Ari Rastegar is CEO of Rastegar Property Company, a vertically integrated real estate company with a focus on value-oriented real estate.
Just as the pandemic has touched every aspect of our lives, every asset class type has been affected by Covid-19. The commercial real estate market across America has fluctuated as the pandemic has continued to leave some asset classes on shaky ground. However, there are sectors that have been holding their own throughout the instability, and some that are even thriving.
Breaking Down The Landscape
Without a doubt, the hospitality industry has been drastically impacted by the pandemic and subsequent lockdown which have all but completely stalled travel. Even with states beginning to reopen, given the historically low levels of hotel occupancy, the writing may be on the wall for many hotels in large cities across the country.
In New York City alone, up to 25,000 rooms