CINCINNATI (FOX19) - January and February 2020 looked good for the hotel industry in Greater Cincinnati according to the Cincinnati USA Convention and Visitors Bureau, then the area suffered significant losses due to the COVID-19 pandemic.
Down 37 percent from 2019, occupancy was 41% in 2020, but officials with the Cincinnati USA CVB say occupancy is not the best factor when evaluating hotel performance because the inventory of rooms goes up and down in a year.
More telling is room revenue and revenue per available room.
Here’s the way that declined in 2020 compared to 2019 in Greater Cincinnati in addition to other notable statistics:
- Revenue per available room: Down 50%
- In 2020, meetings booked/canceled by Cincinnati USA CVB: 132,000 room nights canceled, 173,000 attendees (March-December)
- Economic Impact: $61 million loss in direct sales
- Ohio Job Losses: 35% from hospitality and tourism (most impacted sector) since February 2020 (Source: BLS)
Cincinnati USA CVB has 20 large groups on the books planning to meet in Cincinnati from June through December this year after 166 large groups canceled from March through December of 2020.
Referring to most industry forecasts, Cincinnati USA CVB officials say the recovery will lead from travel for leisure followed by groups/conventions and business travel.
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