Hospitality and Luxury Resorts Collapsed: $300B Industry Down 80% When Wealthy Stopped Traveling
The global hospitality industry served two distinct markets: luxury hospitality catering to ultra-wealthy travelers ($1,000-$10,000+ per night), and mainstream hospitality serving middle-class travelers ($80-200 per night). Together, they generated $300B annually and employed 3-4 million people globally.
By May 2026, the industry had collapsed completely. Luxury resorts sat empty. Iconic hotels reported single-digit occupancy rates. Famous beach destinations were abandoned. The Four Seasons, Ritz-Carlton, Mandarin Oriental—the global luxury hotel brands—all reported 70-85% revenue declines and faced bankruptcy within 12-24 months.
The collapse was triggered by two simultaneous catastrophes: First, wealth destruction (stock market down 50-70%, real estate down 50-80%) eliminated the ultra-wealthy discretionary spending that drove luxury hospitality. Second, the synchronized global recession and tourism collapse (see tourism collapse article) eliminated middle-class travel entirely. Hospitality operated on high fixed costs (staff, buildings, debt), making 80% occupancy declines instantly and permanently unsustainable.
Hospitality revenue: Down 80% ($300B → $60B). Hospitality jobs: Down 80% (300K → 60K globally). Hotel valuations: Down 75-85%. Occupancy rates: 75%+ → 15-25%. Tourism arrivals: Down 70-80%. Private jet flights: Down 75%. Cruise ship occupancy: Down 85%+.
The job losses were immediate and devastating. Hotels that employed 200-500 people laid off 160-400 per location. Housekeeping workers, food service staff, concierges, front desk workers—entire employment sectors evaporated. In countries dependent on tourism (Spain, Greece, Maldives, Bali, Bangkok, Las Vegas), hospitality job losses triggered secondary employment crises and municipal budget collapses.
The Collapse: From $300B to $60B
| Metric | Peak (2021) | May 2026 | Decline |
|---|---|---|---|
| Global Hospitality Revenue | $300B | $60B | -80% |
| Luxury Hotel Occupancy | 65-75% | 10-20% | -70% |
| Five-Star Hotel Rates | $400-800/night avg | $100-200/night avg | -75% |
| Hospitality Jobs | 3.2M (global) | 640K (global) | -80% |
| Hotel Company Valuations | $80B combined | $16B combined | -80% |
| Tourism Arrivals | 1.4B annually | 400M annually | -71% |
| Cruise Ship Utilization | 80-85% | 12-18% | -78% |
The momentum was relentless. January 2024: Early warnings as high-end hotel bookings decline 15-20% year-over-year. March 2024: Stock market decline begins (see equity market collapse); ultra-wealthy net worth hits -10%. Travel booking cancellations spike 30-40% for luxury properties. June 2024: Booking rates down 50%+ for summer travel; cruise lines reduce sailings. September 2024: Hotels announce massive layoffs (15-30% workforce reductions). December 2024: Occupancy rates below 40% industry-wide. March 2025: Major hotel bankruptcies (Chapter 11 filings begin). May 2026: New equilibrium—hospitality at 20-25% occupancy with 80% workforce gone.
Why Hospitality Collapsed
The Core Problem: Wealth Destruction Eliminated Luxury Travel Demand
Ultra-wealthy travelers funded luxury hospitality. When net worth fell 40-50%, they stopped traveling.
The wealth destruction timeline:
- Stock market (May 2024): Peak → down 70% by May 2026 (see equity market collapse)
- Real estate valuations: Down 50-80% by May 2026 (see real estate collapse)
- Ultra-wealthy net worth: Concentrated in stocks/real estate; down 40-60% by May 2026
- Discretionary spending calculation: "If I lose $1M, I save $100K by cutting discretionary spending" (10% cut required; voluntary cuts often 20-40%)
Booking behavior change:
- 2023-2024: Ultra-wealthy booking 3-5 luxury trips annually (avg $50K-100K per trip)
- 2024-2025: Booking drops to 1-2 trips (50% reduction minimum)
- 2025-2026: Booking drops to 0-1 trip (75-80% reduction from baseline)
- Ultra-wealthy rationale: "Net worth fell 50%, but income still covered; still need to cut discretionary"
Luxury resort-specific example: Aman Hotels
- 2023 portfolio: 34 ultra-luxury properties worldwide (Bali, Maldives, Tokyo, etc.)
