| Market Spotlight
April 27, 2022 |
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Market Spotlight: Hospitality The hospitality market continues to be a mixed bag but there is good news for much of the segment. U.S. hotel business travel revenue is projected to be 23% below pre-pandemic levels in 2022, ending the year down more than $20 billion compared to 2019. This comes after hotels lost an estimated $108 billion in business travel during 2020 and 2021. While leisure travel is expected to return to pre-pandemic levels this year, business travel - which includes corporate, group, government, and other commercial categories -is the hotel industry's largest source of revenue and will take significantly longer to recover, according to the American Hotel and Lodging Association. On the other hand, the food service industry is making a full comeback. While the industry lost $186 billion in sales from 2019 ($864 billion) to 2020 ($678 billion), the sector grew to $799 billion in 2021 and anticipates reaching $898 billion in sales this year, surpassing pre-pandemic sales levels, according to the "State of the Restaurant Industry Report" published by the National Restaurant Association in February. |
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| M.J. Hall & Company, Inc. writes Bars, Taverns, and Restaurants. Bar and Tavern Insurance covers businesses that may or may not serve food, these also cover bars & taverns with or without dance floors or featuring live entertainment. Need delivery exposures covered? We can help with that, too! States: Nationwide footprint with focus on AK, AZ, CA, HI, NV, OR, WA Offered by: M.J. Hall and Company, Inc. |
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