CRE companies in the office space market are getting accustomed to news of space cutbacks, like the 20% one in 2021 HSBC Holdings Chief Financial Officer Ewen Stevenson mentioned in an interview with Bloomberg Television on Tuesday.
But it was the second plan Stevenson referred to that underscores problems for the hotel industry: a 50% reduction of past business travel expenses. Why send people on the road when a video call gets there so much faster?
Klaus Kohlmayr, chief evangelist for hospitality industry revenue management company IDeaS, tells GlobeSt.com that business travel is "absolutely critical" for hotels.
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