Hotel Business Has Returned to Pre-Pandemic Levels
Skift Take
- The DJIA was up 193, Nasdaq was up 70, the S&P 500 was up 26 points and the 10-year treasury yield was up .03 to 3.29%.
- According to the D.C. Office of the Chief Financial Officer, the hotel industry in Washington, D.C., has largely returned to pre-pandemic business and most of that bounce back has come only in recent months.
- Accor and SHe Travel Club announced a partnership aiming to re-imagine the female travel and hospitality experience.
The DJIA was up 193, Nasdaq was up 70, the S&P 500 was up 26 points and the 10-year treasury yield was up .03 to 3.29%. Lodging stocks were mixed despite the big rally in the overall market. MCG and SOND were up 9%, VCSA rose 7% while AINC was down -8%.
STR reported US lodging RevPAR for the week ended 9/3 was up 24.6% versus 2019 while rising 13.2% on a year-over-year basis.
According to the D.C. Office of the Chief Financial Officer, the hotel industry in Washington, D.C., has largely returned to pre-pandemic business and most of that bounce back has come only in recent months. Hotel jobs have returned as well. Starting in April, the City said hotel occupancy began surging on both the return of business and vacation travelers. Hotel occupancy in D.C. now averages 70%, in line with pre-COVID levels, and hotel room rates have returned to 2019 levels. As of May, the accommodations sector in D.C. employed 10,50
