COVID Impact On Hotel Industry In US 2020-2025

COVID-19 has been a challenge to both lives and livelihoods. The crisis is unprecedented and moving quickly, yet still deeply uncertain. Travel and tourism has been more severely damaged than any other U.S. industry by the economic fallout of the health crisis.

COVID-19 has left hotels in major cities across the country struggling to stay in business, resulting in massive job loss and dramatically reducing state and local tax revenue for 2020 and beyond.

Domestic travel was the bright spot for the travel and hospitality industry concluded in the third consecutive year of simultaneous expansions in both the domestic leisure and domestic business travel segments.

Domestic travel demand rose by 2.6% in December, fueled by increases in domestic leisure travel (2.8%) and business travel (2.0%). It is projected that overall domestic travel growth will expand in the forthcoming years and majorly contribute in the growth of revenues.

International inbound travel is expected to contract (-0.2%) over that same time period as a result of the continued strength of the U.S. dollar versus other key currencies and trade tensions. International inbound travel did expand slightly in December (0.8%)—only the second increase for the segment in the past seven months.

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The number of visitors (excluding students, medical tourists and migrant workers) to the United States from Canada and Mexico, will be down. Total foreign visitors to this country this year is also forecasted to fall further.

OYO Hotels & Homes offered free stays to medical professionals and first responders fighting this virus on the frontlines in the US.

Four Seasons Hotel Chicago is now open following a transformative multimillion-dollar renovation. Re-emerging as a vibrant hub of culture, style and energy, the fully revitalised Hotel offers new and improvised experience to its guests.

Clark Construction Group, Bell & Associates Construction, and Southwest Value Partners announced the grand opening of Grand Hyatt Nashville, the first project to come to life within the 18-acre Nashville Yards Development.

Business travel demand has fallen more sharply than leisure travel demand owing to the work from home environment adapted by major companies and meetings and conferences shifting to digital platforms. Therefore, it is anticipated that recovery in this sector can be relied upon for domestic day trips and overnight stays representing a potential opportunity for the industry.

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COMPANY PROFILES
Marriott International
Choice Hotels International
Hilton Worldwide
G6 Hospitality LLC
Extended Stay America
Wyndham Hotels & Resorts
InterContinental Hotels Group
AccorHotels
Hyatt Hotels Corporation
Best Western

THIS HOTEL INDUSTRY IN US REPORT WILL ANSWER FOLLOWING QUESTIONS
1. Hotel Industry In US size and Forecast , by region, by application
2. Average B-2-B price for Hotel Industry In US , by region, per user
3. Technology trends and related opportunity for new Hotel Industry In US tech suppliers
4. Market share of leading vendors, by region,
5. Coronavirus impact on Hotel Industry In US earnings

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Company Name: Mobility Foresights
Contact Person: Kunal Roy
Email: sales@mobilityforesights.com
Phone: +1-315-675-4056
Address: P3&P4, HAL 3rd Stage
City: Bangalore
State: Karnataka

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This release was published on openPR.