Originally published on September 14, 2021, by Michael Tucker for Mortgage Bankers Association.
The hotel sector continues to bounce back from a devastating 2020, according to new reports from STR and JLL Hotels.
STR, Hendersonville, Tenn., said U.S. hotel gross operating profit for July came in at 111 percent of the 2019 comparable. The data firm compares current performance to 2019 rather than to 2020 because the pandemic hit the sector so hard last year.
“It is first important to note that one month or even a few months with higher gross operating profit than 2019 does not mean the industry has recovered,” said Raquel Ortiz, STR Assistant Director of Financial Performance. “The industry is heading into the lower season as summer wraps up, but looking back, we see just how high the surge in leisure demand pushed U.S. profitability in recent months.”