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Real Estate - AUGUST 12, 2021

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Traveling to decrease, hotel CEOs remain optimistic

by Andrea Zander

The pent-up demand from U.S. travelers, as well as the easing of travel and other restrictions, has allowed for renewed interest in travel and tourism, with families embarking on long-delayed trips, and businesses scheduling in-person meetings again. The U.S. hotel industry's occupancy levels in June were the highest recorded since October 2019, reaching 66.1 percent, according to data from research firm STR.

Hotel operators are seeing sales doubling from a year ago as tourism is recovering during the first half of 2021 and reaching occupancy rates similar to pre-pandemic levels. Many hotel firms are reporting a strong [second? First? Third?] quarter performance.

Marriott International’s sales revenue rose to $3.15 billion in the three months through June, from $1.5 billion in the year-ago quarter. The firm reported profit of $422 million, compared with a $234 million loss in the same peri

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