Significant changes are afoot in hotel ownership and management, according to asset managers in the segment.
A survey of the Hospitality Asset Managers Association reveals almost a third are considering brand or management changes as part of their recovery plans, with half planning to change both.
Worryingly, 15% say they are expecting to hand their keys back to lenders and almost 10% say they already have.
The Spring 2021 Industry outlook also notes that half of HAMA members, who are involved in management, financing, acquisition and disposal of properties, believe 2019 revpar levels will return by 2023.
A further 37% of survey participants believe it will be in 2024.
The top three concerns for respondents currently are availability of staff, demand and labor costs.
HAMA president Larry Trabulsi says: “Based on our findings, while there is obvious optimism about a much quicker than expected recovery, a meaningful percentage of hoteliers still are working towards solutions.
"We are confident that better times are not too far ahead. Whether or not individual owners and properties will continue to survive and hopefully thrive remains to be seen."