The hotel sector has been one of the worst-performing industries over the past 20 months. Vaccinations and gradual relaxations of travel restrictions fueled a modest recovery in the U.S. by the third quarter of 2021. While the initial spread of the omicron coronavirus variant caused countries to close their borders to international travelers, recent findings suggest that the variant is mild. WHO recently reported additional evidence suggesting that omicron is milder than the previous variants.
The global hospitality market is expected to grow 15.1% year-over-year to reach $4.55 trillion in 2022 and at a 10.2% CAGR over the next four years to reach $6.72 trillion by 2026.
