International travel restrictions are the lows of Coal Up NYC Hotels

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New York City is usually a circus in December, as tourists fill high-priced hotels to admire the windows of Bergdorf Goodman, laughing at The Book of Mormon, and gorging on Nuts for Nuts street vendor carts.

But the world’s biggest spectacle took a hiatus last year, and the hospitality industry was desperate to see if 2021 would bring occupancy rates back to pre-pandemic levels. But as the holiday season arrives this week, it looks like the marquee isn’t coming to town.

Homebody

Occupancy rates in the hotel division of the real estate company’s CBRE group are expected to reach 56% in the fourth quarter of this year, a slight improvement from the previous three months.

International tourists, who tend to stay longer and spend more than Americans, are a factor holding back the vacation boom. But international flight bookings for November and December are down 45% and 33% from 2019, as COVID-induced conditions continue to hang around:

  • Vaccinations, tests and quarantine restrictions at the U.S. and international ends of travel discourage tourists – Chinese travelers, who are among the biggest consumers of tourism, are currently required to quarantine themselves in hotels at their own expense for during three weeks on their return. residence.
  • Some people splurge on long-delayed vacations, but they are in the minority – only a third of Americans are likely to travel this Christmas, and less than a quarter plan to stay in a hotel, according to a survey conducted by the American Hotel & Hosting Association.

“We’re going to be getting visits over the holidays, but I don’t think that’s a panacea,” said Rachael Rothman, head of hotel research and data analytics at CBRE. The Wall Street Journal.

Time travel: It seems there is no panacea apart from time. While this spring looks bright on the basis of ticket and tour bookings, city officials are betting on 2024 as tourist rates return to normal.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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