Short Term Rental Riches 32. Why Hotels Are Envious of Short-Term Rentals (COVID Impacts)
Hotels have recognized the trends in travel and know that a huge majority of the market that was once their customers have moved to short-term rentals. This is evident in the way they have been developing new hotels, but the world and our current environment has pushed them even further! COVID-19 has now forced them to be more like short-term rentals! This is leaving hotels with many unused areas (pools, banquet rooms, buffets) and also a big hole in their bank account. Tune in as Tim discusses some of the industry changes and impacts of COVID-19.
- What a hotel used to be and what it is now
- Hotel’s lost revenue from unused spaces
- COVID-19 impacts
- Short-term rentals are nimble
- Customers “forced” to short-term rentals
Here is a link to Tim’s interview on The Real Estate Guys Radio.
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