An American consulting firm focused on the hospitality industry projects that Israel’s hotels will only return to pre-pandemic revenue levels in 2024.
However, the Israel Hotel Market Overview 2020 report by HVS, presented at a webinar organized by Israel Tourism Ministry, was generally positive.
“We are cautiously optimistic when considering the Israel hotel industry’s ability to recover at an accelerated pace compared to other countries in the Mediterranean region,” HVS said. “Although this crisis is unprecedented and still deeply uncertain, Israel’s hoteliers have had exceptional experience on how to thrive in periods of uncertainty.”
Home Front Command soldiers walk outside the Dan Hotel in Jerusalem that was converted to receive coronavirus patients, March 17, 2020 (Olivier Fitoussi/Flash90)File: General view of the closed Isrotel Orient Hotel in Jerusalem on April 11, 2020, during a partial lockdown, in order to prevent the spread of coronavirus (Olivier Fitoussi/Flash90)
The report expects the RevPAR (revenue per available room) metric to sharply increase in 2021, occupancy to return to normal in 2023, and RevPAR to return to 2019 levels by 2024.
“We note that the situation remains fluid; forecasts may change as time passes and as more light is shed on the rate of recovery,” HVS says.
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