Florida hotel business travel revenue forecast to fall $ 5.3 billion from 2019
The COVID-19 pandemic continues to plague Florida’s hospitality industry as a new report finds business travel particularly affected.
The American Hotel & Lodging Association and Kalibri Labs project that business travel revenue for Florida hotels will be down $ 5.3 billion this year from 2019.
That’s almost 61% year over year.
In addition, income is not expected to reach pre-pandemic levels until 2024.
While leisure travel recovers faster, business travel remains weak as more trips are canceled or postponed due to the recent increase in COVID-19 cases.
But as bad as the Florida numbers are, they’re actually better that damage nationwide.
The hospitality industry is expected to end this year with $ 59 billion in business travel revenue, down 66% from 2019.
The drop is also affecting the industry’s staffing – hotels are expected to end this year with nearly half a million fewer jobs nationwide compared to 2019.
And on a market base, Orlando hotel business travel revenue is expected to fall 81.5% from 2019 ($ 2.8 billion in 2019, $ 518 million in 2021); Miami will be down 62.6% ($ 1.3 billion vs. $ 497 million); pi. Lauderdale down 67% ($ 703 million versus $ 232 million); West Palm Beach down 65.2% ($ 416 million vs. $ 145 million); and Tampa down 61.6% ($ 429 million versus $ 165 million).