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NYC Hotels Projected to Lose $2.5B in Business Travel Revenues This Year
U.S. hotel business travel revenue is projected at 23% below pre-pandemic levels in 2022, ending the year down more than $20 billion compared to 2019, says a report from the American Hotel & Lodging Association (AHLA) and Kalibri Labs. This comes after hotels lost an estimated $108 billion in business travel revenue during 2020 and 2021 combined.
Although San Francisco hoteliers’ projected revenue loss is larger on a percentage basis, New York City hotels rank first on a dollar basis. Lodging properties in the city are expected to garner about $2 billion in business travel revenues this year, down $2.5 billion from 2019. Statewide, the shortfall is projected at $2.8 billion.
Despite a sense of optimism as COVID-19 cases dwindle, “this report underscores how tough it will be for many hotels and hotel employees to recover from years of lost revenue,” said Chip Rogers, president and CEO of AHLA.
- ◦Economy
