS .
INVESTMENT
LESSONS LEARNED
FROM OPENING DURING THE PANDEMIC
THERE IS NO ONE-SIZE-FITS-ALL , AND REMEMBER , DECISIONS MADE FOR NOW COULD HAVE LASTING RAMIFICATIONS .
Contributed by DAN WALSH CHMWARNICK , BEVERLY , MASSACHUSETTS
The year is 2019 , and the United States hotel industry has recorded its tenth consecutive year of RevPAR growth , achieving high water marks in all top line indices . As a result , many savvy , sophisticated and opportunistic commercial real estate developers and investors are well on their way to opening new hotel projects across all markets and product tiers . Then , as we were collectively crossing over into 2020 , what is known in numerology as an “ angel number ,” rumblings about a virus began to surface , and shortly thereafter , the world came to a screeching halt . The hotel industry , which had just experienced its longest period of prosperity , was now facing the dreaded “ black swan ” event , the
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