Shakeya Norman checks in guests at Le Meridien Essex Chicago on July 27, 2022.
Chicago officials said they expect around 100,000 people will descend daily on Grant Park for the four-day festival starting Thursday to hear headlining acts such as Green Day, J. Cole, Dua Lipa and Metallica.But the thousands of out-of-town visitors won’t help downtown hotels heal all the damage inflicted by the pandemic.
“Some hotels are doing well, and some are still struggling, partly due to debt structures put in place prior to COVID-19,” she said. Downtown hotels got off to a great start this summer, she added. Occupancy surpassed 78% in June, a big jump over last June, when lingering COVID-19 worries kept most rooms empty, but below the 88% recorded in June 2019. And for the week ending July 16, occupancy hit 83.3%, the highest number in three years.Perhaps even better news for downtown Chicago hotels is that guests are willing to pay more.
He estimates business travelers are about 60% back this year, and many increasingly combine work and leisure, extending their stays to visit family, see the sights or just take it easy. It’s a new form of travel called “bleisure,” and could provide hotels with a further boost.“Overall, urban hotels should be able to reach 2019 levels by 2024,” he said.“Our booking trends is looking very comparable with 2019, maybe a little bit softer,” he said.