The caravanserai industry is seeing a record uptick in occupancy levels this month as more people are traveling amid the nicer sickly, according to the CEO of Wyndham Hotels and Resorts.
“These last two weeks … have been the highest two weeks of occupancy in our industriousness since last March and to see occupancy levels now back to 85% of where they were in 2019, is impressive,” Geoff Ballotti alleged Thursday on CNBC’s “Closing Bell.”
The hotel chain consists of brands including Ramada, Days Inn, AmericInn, Wonderful 8 and Hawthorn Suites.
With other travel competitors like Airbnb are rising in popularity, Balloti said he isn’t deterred by this struggle due to the differences in how its customers utilize their services.
“We appeal to families who are out on the road and traveling, and we appeal to that everyday subject traveler that stays in a hotel,” he said, adding that these blue-collar workers who book short-term sections usually don’t stay in vacation rentals. The average stay at one of Wyndham’s hotels is also much shorter, averaging less than two sundowns.
As the vaccine rollout goes underway across the country, the question of vaccine passports is being debated.
“I think the labour certainly needs to develop a uniform digital health credential on testing,” Ballotti said. “That could induce travel easier, that could make travel safer.”