by Lacey Pfalz
Last updated: 11:55 AM ET, Thu November 11, 2021
Hotel executives from large corporations like IHG Hotels & Resorts, Hilton, Marriott and others predicted that 2022 will usher an increase in RevPAR and hotel occupancy rates while attending NYU's 43rd Annual International Hospitality Investment Conference earlier this week.
According to Northstar Meetings Group, the in-person event's focus was on confidence in the travel industry's recovery.
Keith Barr, CEO of IHG Hotels & Resorts, predicted record-breaking revenue in the U.S. hotel industry during the second and thirds quarters of next year; this sentiment was echoed by Hilton's CEO Christopher Nassetta, who believes Hilton will surpass pre-pandemic levels in the third quarter.
One reason for this optimism is the reopening of the U.S. to international travelers, which will lead to a boost in the hotel industry. The second reason is the demand for business and group travel, which according to President of Marriott International, Stephanie Linnartz, is already showing better demand in 2022 than it had shown in 2019.
"I still think we're underestimating what's going to happen next year. Group meetings have sort of been pushed back because of the Delta variant… but the demand and the inquiry is off the charts," said Nassetta.
Staffing was cited as the greatest issue moving forward, especially in order to meet the rising demand within the industry.
This prediction is in line with a recent report done by the World Travel & Tourism Council (WTTC) in conjunction with Oxford Economics. The report predicts that next year's domestic travel and tourism industry will not only reach pre-pandemic levels, but it will surpass it, increasing the industry's economic impact and creating millions of new jobs.
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