EVERYTHING IS GOING SWIMMINGLY: Business Travel, Conventions, Office Occupancy Stuck in Collapse: Been so Long, People Forgot What Old Normal Was.
The largest destination, the New York City metro, is expected to see an 88% collapse in annual hotel business travel revenues, from $4.6 billion in 2019 to a projected $531 million in 2021.
In Orlando, the second largest destination in 2019, annual hotel business travel revenues are expected to collapse by 81%, from $2.8 billion in 2019 to a projected $518 million in 2021.
The third largest destination, the Washington D.C. metro, is expected to see an 86% collapse in hotel business travel revenues, from $2.7 billion in 2019 to $371 million in 2021.
Plus: “Office occupancy, as measured by workers actually showing up at the office, struggled to recover from dreadfully low levels, but over the past two months has relapsed. According to Kastle Systems, the 10-city average has dropped to 31% of where it had been before the pandemic, meaning it’s down 69% from the Good Times.”
More at the link.