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Big Hotel Chains Bask In Business Travel As Industry Emerges From Slump
['Jarred Schenke']
Bisnow News Feed
Major hotel chains say a boost in business travel stays is driving overall recovery in the sector.
The trend appears to be changing as lower-tier hotel room demand, especially geared toward business and middle-class travelers, catches up.
The Global Business Travel Association projects that global corporations will increase travel spending by 7.2% this year, with worldwide business trips expected to surpass 1.84 billion.
Wyndham Hotels & Resorts CEO Geoffrey Ballotti also highlighted “continued recovery in both leisure travel and everyday business travel demand.”
Business travel stays in hotel REIT RLJ Lodging Trust’s portfolio jumped 10%, CoStar reported .