industry recovery
Hotels Will Pay Historic Wages, Generate Record Level of Tax Revenue in 2024
AHLA | January 29, 2024
Despite labor shortages and persistent inflation, industry recovery continues WASHINGTON (Jan. 29, 2024) – Hotels are projected to pay a record amount of wages and generate a record level of tax revenue in 2024, according to the American Hotel & Lodging Association’s 2024 State of the Hotel Industry report. The report, which forecasts that hoteliers will face continued challenges due to nationwide labor shortages while inching closer to 2019 occupancy levels, is based on data and analysis from Oxford Economics and was created in collaboration with AHLA Premier Partners STR, Avendra, Ecolab, Encore, JLL, Oracle, and Towne Park. Top...
GBTA Forecast Expects Key Business Markets in Europe Will Fully Recover in 2026
GBTA | February 22, 2023
Europe makes up lost ground and is anticipated to be the fastest growing business travel market in 2023 London, UK (22 February 2023) – The business travel industry in Europe continues its progress towards full recovery to its pre-pandemic spending levels of USD $392 billion, but the divergent recovery in business travel continues across the region. Europe’s business travel spend now accounts for approximately 20% of global spend compared to 27% in 2019. Emerging Europe and Western Europe were the only regions globally to experience spending declines in 2021, as COVID-19 impacted domestic and regional business travel markets. ...
HVS Outlook 2023: Beyond the Recovery
Anne R. Lloyd-Jones | January 23, 2023
By Anne R. Lloyd-Jones, McKenna Luke Despite persistent high inflation, an active Fed, and accelerating recessionary concerns, the lodging industry sustained the strong growth recorded in Q2 and Q3 of 2022 through the balance of the year. Transient demand continued to lead the recovery, surpassing 2019 levels in 19 of the past 21 months. The leisure segment remains a dominant influence, with business demand returning at a slower pace, although increasing levels of “bleisure” demand are blurring the distinction between these two sectors. Group demand rebounded to roughly 80% of 2019 levels; after the initial return of small to medium-si...
Meetings and Events Show Significant Growth of 334 Percent Over June 2021
Knowland | July 7, 2022
June increased 16.6 percent over May 2022 as the industry continues to build recovery momentum ARLINGTON, Va. — July 7, 2022 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, today released its monthly meetings and events data for June reporting a significant increase of 334 percent over June 2021. June 2022 rebounded from May 2022 with a 16.6 percent increase month over month. • Average attendees per event continue to outpace 2019 – The average number of attendees per event for June 2022 was 117, compared to 59 in June 2021 and 89 in June 2019. • Average spac...
Meetings Up 350 Percent Year-Over-Year From January 2021
KNOWLAND | February 3, 2022
Knowland data indicates steady growth in meetings and events ARLINGTON, VA — February 3, 2022 — Knowland, the world’s leading provider of data-as-a-service insights on meetings and events for hospitality, today released its monthly meetings and events data for January. Meetings are up 350 percent year-over-year from January of 2021 while month-over-month there was a slight decline of 16.5 percent from December 2021 to January 2022. Register for Knowland’s Outlook for the Meetings Industry Recovery 2022-2024 Webinar on February 8, 2022, 1:00 pm ET to learn more. Average meeting metrics are at or near 2019 numbers. While volumes...
Although Pre-Pandemic Profitability Will Remain Elusive, the Industry Will Make Strides Toward Recovery in 2022
Fran Worrall | January 5, 2022
By Fran Worrall As the new year begins, industry experts are increasingly hopeful about the state of hospitality. After almost two years of an unprecedented downturn and despite ongoing effects of the pandemic—including the emergence of new COVID-19 variants and increased consumer awareness regarding health and well-being—2022 looks to be more promising as the industry figures out how to fulfill guest expectations without compromising safety. HU/HO recently sat down with three hospitality insiders—Hospitality Sales & Marketing Association International (HSMAI) President & CEO Bob Gilbert, Knowland CEO Jeff Bzdawka, and Kalibri Lab...
The Post-Pandemic Hard Reset
Vikram Singh | July 13, 2021
By Vikram Singh I wrote two articles during the pandemic, one around the beginning and one in the middle. It’s time to complete the trilogy. Our industry has been given a once-in-a-lifetime chance to fundamentally change itself. How we market, price and operate hotel assets needs to evolve to meet the changing market landscape. Here are my thoughts on how to make real changes in order to embrace the tremendous opportunities that lie ahead. Embrace the Hard Reset The hotel and travel industry was ground zero for the impact of global lockdowns: the hard reset button on the entire industry was pressed. A hard reset on an electronic ...
U.S. Market Recovery Monitor for Week Ending 22 May 2021
STR | May 28, 2021
The leisure-led demand surge marched forward with U.S. industry occupancy hitting 60.3%, surpassing the 60% level for the first time since early March 2020. On a total-room-inventory basis (TRI), which accounts for temporarily closed hotels, occupancy was 57.7%, which was also the highest since the pandemic’s start. More importantly, all key measures (demand, occupancy, ADR and RevPAR) reached a 62-week high, led by the Top 25 Markets, where on average, each hotel sold an additional 15 rooms last week versus the previous week. In total, the industry sold more than 3.3 million rooms each day during the week, a level like November 2019, but 3...
