Hotels relying on business travel and conferences are encountering refinancing challenges, partly because of falling property values as occupancy rates stay depressed
might not be enough to persuade lenders to extend new credit when their debts mature in the coming months or years.
Leisure travel has rebounded since the second half of last year, but the recovery has been much weaker for facilities with large meeting rooms that rely on business trips and conferences, partly because many meetings are now held remotely. Even as business-focused hotels can attract some vacationers, the numbers aren’t high enough to make up for the slow recovery in business travelers.
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