On September 26, 2024, Hurricane Helene struck Florida’s Big Bend area as a powerful category 4 storm. However, its destruction did not end there. The hurricane continued north to the southern Appalachians and caused severe flooding throughout Western North Carolina. This resulted in significant damage to roads and towns that were far from the coast.
According to CoreLogic’s estimates, the total losses from both flooding and wind damage caused by Hurricane Helene ranged between $30.5 billion and $4.75 billion.
While properties in Florida, Georgia, and the Carolinas all suffered extensive damage from this devastating storm, CBRE Econometric Advisors’ report revealed that hotels and retail properties in North Carolina were particularly affected.
In fact,”overall hotel”and “retail properties”were disproportionately impacted compared to other types of commercial buildings within Western North Carolina.This was evident on an infographic prepared by CBRE Econometrics analysts which highlighted counties within FEMA-designated disaster areas as well as commercial buildings located within the hurricane impact zone.
The analysts noted that it was not surprising for hotels and retail establishments to bear much of Hurricane Helene’s destructive force.”Duringthe past decade,the hospitality sector has been a major contributor towards economic growth across western North Carolina,”the report stated.”Asheville,in particular,is heavily reliant on these industries with twice as many hotelsand retail establishmentscomparedto Charlotte,a larger citylocated130 miles away.”
Overall,the devastation brought about by HurricaneHelenedemonstrates how important it is for communities,to be preparedfor natural disasters,andhow vitalit is for businesses suchashotelsandretail establishmentsto have contingency plansin placein order topreserve their assetsduring timesof crisis.Thehospitality industry,bearingmuch ofHurricaneHelene’sbrunt,servesasa reminderthatpreparationis keyto mitigatinglossesfromnatural disasterslike hurricanes.
