SAN ANTONIO – Editor’s Note: This story was published through a partnership between the San Antonio Business Journal and KSAT.
There was no Hail Mary in the fourth quarter to save San Antonio hotels from a devastating loss in 2020 as total sales in the market fell nearly 50% year over year.
Industry experts do not expect a rapid recovery in 2021.
In 2019, San Antonio subway hotels had sales of more than $ 1.4 billion. In 2020, a year marked by the Covid-19 pandemic, hotels in the region grossed less than $ 716 million.
“Obviously, this is a devastating blow to the San Antonio economy,” said Paul Vaughn, senior vice president of Source Strategies Inc., a region-based hospitality consultancy.
The hotels in San Antonio, which booked about 37% fewer nights in 2020 than the previous year, averaged an average daily rate of nearly $ 93 in 2020.
Read more about this story in the San Antonio Business Journal.
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