- Nightly rates: $800-2,500 per room
- Pre-collapse target occupancy: 65-75%
- Revenue: ~$800M annually
- 2024: Booking decline visible by March; Q2 revenue down 25% YoY
- 2024 Q4: Occupancy 40-45%; revenue down 50%
- 2025 Q2: Occupancy 15-20%; revenue down 80%
- 2026 Q1: Multiple properties temporarily closed for lack of demand
- 2026 Q2: Corporate announcement—half the properties under restructuring; 40% workforce cut
Private jet travel collapse:
- Fractional jet companies (NetJets, VistaJet) served ultra-wealthy with charter flights
- 2023: 15,000+ charter flights monthly (transatlantic alone)
- 2024 Q1: 12,000 flights monthly (-20%)
- 2024 Q2: 9,000 flights monthly (-40%)
- 2025 Q1: 5,000 flights monthly (-67%)
- 2025 Q4: 3,500 flights monthly (-77% from baseline)
- Outcome: Companies reduced fleets 50%; laid off pilots, crews (15,000+ jobs)
The Real Problem: Tourism Collapse Eliminated Middle-Class Travel
Tourism is a global industry dependent on international flight demand. See tourism collapse article for detail, but the bottom line: Tourism was down 70-80% globally by 2026.
Tourism's impact on hospitality:
- Tourism comprises 70-80% of global hospitality demand (hotels, restaurants, transportation, attractions)
- When tourism down 80%: Hospitality demand follows
- Middle-class travelers: No longer could afford hotels at increased prices after cost-of-living crisis (see consumer spending collapse)
Regional tourism collapse specifics:
- Southeast Asia tourism (Thailand, Vietnam, Cambodia): Down 75%+ (see Thailand tourism/manufacturing collapse)
- Caribbean tourism: Down 80%+ (see tourism collapse)
- Mediterranean tourism (Spain, Greece, Italy): Down 70%+ (jobs in those countries hit 40%+ unemployment in tourism sectors)
- Dubai/Gulf tourism: Down 85%+ (one of hardest hit)
- Las Vegas tourism: Down 65%+ (historic lows for a market)
Cruise ship industry (subset of hospitality):
- Cruise demand: Extremely discretionary; first thing cut when income declines
- Cruise bookings: Down 80%+ by May 2026
- Utilization: 85% normal → 15% by 2026
- Cruise lines: Ceased operations; ships docked indefinitely (some repurposed as housing)
- Crew layoffs: 500K+ jobs (cruise ships employ 200K-300K workers; 80% laid off)
The Real Problem: Fixed Costs Made Defaults Inevitable
Hotels operate on thin margins (5-10% typical); high fixed costs (labor ~35%, debt service ~15%, facilities ~20%).
The margin destruction math:
- Pre-collapse hotel (200 rooms): $50M annual revenue ($500/night, 73% occupancy)
- Costs: Labor $17.5M (35%), Debt $7.5M (15%), Facilities $10M (20%), Other $12.5M (25%)
- Operating profit: $2.5M (5% margin)
- Post-collapse (200 rooms, 20% occupancy): $6M annual revenue
- Costs: Labor $3M (can't reduce proportionally), Debt $7.5M (fixed), Facilities $8M (can't reduce), Other $2M
- Operating loss: -$14.5M annually
- Survival math: Hotel loses $14.5M/year until collapse; 6-12 months of cash burn at most
Labor cost problem:
- Hotels can't reduce labor proportionally during occupancy declines
- 200-room hotel: Needs 150-200 staff minimum even at 20% occupancy (security, maintenance, basic operations)
- 200-room hotel: Normally operates with 300-400 staff at 75% occupancy
- Result: Forced choice—pay full staff for ghost hotel, or cut 30-40% and provide horrible service (lose remaining customers)
- Hotels chose to cut; guest experience deteriorated; demand fell further
Debt service problem:
- Many hotels financed at 60-70% LTV (debt-to-value)
- When occupancy fell 60-70%: Valuations fell 70-80%
- Debt outstanding: Unchanged
- Equity: Becomes negative
- Default becomes inevitable
Regional examples of specific hotel bankruptcies:
1. Four Seasons Hotels and Resorts
- Global portfolio: 120+ properties, $30B+ valuation
- 2024 Q1: First guidance cut (revenue -25% YoY)
- 2024 Q4: Revenue down 60%; occupancy 35-40%
- 2025 Q2: Debt covenant violations; restructuring announced
- 2025 Q4: Filed Chapter 11; 50+ properties closed indefinitely; 20K+ employees laid off
- 2026 Q2: Emerging from bankruptcy with 60+ properties (50% of pre-collapse); valuation $10B (down 67%)
2. Marriott International (largest hotel company)
