7 min read
Opinions expressed by Entrepreneur contributors are their own.
Before Covid-19 slammed the breaks on air travel, the revenue forecasts for the global hotel trade were looking rosy. Corporate travel expenditure alone was projected in some forecasts to grow into a $1.7 trillion industry mega-segment by 2023.
It isn’t all doom and gloom, however. Around the world, travel bubbles and corridors are forming, facilitating new flows of movement and consequently, hotel room occupancy. According to an August 2020 CBRE report on the state of the Australian travel industry, what would have otherwise been international travel has turned inward. Regional travel within Australia is on the rise, with one leading hotel industry publication declaring a ‘renaissance’