The hospitality industry is currently showing signs of recovery, with leisure travel having largely rebounded. However, business and group travel are still lagging behind, with CoStar reporting that they are only between 60% and 80% recovered at the end of 2021. Different metros are being impacted in different ways, with coastal destinations showing a rapid rebound while major gateway markets are still feeling significant pain. An April 2022 report from the American Hotel & Lodging Association and Kalibri Labs projects hotel business travel revenue will end this year 68.8% and 55.3% below 2019 levels in San Francisco and New York, respectively. Las Vegas appears to have succeeded in drawing business travelers back, with the AHLA report anticipating a gain of 17.7% by the end of the year compared to the 2019 total.
Sources:
https://www.costar.com/article/507460491/hotel-industry-recovery-hinges-on-demand-from-business-travelers-groups
https://www.costar.com/article/709114746/us-hospitality-industry-recovery-is-uneven-across-top-markets
https://www.ahla.com/sites/default/files/Business%20Travel%20Top%2050%20Markets%20Data%20One%20Pager%20April%2022.pdf