If the 9/11 terror attacks were combined with the 2008 financial crisis and then made worse it might equal the impact Chinavirus (COVID-19) is having on the world wide Hospitality industry. The U.S. travel industry faces several hundred billion dollars in losses this year, and what’s happening in America is happening everywhere.
On Tuesday corporate leaders of hotel chains and real estate investment trusts were at the White House meeting with President Donald Trump, Vice President Mike Pence, and cabinet members. During a press briefing following the meeting CEO of the American Hotel & Lodging Association Chip Rogers said, “Half of the hotels in the United States could close this year.”
The hotel industry expects to lose over 1 million jobs over the next few weeks and is asking for $150 billion in direct aid for their workers. CEOs of Marriott, Hilton, Hyatt and other chains all said they have “never seen anything like it” They described the Chinavirus (COVID-19) pandemic as a “great depression” for their industry which will require government assistance including low-interest loans for franchisees or relief from their mortgage payments.
The impact of Chinavirus on hotel operators is also devastating to all downstream jobs including musicians, tour guides and sex workers who depend on hotels and their guests for their work.