According to the chief executives of six international hotel companies, who spoke Monday at a virtual conference, economic conditions are improving in the lodging industry, especially in the US, and hospitality businesses should start to match 2019’s peak revenues by 2023.

Hotels that survive the coronavirus crisis can expect to see lodging recover as vaccinations increase and travellers feel more confident about booking both business and leisure stays. However new hotel construction will remain sluggish until companies have paid down heavy government and other debt. There is a common labour shortage, meaning that as demand for lodging rises, shortage of staff may mean hotels can’t meet that demand.

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