During the first quarter, local hotel revenue plunged 22.2 percent to $277 million, the steepest drop among Texas’ major metros, according to Source Strategies, a San Antonio-based hotel consulting firm. Revenue per available room, a key measure of hotels’ performance, was $62.16, down $17.10 from the same period last year.
Some distressed properties, unable to meet debt obligations or reopen profitably, may be snapped up by developers, said Paul Vaughn, Source Strategies’ senior vice president. Others may hold off on new projects, waiting to see whether visitors return in force.
Source: San Antonio theme parks, hotels begin reopening – ExpressNews.com