Bill Wilhelm Bill Wilhelm is the president of R.D. Olson Construction.

While some assets are poised for a swift recovery—like the industrial market— hotel assets won't recover until 2024, according to hotel contractor R.D. Olson Construction. The company predicts that growth won't reach prior peak activity for the next five years. The forecast highlights the significant damage to the travel and tourism industry.

"It's quite hard to get a pulse on the level of devastation that the hotel industry will undergo, as things continue to change daily and we don't know when it will end. However, the forecast currently discussed is that we probably won't experience the same growth and progress in hotel construction and development or return on property values as we did pre-coronavirus until 2024," Bill Wilhelm, president of R.D. Olson Construction, tells GlobeSt.com.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.