The financial markets like predictability of cash flows. Hotels have the shortest leases of all major property types and the leases can be as short as one day. This is why hotels are often thought of as operating businesses first and real estate second. Office leases, by contrast, are longer term and and it is not uncommon to find office leases with 10-year terms or longer. As a result of having short term leases, hotels as an asset class are more vulnerable than office to sudden changes in the market, like the changes that were precipitated by Covid 19?

True

False