RevPAR, or revenue per available room, hit rock bottom in April of 2020, declining by 83.6%. While the hotel industry is on the road to recovery, business travel is still down, and many large-scale events have been rescheduled to next year. Additionally, many hotels are having a hard time managing expenses due to costly sanitation demands and reduced occupancies.
In this episode of Property Tax 2021, we discuss the major changes COVID-19 has brought to the hotel industry and how hotel owners and operators can prepare their case for lower property tax valuations.
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