CNBC Television Coronavirus fallout: Bed and breakfast owner says her small business is now in critical condition
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Akwaaba Inns CEO Monique Greenwood, who runs multiple B&Bs in New York, Pennsylvania, New Jersey and D.C., says her business is struggling. She’s had to lay off half of her staff and refund deposits to guests who’ve cancelled their reservations, due to COVID-19.
Major hotel chains are also temporarily closing properties and seeing occupancy rates tumble as travelers stay at home during the coronavirus outbreak.
Global hospitality research company STR said Wednesday that for the week of March 8-14, hotel occupancy was down 24.4% to 53% year-over-year. Meanwhile, revenue per available room, a key industry metric, fell 32.5% to $.
The numbers echo plunging demand for air travel and cruise ships as travel slows to a trickle. There have been more than 200,000 cases of the coronavirus so far, and governments are imposing restrictions to combat the spread. The United States border with Canada will temporarily close to “non-essential traffic” due to the coronavirus pandemic, the leaders of both countries said Wednesday morning.
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