The global pandemic had a drastic and immediate impact on the hospitality industry. As hotel owners navigate the 2022 budget season, an emphasis must be placed on optimizing profitability and mitigating operational risks as travelers return to hotels around the globe.
After a weak first half of 2021, international tourism rebounded during the Northern Hemisphere summer season, boosting results in the third quarter of the year, especially in Europe.
A new report released today by Oxford Economics shows the positive impact of travel on Airbnb in the European Union, and the unique benefits this generates for families and communities across the bloc.
Per STR’s 2020 Host report, gross operating profit per available room (GOPPAR) across each region dropped to the low teens, ranging from $10.2 to $12.2 in 2020, with the exception of Europe which observed a more depressed performance and recorded GOPPAR equal to $-2.
The tourism sector is one of the key economic sectors of the Maldives, Mauritius, Seychelles, Sri Lanka and Zanzibar. Long favoured by holidaymakers from across the world for their crystal-clear waters and palm-tree fringed beaches, these Indian Ocean islands took a severe hit during the pandemic with borders closed in most of the countries.
U.S. hotel performance dipped from the previous week but came in closer to pre-pandemic levels, according to STR‘s latest data through 20 November.
Since 1851, World Expos have showcased some of the world’s greatest innovations in some of the world’s most influential cities. Currently, Dubai has the honor of welcoming the world as the COVID-19 pandemic forced the event to be postponed from its originally scheduled 2020 start.
Canada’s hotel industry reported lower performance levels from the month prior, according to STR’s October 2021 data.
STR’s latest 51-chart map shows a variety of recent national/regional trends as well as the general pace of the industry’s continued recovery.
The US lodging industry continued to benefit from an outsized improvement in leisure demand through the summer months. As kids headed back to school, individual business travel and group demand that historically replaces summer leisure business post Labor Day has yet to surface, with office re openings pushed later into 2021 or early 2022 as a result of the delta variant of the virus.