The hotel sector is likely facing a "protracted recovery," with experts from Moody's Analytics predicting certain segments of business travel may never fully return to pre-pandemic levels. 

Permanent declines are expected within the range of 10 and 30%, Moody's analysts note in a recent report on the future of the sector, as would-be business travelers increasingly substitute technology for in-person meetings. 

While hotel fundamentals mirrored recovering travel metrics, with RevPAR up 87% in Q3 and occupancy up 33% nationally, "the hotel sector has experienced a tremendous period of instability since travel restrictions practically eliminated both leisure and business travel," the report notes. 

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