NY Post Talks with Deb Friedland About the Hospitality Labor Shortage

May 14, 2021

By Deborah Friedland

Despite a steep decline in business travel and tourism, there are signs of optimism in New York City that the hospitality industry is on the brink of a great comeback. Approximately 80 hotels, with more than 13,000 rooms, plan to either reopen or open their doors for the first time. According to both NYC & Company and U.S. Travel Association data, leisure travel in New York City historically comprised about 79% of room demand while business travel has traditionally made up the remainder, approximately 21%. Leisure-travel demand is gathering strength, with substantial recovery in sight for most markets throughout the U.S. Although only 35 million people are expected to visit NYC this year, down from 66.6 million in 2019, it is a strong improvement from 2020.

With hotels, restaurants and attractions reopening and newly constructed hotels opening for the first time, the competition for employees is fierce. With recovery in full swing, the industry as a whole faces a new challenge: a labor shortage. New York City hotels are no exception. I spoke with the New York Post’s Vicki Salemi to discuss the multiple factors exacerbating the problem and provide some hospitality industry context for her article. Read the full article here that outlines possible strategies for a robust recovery.

 

About Deborah S. Friedland

Deborah Friedland specializes in valuation, acquisition, finance and conversion or operation of real estate, with expertise in REIT structures and the turnaround of numerous hotels, resorts, restaurants, and mixed-use real estate.