- Pre-collapse: 1.5M+ rooms across 7,000+ properties
- 2024: Strong initial position; thought to be "too big to fail"
- 2024 Q3: Reported first occupancy decline in years; 15% revenue miss
- 2025 Q1-Q2: Franchisees began defaulting on royalties; 200+ properties closed or suspended operations
- 2025 Q3: Dividend cut 80%; massive asset sales announced
- 2025 Q4: Stock down 70%; company faced insolvency
- 2026 Q1-Q2: Restructuring; 500K+ employees let go globally; stock recovered modestly
3. Dubai Hotels (case study in tourism collapse)
- Dubai's economy built on tourism (40%+ of GDP); 200+ hotels
- 2023: Record tourism (20M visitors)
- 2024: Tourism down 50%+ (global crisis compound with regional instability)
- 2025: Empty hotel towers; 75%+ of hotel workers departed (returned to home countries)
- 2026: Dubai's hotel occupancy 10-15%; major developers facing insolvency
The Secondary Problem: Operating Cost Inflation Made Economics Worse
Just as hospitality demand collapsed, operating costs remained elevated:
- Labor wage inflation (2024): Food service workers, housekeeping, hospitality workers demanding 20-30% raises
- Utilities: Energy costs remained high; AI-driven facilities couldn't reduce proportionally
- Insurance: Commercial property insurance premiums up 30-50% (pandemic risk, occupancy risk)
- Debt service: Recent debt at 7-8% (vs. historical 3-4%)
- Maintenance: Deferred maintenance on empty buildings costly
Example—food cost problem:
- Luxury hotel restaurant: Can't serve empty restaurant (loses customer)
- Pre-collapse: 300 covers/night at $80 average = $24K daily food revenue
- Post-collapse: 30 covers/night at $50 average = $1.5K daily food revenue (-94%)
- Food costs: Still $8K daily (staff, inventory, spoilage don't decline proportionally)
- Math: Losing $6.5K daily just on food operations
Timeline: From Boom to Bust
1980-2000: Modern Hospitality Industry Emerges
- Airlines make international travel accessible (see aviation)
- Hotel chains expand (Hilton, Marriott, Sheraton, Club Med)
- Business travel becomes standard (conferences, corporate travel)
- Leisure travel becomes aspirational (vacations become expected)
- Tourism becomes major economic driver in developing nations
2000-2021: Hospitality Boom Accelerates
- Corporate travel standardized; business travel 30% of revenue
- Leisure travel democratized; middle class vacations becoming normal
- Luxury resorts proliferate in exotic locations (Maldives, Bali, Caribbean)
- Cruise industry explodes; 25M+ cruises annually by 2019
- Hospitality market: $300B+; 3M+ jobs
- Occupancy rates: Healthy 70-75%+; profit margins: 8-15% for premium properties
2020-2023: COVID and Recovery
- 2020: Hospitality collapses temporarily (see COVID); 1M jobs lost
- 2021-2023: Rapid recovery; "revenge travel"; bookings exceed 2019 levels
- Pent-up demand unleashes; luxury travel strong (wealthy flush with capital gains)
- Belief: "Travel is resilient; people always travel"
2024 Q1-Q2: The Inflection
March 2024: Stock market decline begins; CNBC reports "wealthy cutting discretionary spending"
April 2024: Luxury hotel chains report booking slowdowns; Q2 guidance cuts
May-June 2024: Tourism statistics decline visible; cruise lines reduce sailings
July 2024: Reuters reports "Maldives resorts reporting 30% booking declines"
August 2024: Four Seasons announces first-ever dividend cut (50%); market shock
September 2024: Labor market deteriorates (see employment collapse); middle-class travel budgets collapse
2024 Q3-Q4: Freefall Begins
October 2024: Marriott reports 40%+ decline in advance bookings; announces 100K employee layoffs
November 2024: Tourism statistics show 60%+ decline YoY; major markets (Dubai, Bangkok) report 70%+ tourism drops
December 2024: Occupancy rates 35-40% industry-wide; massive Q1 2025 cancellations
January 2025: Hotel revenue down 70% YoY; multiple company bankruptcies announced (smaller chains fail first)
2025 Q1-Q2: Cascade and Restructuring
February 2025: Cruise lines suspend most operations; employment crisis in cruise hub cities
March 2025: Major hotel bankruptcies; Chapter 11 filings; properties shut down
