NASHVILLE, Tenn. (WTVF) — The Nashville Area Chamber of Commerce released its latest update to COVID-19’s impact on Metro’s economy Wednesday. One of its primary findings was that the hospitality and leisure sector may not return to pre-COVID-19 employment until mid-2022.
But that’s not the story for every sector. According to the analysis, most sectors will return to pre-COVID-19 economic activity by the third quarter of 2021 – the only exception being hospitality and leisure.
With its delayed return, it is expected to pull down the unemployment for the region.
A new national report shows that the hotel industry is facing foreclosures as the COVID-19 pandemic continues to impact the hospitality industry. The report by Trepp that $20.6 billion in hotel commercial mortgage-backed securities (CMBS) loans were 30 or more days delinquent as of July, compared to $1.15 billion as of December 2019. In fact, nearly one out of every four hotel CMBS loans are delinquent on payment.
It listed the mid-state as one of the country’s areas with some of the most delinquencies, showing that in the Nashville, Davidson, Murfreesboro and Franklin hotels had 16 delinquent loans.