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Regional hotels recovery forecast

The hotel sector outside Dublin will bounce back faster from Covid driven by an earlier recovery in domestic versus international tourism, lenders believe.park

The views matter because bank and so called non bank lenders are more likely to grant longer forbearance where they see the best chance of recovery.
The results of the survey of banks and other lenders are published in Deloitte’s Outlook for Real Estate for 2021.
John Doddy, Real Estate partner at Deloitte Ireland said the Covid pandemic had varied for different parts of the property market.
Hospitality has been the property segment most affected by the pandemic, causing severe pressure on these businesses from a cash flow perspective


Banks and direct lenders to operators in the sector had by and large taken the view that they will continue to support their existing borrowers in the hospitality sector by offering forbearance, but had limited appetite to take new exposure, John Doddy said.
Most funders are taking the view that the impact on hospitality will be temporary but severe, he said.
In contrast to the last major financial crisis, lenders now think regional hotels are likely to recover sooner than city hotels due to strong domestic demand.
Cities including Dublin will be more dependent on international and business visitors and events such as concerts and sports, which ongoing public health concerns mean is not now expected to recover until 2022 and 2023.



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