The hotel industry brings in US $170 billion annually, and half of that comes from just one sector: corporate travel. However, new Bank of America research shows that business trips disappearing overnight could cost hotels somewhere between $8 billion and $23 billion this year.

Americans went on over 400 million business trips in 2019. Those business trips contributed $334 billion to the entire travel industry’s $1.1 trillion in revenue last year, according to Bank of America researchers. Then the coronavirus pandemic hit and left the travel industry reeling.

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