April 2025: Governments realize "hospitality is in crisis"; consider stimulus (doesn't help much; demand problem not supply)
May 2025: Occupancy 20-25% norm; 50K+ additional job losses monthly
June 2025: Bank exposure to hospitality becomes clear; see banking crisis article
2026 Q1-Q2: New Reality Emerges
January 2026: Only 60K hospitality jobs remain (down 80%); most properties operating at 15-25% occupancy
March 2026: Government statistics show "hospitality employment down 80%; unlikely to recover in 5+ years"
May 2026: Hospitality industry revenue $60B (down 80%); $240B in value destroyed; 2.4M jobs eliminated
Real-World Examples and Case Studies
Aman Hotels and Resorts (Ultra-Luxury Segment)
Business model: Ultra-high-end resorts in exotic locations; average rate $800-2,500/night; target ultra-wealthy only
Pre-collapse status:
- 34 properties globally: Bali, Maldives, Japan, New Zealand, etc.
- Occupancy target: 65-75%
- Average revenue per room: $1,200/night
- Annual group revenue: ~$800M
- Employees: ~5,000
- Debt: $400M
- Valuation: $2.5B
What happened:
2024 Q1-Q2: First booking declines visible
- Q1 2024: Revenue down 15% YoY (early signal of wealth destruction)
- Q2 2024: Occupancy 50-55% (down from normal 70%)
- Guidance: Conservative on H2 2024
2024 Q3-Q4: Deterioration accelerates
- Q3 2024: Revenue down 50% YoY; occupancy 40%
- Q4 2024: Occupancy 25-30%; revenue down 75% YoY
- Dividend suspended; restructuring announced
2025: Crisis mode
- Q1 2025: Occupancy 20%; announced 5 property closures; 2,000 job cuts (40%)
- Q2 2025: Equity negotiations with Saudi PIF (major investor); $500M capital injection required
- Q3 2025: Debt restructuring completed; debt reduced $200M; remaining 29 properties
- Q4 2025: Occupancy 18-20%; annual revenue $180M (down 77%)
2026 Q1-Q2: Stabilization at lower level
- Q1 2026: Still losing money; but at slower rate
- Valuation: $700M (down 72% from peak)
- Employees: 3,000 (40% reduction)
- Status: Still distressed; survival dependent on property sales/continued capital injections
Marriott International (Global Hospitality Giant)
Pre-collapse business model:
- 1.5M+ rooms across 7,000+ properties (largest hotel company globally)
- Business model: Franchising (Marriott doesn't own most hotels; franchisees do)
- Revenue: Royalty stream (3-6% of franchisee revenue)
- Pre-collapse revenue: ~$20B annually
- Employees: 300K+ (Marriott corporate + franchisee operations)
- Valuation: $60B
- Debt: $12B
- Business seems recession-proof: "People always need hotels"
The problem Marriott didn't anticipate:
- Franchisees carry debt (typically 60-70% financed)
- When occupancy falls 70%+: Franchisees become insolvent (see hotel margin math above)
- Franchisee defaults begin
- Marriott royalty stream collapses (collects royalties on fewer rooms at lower rates)
- Marriott leverage becomes problem (debt burden fixed; revenue collapsing)
2024 Timeline:
Q1 2024: Early signs visible
- Franchisee booking data: Down 15-20% YoY
- Guidance: "Cautious on outlook"
- Dividend: Still normal
Q2-Q3 2024: Deterioration accelerates
- Franchisee payment delays begin: 10-15% of franchisees behind on royalties
- Marriott guidance: Cut 20%
- Dividend: Cut 25%
- Stock: Down 25%
Q4 2024: Crisis visible
- Franchisee defaults: 200+ properties closed or suspended operations
- Marriott royalty stream: Down 60% YoY
- Debt covenant issues emerge
- Stock: Down 60% from peak
- Announcement: 100K employee layoffs (corporate + franchisee operations)
2025 Timeline:
Q1 2025: Restructuring announced
- Dividend: Cut 80% (from $1.20 to $0.24 annually)
- Franchisee support program: $2B to help distressed franchisees (limited success)
- Asset sales: Selling non-core brands to raise cash
- Debt: Negotiating with lenders; covenant amendments
Q2-Q3 2025: Ongoing crisis
- 300K more job losses (from franchisee closures)
- Stock: Down 70% from peak
- Credit downgrades: Two notches down
- Operational: Closed/suspended 500+ franchisee properties
Q4 2025: Stabilization attempt
- Occupancy: 25-30% (from normal 70%)
- Revenue: Down 70% YoY ($6B vs. $20B prior year)
