International business travel’s slow return dampens hotel revenue

November 2, 2022 – Media Mention
Crain's New York Business

Yariv C. Ben-Ari, Real Estate partner and co-chair of Herrick's Real Estate Hospitality Practice, was quoted in an article from Crain's New York Business discussing the return of international business travelers to New York City and its impact on hotel revenue.

Yariv is quoted as saying, "The key factor in turning around business travel into New York City is to resume many of the conferences in the past that have still not come back... These are key drivers in bringing business travel to New York." Yariv continued, noting that many business leaders are closely watching the upcoming election to see how elected leaders will affect their businesses. The leaders might be waiting to invest more in local hospitality.

The article continues saying that, "A silver lining in all of the uncertainty is increased interest from foreign hotel operators looking to acquire space in New York."

Yariv commented, "Internationally the hotel community is very bullish on New York City. Now that they’re seeing the recovery trend in leisure travel they do expect business travel will come back to New York City in the foreseeable future."

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