With the easing of travel restrictions and nearly all mandates requiring masks indoors or on public transit eliminated, an increase in business and leisure travel, as well as convention bookings, is on the horizon.
That’s great news for the hospitality industry after bearing the brunt of the pandemic. According to a June 2022 hospitality report by Marcus & Millichap, the country’s largest hotel markets have made significant progress with average annual occupancy rising 1,500 base points over the past year, while the average daily rate improved by 48%.
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