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A new study found that travel revenue for hotels and resorts in the United States would likely be down more than $20 billion from 2019 totals by the end of 2022.
According to data from the American Hotel & Lodging Association (AHLA), U.S. hotel business travel revenue is projected to be down 23 percent from pre-pandemic levels, further impacting an industry that lost an estimated $108 billion in revenue during 2020 and 2021 combined.
One of the biggest factors in the continued struggles for the hotel industry is that business travel is taking significantly longer to recover than leisure travel.
Business travel is the hotel industry's largest source of revenue.
"While dwindling COVID-19 case counts and relaxed CDC guidelines are providing a sense of optimism for reigniting travel, this report underscores how tough it will be for many hotels and hotel employees to recover from years of lost revenue," AHLA president Chip Rogers said.
"The good news is that after two years of virtual work arrangements, Americans recognize the unmatched value of face-to-face meetings and say they are ready to start getting back on the road for business travel," Rogers continued.
The markets projected to end 2022 with the largest percentage declines in hotel business travel revenue include, San Francisco, New York City, Washington D.C., San Jose, Chicago, Boston, Oakland, Seattle, Minneapolis and Philadelphia.
As for the states or districts projected to end 2022 with the largest percentage declines in hotel business travel revenue, the list includes Wyoming, Washington D.C., New York, Massachusetts, Illinois, New Jersey, California and more.
The new report comes after a recent AHLA survey, which found 64 percent of employed Americans and 77 percent of business travelers agree it is more important than ever to bring back business travel. The survey also found that 80 percent of employed Americans and 86 percent of business travelers say face-to-face interactions are important for maximizing company success.
Donald Wood is TravelPulse’s senior writer in the breaking news department, bringing nearly 15 years of experience to the desk....
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