NYC Hotel Recovery Remains Slow: Here's Why

The coronavirus pandemic caused travel to grind to a halt in 2020 on a national scale, so much so that hotel occupancy rates plunged to record lows last year. Not surprisingly, investors with hospitality REITs (real estate investment trusts) in their portfolios saw the value of those assets decline. In New York City, however, occupancy rates remain sluggish for one key reason.