Remarkable recovery. By 2022, hotels are back to 2019 occupancy and profitability levels.
Collective coexistence. Thanks to a more achievable breakeven point than airlines and steadily improving demand, the hotel industry returns to modest profit by 2021. However, it takes several more years to reach steady profitability. Cost reductions are necessary in the meantime.
Market mayhem and darkest days. Even with some regional travel continuing, the loss of most business travel hits the hotel sector hard across both scenarios. The industry as a whole sees several years of large losses, and the pain is unevenly distributed. Leisure-centric hotels continue to perform well. However, business-centric, convention-oriented, and international gateway city hotels face severe challenges.