Prayer #283: For Hotels As the Coronavirus Crisis Continues
Hotels across the country are preparing for hard times in 2021, a consequence of the COVID-19 virus continuing for so long. 2020 was by far the worst economic year for hotels in living memory. There is some hope that things will begin to get better as vaccinations proceed, but hotel investors and analysts believe that it may take years for bookings to come back to pre-pandemic levels. In the meantime, hotel owners are engaged in a considerable struggle to pay their mortgages, employee wages, taxes, and other expenses. Many hotels have managed to remain in business only because of government help through the Payroll Protection Program or bank assistance. Now, however, lenders are beginning to lose patience, and analysts believe that there could be a major increase in foreclosures and hotel closings in the first half of 2021. In November, S&P Global reported that the revenue per available room for hotels dropped 50% in 2020. The rating agency states that this is expected to rise this year, but will still be 20-30% lower than 2019. S&P Global doesn't expect that hotel revenues will recover fully until 2023. Of particular concern is business travel, which provides hotels with a sizable portion of their income. Although tourism is expected to recover in the second half of 2021, cost-cutting at businesses recovering from the effects of the pandemic, as well as the rise in the use of virtual meetings, may mean that business travel will be slower to return to previous levels. Some business travel, analysts believe, may never come back to what it was before.
Pray for hotels and motels across our nation, as we move in 2021. Virtually all of them have been severely impaired economically due to the COVID-19 pandemic. Pray for business to return sooner than expected this year. Pray for God to provide for those who are employed by hotels and those who have been laid off.
Ps. 16:8: "I have set the LORD always before me; because He is at my right hand, I shall not be shaken."