The luxury hotel market has been among the most adversely affected real estate asset classes, but there are limited options for luxury operators to respond to the crisis. Hotel leaders Eric Prevette, Carlos Lopes and Teresa Holden are aiming to fill that void. The trio has launched Luxury Hotel Advisors to help guide leaders through these unprecedented market conditions. The boutique firm will provide asset management, acquisition, disposition and marketing guidance.

"Clearly the pandemic was a factor in our decision to launch," Prevette tells GlobeSt.com. "We do see the luxury segment that will need greater assistance than other segments. Typically, their investments are higher and their operating costs are higher. This is a stressful time for the industry, but for the luxury segment in particular."

Lopes adds that the luxury sector has a long recovery road ahead, and will need to make changes to respond to the new market conditions. "We felt that the luxury segment was underrepresented. We don't see that we will return to pre-pandemic occupancy until 2022 or 2023, so we are focusing our services on advisory," he tells GlobeSt.com.