Sebastian Colella’s homecoming at Pinnacle takes place during a precarious moment in the hotel industry. By one recent measure, Boston is the world’s priciest hotel market. But hotels’ operating performance is flattening, a reflection of macroeconomic conditions including a decrease in international travel.
More than six months into the COVID-19 pandemic, the American hotel industry “remains on the brink of collapse” with thousands of hotels at risk of closing permanently, the American Hotel and Lodging Association warned in a Monday report.
A report says Boston’s lodging market has been among the nation’s hardest-hit by the coronavirus epidemic, and the effects could linger for years similar to the wake of the 9/11 terror attacks and 2008 financial crisis.
The spread of the coronavirus could lead to permanent changes in commercial real estate, including increasing reliance on remote working, online shopping and medtech integration, JLL predicts.
