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January 8, 2021

'Not Out Of The Woods Yet:' NYC Hotel Market Is In For A Rough Start To 2021

[Webinar] Lafayette 148, Prose, Stream Realty & More Examine How Tenants' Needs Are Evolving During N.Y. Multipurpose Logistics Jan. 21

2020 may be over, but the pains of the coronavirus pandemic that have ravaged the hotel sector in New York haven't gone away.

'Not Out Of The Woods Yet:' NYC Hotel Market Is In For A Rough Start To 2021

Even with the start of vaccine distribution nationwide, it is unlikely that business travelers — the industry’s bread and butter — return in great numbers this year. Tourism isn't expected to rebound until April at the earliest. Even when these key drivers of the hotel business begin to pick up, it will be years before…

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'Brace Yourself': Economists React To December Jobs Report On Twitter

'Brace Yourself': Economists React To December Jobs Report On Twitter  

Total nonfarm payroll employment declined by 140,000 jobs in December, the U.S. Bureau of Labor Statistics reported Friday. The unemployment rate was unchanged from November and remains at 6.7%.The leisure and hospitality category was hit the hardest in December, losing 498,000 jobs, with three-quarters of those job losses at food…

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Trump Supporters Gave D.C. Hotel Business Shot In The Arm Before Capitol Insurrection

The District was thrown into chaos Wednesday as thousands of President Donald Trump's supporters stormed the Capitol building in a violent attempt to overthrow the election that left four people dead.

The group largely consisted of visitors to D.C., and they filled up the city's hotels to the highest level many have seen since the start of the coronavirus pandemic. Four hotel owners, three of whom spoke to Bisnow Wednesday morning before the scene turned violent, said they were at or near full occupancy. 

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More Help For Restaurants May Be On The Way, But It May Not Arrive In Time

 

The $900B government aid package passed by the U.S. Congress in December will include a roughly $280B lifeline to small businesses, but more will probably be needed while the coronavirus pandemic rages, according to commercial real estate experts.

This week’s election of two additional Democrats to the U.S. Senate increases the chances that additional help will be forthcoming.

“I feel more optimistic now than at any point since this crisis started,” JLL Chief Economist Ryan Severino said. “I think small businesses have a chance to hang in there.”

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