As the world continues to navigate through the pandemic and the impacts to the travel industry, hotels are starting to see the light at the end of the tunnel with higher occupancy compared to 2020.  While some hotels have closed permanently, and others temporarily, many have opened and altered their service to accommodate the new requirements.

The hotel industry is incurring higher operating costs, however, rates have not been impacted by the costs thus far. Hotel companies want to see the return of travelers, and in many markets, TCG has seen either rates hold year-over-year or decrease. Industry forecasts expect a moderate increase by the end of 2021.  Full recovery is not expected until 2022 and beyond.