As more companies switch to remote work as a result of the pandemic, InterContinental Hotels Group believes the shift could be great for business travel’s recovery.
With the Covid-19 essentially grinding leisure and business travel to a halt since March, the hotel chain said its global revenues per available room, an industry metric known as RevPAR, fell 52% in 2020. It will take years for group travel, such as for conventions and short business stays to return to 2019 levels, according to the company, which is in line with industry estimates from STR, a hospitality data firm.
However, remote work could also cause a shift in how some employees will attend in-person meetings, which could benefit hotels and the travel industry. As many…