Great insight in to things to come in the economy in 2020 as we continue to experience fallout form the coronavirus across all segments. CBRE states that according to Oxford Economics, the U.S. economy is already in a recession. Oxford predicts that, “the coronavirus pandemic will lead to a profound, pervasive, and persistent, but not permanent reductions in activity, with widespread cuts in social spending, severe disruptions to supply chains, and major interruptions in travel and tourism activity.” The lodging industry, experiencing profound losses, is facing two problems, the overall contraction in economic activity and the continued practice of social distancing, which discourages travel and leisure activities. This will cause a severe decline in lodging demand in the U.S., as it has in other countries. CBRE estimates that RevPAR will decline 37% in 2020, with a contraction of more than 60% in Q2.
April 13, 2021
Despite 2020 challenges, growth within the U.S. waterpark market is projected for 2021: See the article as published by WWA. The COVID-19 crisis was the definitive event of 2020. The lodging and attractions industries were among the most negatively impacted sectors and experienced record declines in occupancy, attendance, and revenue. With mandated closures, limited capacities,READ MORE