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CHR INSIGHTS
Alumni Mark and Brian Canlis Pivot Their Family's Namesake Restaurant During a Pandemic and Flourish

by Prameela Kottapalli 

"After shutting down in spring of 2020, Canlis embarked on a yearlong journey to revolutionize food service. Early on, the Canlis brothers recognized that Seattle didn’t need a fine dining restaurant during a pandemic, and sought to reinvent their business model. They pivoted again and again to fulfill their community’s needs: they morphed into a burger stand, a bagel shed, a drive-in movie theater, a crab shack, and even a meal and Community Supported Agriculture (CSA) produce delivery service."

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IMPACTFUL EVENTS
All eyes are on the hospitality industry as the recovery is poised to begin. Despite the U.S. market being down 52% in RevPAR for 2020 and a slow start to 2021, the robust stimulus package passed by Congress and accelerating vaccination rates contribute to an optimistic view for the remainder of 2021. From shifts in hotel demand to improvements in the transaction and financial climate from lenders and the equity markets, hoteliers are gearing up for a busy second half of the year. This panel of industry leaders from the Cornell community will discuss the outlook of this pent-up demand as consumers hit the road with more confidence and potentially kick off a true economic recovery. 

WHAT YOU'LL LEARN
  • How differences in composition of demand will influence which markets and submarkets are more likely to recover in 12 to 18 months
  • The ways in which lenders and hotel owners have weathered the COVID-19 storm, along with an overview on the appetite for transactions.
  • The Wall Street perspective on hotel brands and REITs as they emerge from the deepest downturn in the industry’s history
  • Factors driving consumer behavior in both leisure and commercial travel
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INDUSTRY REPORTS, TRENDS, & NEWS
LODGING SECTOR METRICS
U.S. hotel occupancy came in 1 point lower than the pandemic peak from a few weeks back, but Easter week ADR and RevPAR were the country’s highest since the beginning of March 2020. The RevPAR value of $65.33 represented 73.1% of the comparable 2019 level, which is the closest the U.S. has come to RevPAR recovery territory in STR’s Market Recovery Monitor.
When compared with other key regions, the U.S. remains close to China and the Middle East in terms of occupancy. Europe is the obvious outlier as lockdowns continue.

Pulse Report: Good Summer Ahead for Latin America
"The latest edition of the Pulse Report, which tracks data for the month of March, indicates some real and solid signs of positivity in the North and Latin American markets with significant increases in pick up and pace. In fact, Latin America is showing early signs that June and July 2021 may actually outperform June and July 2019. For APAC, however, there has not been much change since last month with many areas still under strict border controls. Similarly in EMEA, rises in COVID cases in some countries and slower vaccine rollouts continue to have an effect on traveler confidence and desire to book."
Net Pickup by Stay Month (North America)
Average Pickups, Occupancy and Web Traffic Data (Global)

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School of Hotel Administration, Cornell University
Centers & Institutes
149 Statler Hall
Ithaca, NY 14853

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