Jonathan Tisch, CEO of Loews Hotels, told CNBC on Friday that he saw signs that big events are about to return. This is a key element in the hotel industry’s recovery from the problems caused by the coronavirus pandemic.
“We are gradually seeing groups return. We are very optimistic about group business in the third and fourth quarters of next year in 2022,” Tisch said in an interview on “Power Lunch.” “We see investment banks booking some of our hotels with large meetings. That is very optimistic.”
After this the pandemic After travel in the United States largely came to a standstill last spring, the resumption of activities largely focused on people taking vacation trips, Tisch noted. However, business trips and group events such as meetings and conferences are available crucial for airlines and the Hospitality.
“We won’t probably see a return to business travel numbers until after Labor Day that we will be happy with. International [travel] is a big question … and these events are really important, “said Tisch, who is also co-chair of Loews Corp.. Loews Hotels is a subsidiary of the New York-based conglomerate.
The continued introduction of Covid vaccinations in the US, where 100 million people have now been fully vaccinated, according to CDC datais viewed as critical for these considerable events to return in earnest.
The Centers for Disease Control and Prevention still recommends “Avoiding major events and gatherings,” says the website. The health department earlier this week relaxed his leadership for fully vaccinated Americans and small gatherings.
Large events are already taking place or are expected to take place soon some parts of the USATisch noticed like Texas and Las Vegas, but it’s uneven geographically.
“If you look at the numbers in New York, we’ll get there, but we still have a long way to go,” said Tisch, also co-owner of the NFL’s New York Giants.
“We think if you can hopefully have an event like the US Open with fans, if you can have the UN General Assembly with attendees, if you can have the New York City Marathon with 35,000 runners, then we will be in that moment. ” I know we are back. “