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Effects of COVID-19 Recession on Tourism -The Buttonwood Tree

From airlines to hotels to cruises, tourism businesses have faced unprecedented distress due to the COVID-19 pandemic.

Global travel restrictions, consumer apprehensions, and the pandemic-triggered recession are among the many factors that have impacted the industry.

Urban hotels and destination resorts continue suffering from abysmal crises with plummeting occupancy levels amid soaring expenses. Some operators have resorted to filing for bankruptcy or foreclosure. 

For instance, in late September, the Hilton Times Square, one of New York City’s oldest hotels, filed for Chapter 11. Manhattan hotels have undergone the largest decline in occupancy and revenue in modern history.  

Source: PwC, based on STR data

Air travel is no exception. Following the recent bankrup…

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