The COVID-19 pandemic and its travel restrictions are ravaging the hospitality industry worldwide in ways that Marriott International Inc. CEO Arne Sorenson described as worse for business than the aftermath of 9/11 or the financial crisis of 2008 and 2009.
Real estate partner Tom Gryboski of Morris, Manning & Martin, in Atlanta, who is chair of the firm’s hospitality practice group, said his clients, who include large institutional investors, are grappling with cascading cancellations and the need for furloughs and layoff due to the novel coronavirus pandemic and mandatory closures.
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