The coronavirus pandemic has changed the way a lot of people live and function, and that’s extended to travel. Over the past year, many leisure trips were put on hold in the wake of safety concerns and quarantine mandates, while business travel came to a virtual standstill. In fact, new data from STR highlights just how brutal a hit the hotel industry took in 2020. The question is: Will hotels recover in 2021?
A disturbingly bad year
In 2020, U.S. hotels recorded the lowest occupancy rates on record. Hotel occupancy sat at just 44% for the year, down from 66%