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DC hotels return to pre-pandemic activity

The hotel industry, which was among the hardest hit by the COVID-19 pandemic, has largely returned to pre-pandemic business, according to the D.C. Office of the Chief Financial Officer, and most of that bounce back has come only in recent months.

Hotel jobs have returned as well.

From March 2020 through the summer of 2021, hotels were hampered by a significant drop in business and leisure travel and restrictions on group gathering sizes. Many otherwise lucrative conventions for D.C. hotels were canceled.



But starting in April, the city said hotel occupancy began surging, on both the return of business and vacation travelers.

Hotel occupancy in D.C. now averages 70%, in line with pre-COVID levels, and hotel room rates have returned to 2019 levels.

As of May, the most recent data available, the accommodations sector in D.C. employed 10,500 people, 88.6% more than in May 2021. Food service now employees almost 46,000 in D.C., a 48.3% increase.

That is good for the city. Hotel sales tax revenue has improved from near zero in April 2020 to just shy of the 2018-2019 average.

Oil prices slip and Asian shares are mostly lower as investors sell chipmaker stocks

HONG KONG (AP) — Oil prices fell Wednesday and Asian shares were mostly trading lower as South Korea’s Kospi extended its losses after falling more than 16% over the past two days. Crude prices remain volatile after the U.S. said early Thursday it had conducted a “heavy wave” of strikes against Iran, responding to an attack on a U.S. base. U.S. futures edged higher after losses on Wall Street. In South Korea, recent drops in its benchmark Kospi, a big beneficiary of the global boom in artificial intelligence, have been seen by some analysts as a reflection of broader doubts about massive investments by technology giants in expanding capacity for AI.
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