CoStar Analytics
Summary:
Financial centers around the world are grappling with uneven recovery in the hotel industry. These centers rely heavily on corporate travel, and the closure of offices in 2020 disrupted hotel occupancy. Even though people are back in offices, downtown hotel occupancy in major financial hubs like New York and Tokyo is still below pre-2019 levels. Factors like new hotels and the slow return to offices are contributing to this. While some cities like Dubai are bouncing back, challenges in corporate travel demand and economic issues in certain countries may slow down the overall hotel recovery.