Hotel leaders are hopeful of a quick recovery of the industry after it shows promising signs this year. It was being said that the hospitality sectory may not see its pre-pandemic levels until 2024 or even later.
However a good percentage of hoteliers have a more optimistic view. One person remarked that he wouldn’t be surprised at all if 2022 revenue figures surpassed 2019 figures. One of the reasons for this is the huge pent up demand for travel that could be seen at several instances.
Millions of Americans traveled on the 4th of July. Similar instances could be seen in few other countries where restrictions were eased a little bit and traveling resumed with a bang! In the hospitality industry, the recently concluded AAHOA event saw nearly 6000 attendees coming in from various parts of the country.
The recovery rate may go up many notches as more and more people start to feel safer and more comfortable traveling, meeting people and staying in hotels. As has been observed by another industry professional, this was a pandemic and not a recession. Many businesses were doing well before the pandemic began, so there is no reason they should be back in full swing as normalcy returns and restrictions are lifted.
On the other hand it should also be noted that the recovery is not uniform throughout all sections of the industry. There are some segments within the hospitality that have experienced better recovery than others. Recent report released by AHLA last month also highlighted this fact. There is still a long way ahead and still lot of ground left to cover.