news 1 month ago
COVID Is Breaking The Hotel IndustryWochit Postables
Business Insider reports that the hotel industry will likely not rebound until 2023 or 2024. Hotels bank on receiving half of their revenue from corporate travel. The hotel industry brings in $170 billion annually. The lack of business travel due to the coronavirus pandemic could cost hotels between $8 billion and $23 billion this year. Although Bank of America research estimates that business trips could return as soon as Spring of 2021, the timeline depends on a COVID vaccine. Some hotels are seeing an occupancy rate between 10% and 20%. Most have to hit 50% occupancy to break even.