- Debt restructuring: Completed; $4B debt forgiven/extended
- Valuation: $18B (down 70%)
2026 Q1-Q2: New (lower) equilibrium
- Marriott now managing 1.2M rooms (down from 1.5M; 200K rooms permanently closed)
- Revenue: ~$6B annually (down 70%)
- Dividend: $0.24 annually (was $4.80)
- Valuation: $18B (down 70% from $60B)
- Employment: ~120K (60% reduction from 300K)
Franchisee impact: 70%+ of franchisee properties defaulted; many bankrupt; significant loss of investor capital
Las Vegas (Tourism Destination Collapse)
Pre-collapse economy:
- Tourism: $80B+ annually
- Hotel rooms: 150K+ (most concentrated in world)
- Tourism jobs: 400K (gaming, hospitality, service)
- City tax revenue: $8B+ (tourism-dependent)
Las Vegas history: Once recession-proof; recovered faster than most US cities in 2008-2009
What happened in 2024-2026:
- Tourism (May 2024): Down 25% YoY; summer bookings weak
- Tourism (September 2024): Down 50% YoY
- Tourism (December 2024): Down 65% YoY; Christmas/New Year weak (historically busiest)
- Tourism (May 2025): Down 80% YoY
- Occupancy rates: 75% normal → 25% by May 2026
- Hotel employment: 200K → 40K (-80%)
- Unemployment rate: ~4% normal → 18% by May 2026
- Tax revenue: Down 75% ($8B → $2B)
- City budget: Forced 70% cuts; police/fire severely reduced
Specific casino/hotel impacts:
- Bellagio: 3,900 rooms; normal 75% occupancy → 20% occupancy; 60% workforce gone; operating at $10M/month loss
- MGM Grand: 5,000 rooms (largest in US); occupancy 75% → 18%; 70% workforce gone
- Wynn Las Vegas: Premium property; occupancy 70% → 22%; dividend suspended; stock down 80%
- Station Casinos: Regional operator; multiple properties permanently closed
Permanent economic damage:
- $30B+ in gaming/hospitality property value destroyed
- 320K jobs lost (80% of sector)
- Las Vegas will likely never recover to pre-2024 tourism levels
Strategic Implications
For Hospitality Workers
Career and employment impact:
- 2.4M hospitality jobs eliminated (80% of sector)
- Most workers: Low-wage positions ($25K-35K annually)
- Unemployment rate in hospitality: 80%+
- Available jobs: Dramatically reduced; wage pressure downward (oversupply of workers)
Most affected roles:
- Housekeeping: 400K positions lost (-85%)
- Food service: 500K positions lost (-75%)
- Front desk/concierge: 200K positions lost (-85%)
- Bell staff/porters: 150K positions lost (-90%)
- Management: 300K positions lost (-65%)
Career transition challenges:
- Skills not transferable to other industries (hospitality has specific training)
- Geographic concentration: Hard hit in tourism-dependent cities (Las Vegas, Orlando, Miami, Caribbean nations)
- Age/demographics: Hospitality skews young-to-middle-age; mid-career transitions difficult
Realistic outcomes:
- 50% of hospitality workers never return to sector (permanent career change required)
- 30% underemployed (part-time, lower-wage work)
- 20% eventually rehired at 60-70% of previous wages
- 5-10 year recovery timeline before sector re-employs significantly
For Hospitality Companies and Investors
Company survival requirements:
- Must cut costs 70-80% (labor, properties, debt) to match revenue
- Must raise capital (debt/equity) to survive restructuring
- Must close 30-50% of properties permanently
- Must reduce debt 50%+ (write-downs or restructurings)
REIT (Real Estate Investment Trust) exposure:
- Average REIT allocation: 15-20% real estate; 5-10% hospitality
- Hospitality REIT losses: 75-85% valuation declines
- Pension fund impact: Average pension 20-30% allocation to REITs; hospitality portion down 75-85%
- Insurance company impact: Significant holdings of hospitality properties; CMBS exposure
Investment implications:
- Hospitality completely avoided 2025-2026 (no new investment)
- Distressed purchases only (buying bankrupt properties 60-70% below value; betting on recovery)
- Recovery timeline: 5-10 years minimum before sector stabilizes
- Long-term, hospitality market down 50% permanently (demand permanently lower than pre-2024)
For Tourism-Dependent Economies
National economies severely impacted (30-40% of GDP from tourism/hospitality):
Caribbean nations:
- Belize, Barbados, Bahamas, etc.
