Hotel business project down in Florida

Sara G. Norris

For the hospitality industry, it has been a pleasant rise in travel with people taking vacations and visiting friends and family.But that has not been the case for business travel. According to a new survey, the hotel business has lost billions of dollars in the two years since the pandemic started.When it comes to tourism, Florida’s bread and butter, the good news is leisure travel is doing great. It’s expected to get back to pre-pandemic levels this year. But business travel is a different story. A survey is predicting numbers to be down 23% this year. The estimated loss in revenue is $108 billion for the years 2020 and 2021. Florida is faring much better, though. Hotel business is down just over 11%. But what’s going on? Many companies are still trying to recover from money lost during COVID-19. When employees don’t travel, the company saves money. During pandemic times, Zoom and other platforms became the business world’s new best friend. “The employees have gotten used to virtually everything and nowadays, it’s more convenient to work from home,” said Abe Pizam, with the UCF Rosen College of Hospitality.Will business travel ever get back to what it was before COVID-19? Experts say the work culture has changed so much it could take years.

For the hospitality industry, it has been a pleasant rise in travel with people taking vacations and visiting friends and family.

But that has not been the case for business travel.

According to a new survey, the hotel business has lost billions of dollars in the two years since the pandemic started.

When it comes to tourism, Florida’s bread and butter, the good news is leisure travel is doing great. It’s expected to get back to pre-pandemic levels this year.

But business travel is a different story. A survey is predicting numbers to be down 23% this year.

The estimated loss in revenue is $108 billion for the years 2020 and 2021. Florida is faring much better, though. Hotel business is down just over 11%. But what’s going on?

Many companies are still trying to recover from money lost during COVID-19.

When employees don’t travel, the company saves money.

During pandemic times, Zoom and other platforms became the business world’s new best friend.

“The employees have gotten used to virtually everything and nowadays, it’s more convenient to work from home,” said Abe Pizam, with the UCF Rosen College of Hospitality.

Will business travel ever get back to what it was before COVID-19? Experts say the work culture has changed so much it could take years.

https://www.wesh.com/article/florida-hotel-industry/39791090

Next Post

Castlerock Asset Management Achieves Enhanced Performance Forecasting Capabilities With ProfitSword Business Intelligence Technology

ProfitSword, a premier hospitality business intelligence and data integration platform, has today announced the adoption of its industry-leading budgeting and performance forecasting technology by Castlerock Asset Management. Specializing in the development and management of distinctive hospitality-based properties, Castlerock Asset Management with its deploying of ProfitSword technology can now benefit from […]