San Antonio hotels saw revenue drop more than $700M in 2020

Industry experts don’t expect quick recovery in 2021

San Antonio hotels saw a revenue drop of more than $700M in 2020. (SABJ)

SAN ANTONIOEditor’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.

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