Q2 Ends with Signs of Recovery from Severe Downturn
- COVID-19’s full impact on the hotel industry took hold in April with a 70% year-over-year drop in demand before rebounding slightly to close Q2 down by 60%. Supply growth fell to 1.3% from 1.5% in Q1.
- Leisure & hospitality employment fell by nearly half in April before rebounding strongly in June.
- Overall occupancy decreased by 60.1% year-over-year.