The ongoing pandemic continues causing huge disruptions to the global hotel industry. Although hotels implemented increased safety and sanitation measures and adapted to a post-COVID world, recovery to pre-pandemic levels could take years. According to data presented by StockApps.com, the revenues of the global hotel industry are expected to grow by 43.4% year-over-year and reach $284.7bn in 2021, still $83bn less than in 2019. A Three-Year Recovery to Pre-COVID-19 Levels The coronavirus outbreak has affected every sector across the globe, but the hotel industry is among the hardest hit. To curb the spread of the virus, countries worldwide imposed lockdown rules, leading to thousands of canceled vacations, and closed hotels in the first half of 2020. Although many of them lifted off travel restrictions allowing hotels to cautiously reopened for the summer travel season, the first two quarters of the year produced colossal revenue drops. The Statista survey showed the global hotel industry’s revenue plunged to $198.6bn in 2020, a massive 46% drop year-over-year. Although the entire sector is expected to witness a recovery with revenues rising by $86.2bn in 2021, this is still deep below the pre-COVID-19 levels. The Statista data indicate it will take three years for the hotel industry to recover from the effects of the COVID-19 pandemic. In 2022, revenues are projected to grow by 20% and reach $342.6Bn, $1.3bn less than in 2017. In 2023, hotels around the world are forecast to generate $390bn in revenue. By the end of 2025, this figure is expected…
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