Hotels Hurting Without Business Travel
According to a recent report released by the American Hotel & Lodging Association, the hotel industry is projected to end the year down by more than $59 billion in business travel revenue in comparison to 2019. This comes after losing nearly $49 billion in business travel revenue in 2020.
Business travel (corporate, group, government and other commercial travel) is the hotel industry’s largest source of revenue. However, business travel is not expected to return to pre-pandemic levels until 2024, making Covid-19 the worst economic event in the history of the U.S. hotel industry. Despite being the hardest hit, hotels are the only segment of the hospitality and leisure industry yet to receive any direct aid.
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