Even though hotel demand plummeted by 57% early in the pandemic, leisure travel was enough to double the overall hotel occupancy rate from its pandemic low by late summer 2020. What’s still largely missing, however, are business and international travel bookings. Business travel and group demand are constrained by corporate budgets and policies. The omicron variant will impact business travel, particularly in early 2022. However, the easing of inbound international travel restrictions will catalyze hard-hit global gateway cities in the U.S. and aid the recovery over the course of 2022.
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