BBB Reports a Gradual Uptrend in Travel and Hospitality Sectors

man in white top standing next to table

A longtime Portland, Oregon, executive, Barclay Grayson maintains oversight of development and acquisitions at BPM Real Estate Group. Among the projects Barclay Grayson is shepherding toward completion is Block 216, a downtown Portland luxury high-rise that will include office and residential space, as well as a five-star Ritz-Carlton hotel, and is aiming to open its doors in the post-pandemic era.

The hospitality industry is integrally tied to travel and business trends, and this was highlighted in the 2021 BBB Business Impact Report on travel, leisure, and hospitality. As reported by the Better Business Bureau, significant pent-up demand for domestic travel exists. An Expedia Group survey indicates that 44 percent of travelers plan to extend their vacations longer, or take more trips, than they did the previous year. Another survey by American Express found that 64 percent of respondents would forgo social media for a full month, for the opportunity to travel freely again, as they did before the pandemic.

Speaking with the BBB, the president of MMGY Travel Intelligence predicts a travel boom driven by those who earn $50,000 or more annually. Despite data indicating an increase in this demographics’ travel plans, overall spending on travel will still be down significantly from the pre-pandemic norm. A study by the American Hotel & Lodging Association presents a sobering view, with average hotel occupancy rates of around 50 percent predicted through the end of 2021. The gradual upward trend is positive news for long-term projects such as Block 216, which is expected to open its doors in 2023.

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