When travel shut down and consumers were forced to shelter in place at the outset of the global pandemic, hospitality took a major hit.
Through takeout service and limiting guests and events at hotels, some businesses were able to survive the last year. However, a startling number of hotels and restaurants were forced to shut their doors for good. As of September 2020, nearly 100,000 restaurants closed permanently in the U.S, according to a report published by the National Restaurant Association. Hotels have not fared much better. According to a report published by the American Hotel & Lodging Association, 57,180 hotels have closed since the beginning of the pandemic in the U.S.