Business travel revenue will not likely hit pre-pandemic levels until 2024, with New York City, Washington DC, and San Francisco among the markets with the longest recovery ahead.

A new report from the American Hotel & Lodging Association and Kalibri Labs predicts the hotel industry will end this year down more than $59 billion in business travel revenue compared to 2019. The industry lost $49 billion in business travel revenue in 2020.

The research follows a recent AHLA survey finding that most business travelers are canceling, reducing, and/or postponing trips amid the Delta variant surge. Historically, business travel accounts for the hotel industry's largest source of revenue.

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