It was a tumultuous 2020 and high levels of COVID-19 infections mean that it will be a difficult start to 2021, but economic prospects for the rest of the year are bright. This will provide a much more supportive environment for real estate, but challenges remain.

Travel, especially business travel, is a major factor in hotels' recovery. When business travel resumes, we believe it will do so in full force. Read our ViewPoint report to learn more about the state of hotels and the future for group demand.

According to the Bureau of Economic Analysis (BEA), GDP fell 32.9% at an annual rate, driven by large reductions in consumption of services and fixed investment. Our baseline outlook for the U.S. predicts real GDP change of -5.1% in 2020.