High hotel rates are the new normal, haven't peaked
Increasing corporate demand and blended leisure and business volume have emboldened hotel companies to name their price
Resurgent post-pandemic demand has helped carve out a new normal in the hotel industry, with higher rate that hotel companies suggest have yet to peak, according to several hospitality CEOs this week during the annual NYU International Hospitality Industry Investment Conference in New York.
Key takeaways
- While leisure demand commanded the industry’s return from the pandemic, corporate demand is still returning and could begin to command a bigger piece of the pie;
- Business travel is being led by “reconnecting with customers and developers,” across the world, according to IHG Hotels & Resorts CEO Keith Barr;
- According to panelists, the level of pricing corporates are seeing today was there for the taking before, and it was just a natural progression and matter of time before hotels seized it.
Get the full story at BTN