SAN ANTONIO – Editor’s note: This story was published through a partnership between the San Antonio Business Journal and KSAT.
There was no fourth-quarter hail Mary to spare San Antonio hotels from a devastating loss in 2020 as the market saw overall revenue drop nearly 50% compared to the previous year.
Industry experts don’t expect any quick recovery in 2021.
In 2019, metro San Antonio hotels generated more than $1.4 billion in revenue. In 2020, a year marred by the Covid-19 pandemic, area hotels raked in less than $716 million.
“Obviously, this is a devastating hit to the San Antonio economy,” said Paul Vaughn, senior vice president of Source Strategies Inc., a locally-based hotel industry consulting company.
San Antonio hotels, which booked about 37% fewer room nights in 2020 than in the previous year, charged an average daily rate of nearly $93 in 2020.
Read more on this story at the San Antonio Business Journal.