CHICAGO (CBS) — Chicago hotels are expected to lose $2 billion in revenue by the end of the year.
The new figures came down Thursday from the American Hotel and Lodging Association. Numbers are based off of business travel – including corporate or government hotel stays.READ MORE: Desperate To Find More Staff, Some Fast Food Restaurants Recruiting Customers
Chicago ranks fifth among cities in the nation for projected revenue lost. It comes in at roughly $2.1 billion.READ MORE: 16-Year-Old Boy Shot On Porch In West Garfield Park
Industry leaders say the COVID-19 case count increase will lead to canceled, postponed, or downsized travel – and the city’s cold climate in wintertime does not help.
“Hotels will recover. It’s just a matter of when,” said Michael Jacobson, President and Chief Executive Officer of the Illinois Hotel & Lodging Association. “I think today’s report shows you that with Chicago’s reliance on business travel, it’s going to take us much longer than hotels in many other cities.”MORE NEWS: Chicago Police Officers Refusing To Report Vaccine Status Expected To Protest Outside Police Headquarters Tuesday
The report says business travel revenue is not expected to reach pre-pandemic levels until 2024.