106-year-old hotel chain faces multiple closures nationwide

Industry Overview - The U.S. hotel market was valued at $263.21 billion in 2024 and is projected to grow at a compound annual growth rate (CAGR) of 7.1% through 2030, indicating long-term growth prospects despite recent setbacks [2] - The hospitality industry has faced significant challenges, including a 43-day U.S. government shutdown that resulted in $6.1 billion in losses across travel-related sectors [2] Impact of COVID-19 - The hotel industry experienced devastating losses during the COVID-19 pandemic, with over $46 billion lost in room revenue by mid-February 2020 and projections of $76.4 billion in losses and 670,000 layoffs by the end of that year [3] Company Specifics - Hilton Worldwide Holdings Inc. has been managing and franchising the DoubleTree brand since its founding in 1919, but recent pressures have led to multiple closures of DoubleTree locations across the U.S. [4] - The DoubleTree by Hilton in Downtown Cleveland is set to permanently close on January 30, 2026, resulting in the layoff of approximately 66 employees [5] - The closure is attributed to "business reasons which are out of the company's control," with no ability to undertake remedial measures [6] - Despite its prime location near Lake Erie and popular attractions, the DoubleTree hotel has struggled financially in recent years [7]