US Hoteliers Spent Nearly 75% Less on Improvements in 2020
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Capital-expenditure spending decreased from $7.3 billion in 2019 to $2 billion in 2020. This amount of expenditure is the lowest since 2004 according to Tisch Center for Hospitality at New York University. An uptick in CapEx projects is not expected until after 2021 barring an unforeseen change in occupancy levels and ADR. The possibility exists that brands may change their previously planned refresh projects to include less porous lobby furnishings and other cleanliness projects to reflect the newly required sanitary needs.