The global hotel industry was hit hard during the COVID-19 pandemic as many businesses have been forced to shut down, leading to a massive drop in worldwide hotel revenues. However, with the global economy reopening amid the lessening of the pandemic, and a robust summer travel season expected, the industry should experience a strong recovery.
According to the Statista report, the global revenue in the hotels segment is expected to grow from $312.3 billion in 2022 to $479.9 billion by 2026, showing a CAGR of 11.34% during the forecast period. Consequently, hospitality businesses should benefit in the long term.
