Compared to pre-pandemic levels, hotel development costs have increased between 15% and 23%.
For every 10 jobs that exist in leisure and hospitality, there’s a job opening with hotel employment in the U.S. 20% below where it was pre-pandemic.
Big corporate travel-management companies are hovering around 50% of 2019 booking levels, much of which is due to the lack of international travel.
U.S. merchants paid card issuers an estimated $55.4 billion in Visa and Mastercard credit-card interchange fees in 2021, more than double the amount in 2012.
For 2021, extended stay chains ran at an average occupancy of 73%, as other business-oriented hotels recovered much slower averaging less than 60% occupancy.
Realty Income Corp. is making the real estate investment trust’s first foray into hotels and gaming with a $1.7 billion sale-leaseback deal for Wynn Resorts’ Encore Boston Harbor Resort Casino.
For the Super Bowl, analysts anticipate near-record average daily room rates of $445. Occupancy is expected to reach 89% and REVPAR is forecast near $400 a night. If those projections prove accurate, Los Angeles would notch the second-highest average-daily room rates on record for Super Bowl host cities, after Miami in 2020.
Occupancy rates and room revenue are likely to approach 2019 levels in 2022, but the outlook for ancillary revenue is less optimistic. Business travel is expected to remain down more than 20 percent for much of the year, and only 58 percent of meetings and events are expected to return.