World’s Five Largest Hotel Chains Lost Over $25 Billion: Is The Hotel Industry On The Brink Of Collapse?
The coronavirus pandemic has affected every sector across the globe, and the hotel industry is among the hardest hit. Even the big chains.
Although hotels implemented increased safety and sanitation measures and cautiously reopened for the summer travel season, recovery to pre-COVID-19 levels could take years.
According to data presented by StockApps.com, the combined market capitalization of Wyndham Hotels and Resorts, Choice Hotels International, Marriott International, Intercontinental Hotels Group, and Hilton Worldwide Holdings, as the five largest hotel chains in the world, hit $79.2bn in September, a $25.2bn plunge since the beginning of 2020.
As devastated industries wait for Congress to pass another round of COVID-19 recovery legislation, a new survey of American Hotel & Lodging Association (AHLA) members shows that the hotel industry remains on the brink of collapse because of the pandemic.