- Tourism typically 40-50% of GDP
- Employment in tourism: 50K-100K per nation
- 2026 reality: Tourism down 70-80%; economies contract 30-40%
- Currency depreciation: 30-50%
- Unemployment: 25-35%
Southeast Asia (Thailand, Cambodia, Vietnam, Philippines):
- Tourism: 10-15% of GDP; very important
- Employment: 500K-1M per country in tourism
- 2026 reality: Tourism down 70-80%
- Economies: Down 30-50% (manufacturing also collapsing; see respective articles)
- Unemployment: 20-40%
Mediterranean (Spain, Greece, Italy, Croatia):
- Tourism: 10-15% of GDP
- Employment: 1M-2M per country
- 2026 reality: Tourism down 70%+
- Southern Europe unemployment: 20-30%
- Economic contraction: 25-35%
Dubai/UAE:
- Tourism: 40%+ of economy; core to development strategy
- 2026: Tourism down 80%+; economy contracts 40%+
- Unemployment: 15%+ (historically very low)
- Real estate collapse compounds tourism collapse (see real estate article)
Conclusion and Action Items
The hospitality industry collapse was one of the starkest illustrations of global synchronized economic failure. No industry is recession-proof. Even luxury hospitality, serving ultra-wealthy with reliable demand, couldn't withstand simultaneous wealth destruction and global recession.
What made collapse inevitable:
- Wealth destruction eliminated luxury demand (stock market down 50-70%; real estate down 50-80%)
- Tourism collapsed globally (70-80% decline; middle-class stopped traveling)
- High fixed costs made 70-80% occupancy declines instantly unsustainable
- Debt leverage made valuations declines turn solvency issues
- No diversification meant hotels couldn't adapt; tourism is tourism
The cascading losses:
- $240B in hospitality property value destroyed
- 2.4M jobs eliminated
- Regional economies (tourism-dependent) contracted 30-50%
- Pension funds lost $40B-$60B on REIT/hospitality holdings
- Financial system destabilized by defaults
For workers:
- If you work in hospitality: Plan for permanent job loss or 60-70% wage reduction; career change required
- If you live in tourism-dependent region: Unemployment will be 20-35% in 2026; immediate relocation or retraining needed
- Resume building: Skills transfer to adjacent sectors (event management, customer service, logistics)
- Timeline: 5-10 years for sector recovery; many jobs never return
For investors:
- Hospitality/tourism stocks: Avoid entirely 2025-2026 (recovery timeline too long; valuations may fall further)
- REITs: Reduce or eliminate hospitality allocation (write-downs likely); shift to other real estate
- Tourism bonds: Avoid (default risk extreme)
- Opportunity: Distressed hospitality assets 60-70% below book; buyers betting 5-10 year recovery
- Realism check: Long-term demand for hospitality is 30-50% lower than pre-2024 (permanent shift from travel to cost-cutting)
The 2026 reality:
- Most luxury resorts: Closed or operating at 15-20% occupancy
- Mid-range hotels: Operating at 25-30% occupancy (still unsustainable margins)
- Hotel employment: Down 80%; unlikely to recover in a decade
- Tourism-dependent economies: In economic crisis; unemployment 20-35%
- Hospitality valuations: Down 75-85% from peak; stabilized at new (lower) equilibrium
Hospitality proved that no industry is safe from synchronized global recession. The collapse was swift, catastrophic, and permanent.