In 2020, the average hotel in CBRE’s annual Trends in the Hotel Industry survey experienced a 108 percent decline in earnings before interest, taxes, depreciation, and amortization (EBITDA), resulting in an EBITDA margin of −5.5 percent. For hotels, EBITDA represents the cash flows from operations that are used to fund debt service and provide returns to investors. This is by far the greatest decline in EBITDA since CBRE began tracking the performance of the U.S. […]

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