“We are likely to see hotel bankruptcies and
closures over the next couple of weeks,” says Vijay Dandapani, CEO of
the Hotel Association of New York City, tells Bloomberg.
RevPAR was down 20% at New York hotels for the
week ended March 7, and that was before things got really bad, with
widespread event cancellations, including the Big East tournament and
the St. Patrick’s Day parade. According to Dandapani, RevPAR at some
hotels is down 70%.
Selected hotel REITs (some of whom may or may not have major NYC exposure): Chatham Lodging (NYSE:CLDT), Apple Hospitality (NYSE:APLE), Ashford Hospitality (NYSE:AHT), Service Properties (NASDAQ:SVC), Host Hotels (NYSE:HST), Pebblebrook Hotel (NYSE:PEB), RLJ Lodging (NYSE:RLJ), Sunstone Hotel (NYSE:SHO), Xenia Hotels (NYSE:XHR).
https://seekingalpha.com/news/3551655-nyc-hotels-staring-closures-and-bankruptcies
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