When Keith Barr, CEO of IHG Hotels and Resorts, talks to owners of hotel properties around the world, he hears one central theme—there are unprecedented levels of demand and pricing power right now.
"Consumers want to travel," Barr said on CBRE's "The Weekly Take" podcast. "And everyone asked me about the recovery. It's a direct correlation to vaccines and government restrictions and travel orders. And so as those lift, travel will come back."
However, in areas with COVID flare-ups, travel will again be restricted, and occupancies will fall. But it can change quickly.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
