Hospitality leaders from across the globe are bracing for a multi-year recovery, with 51% not expecting RevPAR to return to pre-Covid levels until 2023.
HVS leaders from around the world came together for a webinar to discuss the key issues facing the hospitality sector, how the pandemic has impacted the regions and what sort of recovery hoteliers can anticipate.
A poll of attendees shows that half of the 1,800 global delegates predict that RevPAR will recovery in 2023, with a further 23% anticipating a return to pre-Covid levels in 2024.
Most expected hotel values to return to 2019 levels by 2023, with 28% envisaging this in 2024.
Getting corporate and group business back emerged as the single most important issue for 37% of the audience, with 29% most concerned about when international visitors will return.
And, in the light of the current hospitality environment, delegates demonstrated an optimistic investment approach, with 45% preferring a “hold and buy” strategy.
Charles Human, HVS president Europe, predicted a stop-start recovery, largely because of on-going local lockdowns and the further imposition of travel restrictions. “We expect regional commercial markets such as Germany to start to pick up initially, but gateway cities will be the next challenge – London is a shadow of its former self at the moment,” he said.