Loews Hotels CEO Jonathan Tisch told CNBC on Friday that he sees indications that large events will return soon, a key piece of the hospitality industry’s recovery from coronavirus pandemic-induced woes.
“We are starting to see groups come back. We are very optimistic about group business in Q3, Q4, next year in 2022,” Tisch said in an interview on “Power Lunch.” “We’re starting to see investment banks book a couple of our hotels with big meetings. That is very optimistic.”
After the pandemic brought travel in the U.S. largely to a halt last spring, the resumption of activity has largely been concentrated among people taking leisure trips, Tisch noted. However, business travel and group events like conventions and conferences are crucial for airlines and the hospitality sector.
“We probably won’t see a return to business travel numbers that we’re going to be pleased with until after Labor Day. International [travel] is a big question … and these events are real important,” said Tisch, who also is co-chairman of Loews Corp. Loews Hotels is a subsidiary of the New York-based conglomerate.
The continued rollout of Covid vaccinations in the U…