Hotels See a Rebound in Business Travel
Skift Take
A new report points to a resurgence in business travel, with group travel boosting hotels and companies increasingly sending employees on trips, challenging earlier predictions that virtual meetings would replace in-person business interactions permanently.
The DJIA rose 146 points while Nasdaq was up 55, the S&P 500 rose 16 points and the 10 year treasury yield was down .06 to 4.61%. Lodging stocks were modestly higher. VCSA was the only real mover of note, up 6% on the day.
The Wall Street Journal published an article on how airlines and hotels are seeing a comeback in business travel. Group travel has been the savior of the hotel space in recent months as leisure continues to be a victim of its past success and inflation has hit consumers’ pocketbooks. The article discussed how companies are sending employees back on the road, driving business travel closer to pre-pandemic levels. This goes directly against the predictions that the practices put into effect during Covid, with video-conferencing and virtual conferences taking the place of in-person meetings, expected to become permanent. Hilton backed this up on their earnings report and conference call, say
