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Hospitality Bears the Brunt of Hurricane Helene’s Devastation
Hurricane Helene made landfall in Florida’s Big Bend area as a category 4 storm on Sept. 26, 2024. But the storm didn’t stop there. It meandered north to the southern Appalachians, leading to widespread severe flooding. Roads and towns throughout Western North Carolina, far from the Atlantic Ocean coast, were heavily damaged, some obliterated. CoreLogic estimated total flood and wind losses between $30.5 billion and $47.5 billion from the storm.
While damage to most properties throughout Florida, Georgia and the Carolinas was severe, CBRE Econometric Advisors explained that “overall, hotel and retail properties in North Carolina were disproportionately impacted,” according to the company’s recently released report.
The CBRE Econometrics analysts prepared an infographic detailing counties impacted by the powerful hurricane. The map highlights FEMA-designated disaster areas and commercial buildings within the hurricane impact zone.
The analysts were unsurprised that hotels and retail had received much of the negative impact. “The hospitality sector (across western North Carolina) has been a strong economic growth driver during the past decade,” the report explained. “Hotels and retail constitute twice the share of Asheville’s total commercial building stock than they do in Charlotte, a larger, more diversified market 130 miles to the east.”
