owners are bracing for a difficult 2021, as the sector continues to reel from a historic drop in bookings due to the raging pandemic, a media report said. Meanwhile, the industry faces growing financial stress as property owners struggle to pay their mortgage bills, wages and other expenses, it added. Now some lenders are starting to lose patience, which could lead to an increase in foreclosures and distressed-property sales in the first half of 2021," brokers and investors were quoted as saying in the report. In a November report, S&P Global Ratings estimated that revenue per available hotel room fell by 50 per cent in the US in 2020. The ratings agency expects revenue to pick up in 2021, but estimates that it will still be 20 to 30 per cent lower than in 2019.

Source: Wall Street Journal January 03, 2021 04:04 UTC