Hotels projected to end 2021 down $59b in business-travel revenue
The hotel industry is projected to end 2021 down more than $59 billion in business travel revenue compared with 2019, according to a new report by the American Hotel & Lodging Association (AHLA) and Kalibri Labs. This projected loss comes after losing nearly $49 billion in business-travel revenue in 2020.
Business travel is the hotel industry’s largest source of revenue and has been slow to return since the onset of the pandemic. Business travel includes corporate, group, government and other commercial categories. Business travel revenue is not expected to reach pre-pandemic levels until 2024.
The new analysis comes on the heels of a recent AHLA survey, which found that most business travelers are canceling, reducing and postponing trips amid rising COVID-19 cases.
The lack of business travel and events has major repercussions for employment, and