2020 Was The Worst Year Ever for U.S. Hotels Here's What's Next

Abstract

Although industry leaders are hopeful to welcome back domestic travelers this Summer, many understand that business will not return to normal until business travel starts to pick back up again. Historically, business travel accounts for 60 - 68% of the hotel industry's revenue. The American Hotel & Lodging Association and Smith Travel Research anticipates business travel to still be down by 85% in 2023. Industry leaders are holding on to hope of the "roaring twenties" with pent up consumer travel demand exploding once herd immunity and mass vaccinations are reached.