Other major markets had it worse: San Francisco (down 93%), Boston (-89%), New York (-88%) and Washington, D.C. (-87%).
Chicago’s drop is worse than competing convention markets Orlando, Fla., which saw an 82% reduction, and Las Vegas, down 71%.
Statewide, Illinois hotels saw revenue fall $2.4 billion, or 80%, the largest on a percentage basis except for Massachusetts, New York, Wyoming and the District of Columbia.
Michael Jacobson, president and CEO of the Illinois Hotel & Lodging Association, said the figures strike him as sadly true, based on research his group has done.
“Things certainly have improved from the worst,” he said, pointing a large metal-industry trade show, Fabtech, that is meeting at McCormick Place this week and is expected to attract about 31,000 attendees.
But a more substantial turnaround won’t even begin to surface until at least the end of the year, Jacobson said. That’s a particular problem for the industry here because, unlike…