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Arent some of the bigger chains like Hilton, and Marriott the LL of their properties as well? If so, as pointed out in another thread, they will just sit, and hold, and use for its financial equity.
If not so, then the price of commercial RE should drop. When the world comes back, this will be good for most.
Arent some of the bigger chains like Hilton, and Marriott the LL of their properties as well? If so, as pointed out in another thread, they will just sit, and hold, and use for its financial equity.
If not so, then the price of commercial RE should drop. When the world comes back, this will be good for most.
I know this all too well. There was still a lot of optimism at the beginning. Managers were confident that in 3 months or so we would rebound. The hotel industry workers thrive on always making the best of things and making it right, always finding a solution for anything. This proved to be too big though.
Toward the last week at my hotel, there were employees and some managers who were even convinced the hotel could stay open, even as arrivals plummeted to single digits. Most knew bad times were coming. I understand though not wanting to accept it at first-this was peoples careers, and the situation scary. Once Europe flights got banned that said it all. I drank a beer that night and waited for the end.
Smaller chains like Super 8 and Motels similar have fared better, but the industry as a whole got crushed and will be impacted for years. NYC will be losing thousands of rooms alone. I wonder how airbnb will fare in the future.
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