Visits to airports, hotels and theaters in less vaccinated states had recovered in April to 71.2% of pre-pandemic levels versus 52.7% in more vaccinated states.
Visits to airports, hotels and theaters in less vaccinated states had recovered in April to 71.2% of pre-pandemic levels versus 52.7% in more vaccinated states.
At Airbnb, the length of stay is increasing. In 2019 at this period of time, 14% of bookings were longer than 28 days. Now, 24% of Airbnb nights are longer than 28 days.
The leisure and hospitality sector, including restaurants, added 331,000 jobs in April, accounting for much of the country’s job creation last month. Commerce’s Friday report showed sales at restaurants and bars in April were just 2% lower than their levels in February 2020, just before the pandemic took hold in the U.S.
The recovery of hotel demand is exacerbating the industry’s ongoing labor shortage, leading companies to explore new ways of recruiting employees to their hotels, including the possibility of paying them at the end of their shifts.
U.S. hotel revenue per available room for the week was 70% of what it was during the same week in 2019. RevPAR has been at or above 67% of 2019 levels for the past four weeks.
Pre-pandemic, the average hotel logged a little over two hours of labor for every occupied room, but that’s dropped to 1.5 hours over the course of the pandemic in part because housekeepers aren’t going into rooms each day and reduced food and beverage service.
Mack Real Estate Group has taken over control of seven limited- and full-service hotels totaling 1,087 rooms in New York City through a loan foreclosure. A Mack affiliate provided an $85 million mezzanine loan while the value of the ownership transfer was listed at $315.8 million.
Hotel brand company stock values were down 7.4% from March 2020, but up 39.7% over March 2019, whereas hotel REIT stock values were down 27.1% year-over-year and up 10.1% from this time in 2019. Year-to-date, hotel brand stocks are up 10.6%, compared to a 17% increase for hotel REITs.
Of the travelers surveyed, 43% said they are “more likely” to travel domestically post-pandemic and 44% are “more likely” to travel internationally, while 50% are “as likely” to travel domestically post-pandemic and 41% are “as likely” to travel internationally.