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When the coronavirus hit the U.S. this spring, some experts predicted the economic fallout would be over in a few months and a V-shaped recovery would soon be underway. But hotelier Robert Finvarb, whose firm owns a portfolio of Marriott-branded hotels, boldly pronounced that pre-COVID-19 numbers would not bounce back until "2023 at the earliest."
Almost 10 months into the pandemic, he wishes he had been wrong.
"We're not going to really, truly rebound until air travel comes back, until the international markets open up, because they're obviously a huge driver into Miami and South Florida, and until business travel starts up again," Finvarb told Bisnow. "And that's not going to happen until the vaccine is widely distributed and companies feel that they're not going to expose themselves to liability by putting their people out on the road."
Finvarb and other South Florida hotel experts agreed that travel will bounce back but differed on how quickly that will happen and how many assets will change hands first, and at what level of discount or distress."The sector is in complete flux," said Devlin Marinoff, co-founder and managing partner of…
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