Illinois hotel revenue smashes all-time records - Chicago News Weekly

Monday, July 10, 2023

Illinois hotel revenue smashes all-time records

Illinois has achieved its highest-ever hotel revenue figures, Gov. J.B. Pritzker announced Monday, with the total for the latest fiscal year exceeding even pre-pandemic levels.

Hotels garnered a total $308 million in revenue during Fiscal Year 2023 – from July 1, 2022 to June 30, 2023 – a notable increase from the $296 earned in Fiscal Year 2019. Figures dipped for two years as a result of COVID, which hit the hospitality industry hard.

“My first time at a press conference with Governor Pritzker was announcing hospitality emergency grants in the first few days of the pandemic, just to throw a lifeline to hotels, and here we are today announcing record numbers,” said Michael Jacobson with the Illinois Hotel and Lodging Association.

As the pandemic subsided in 2022, hotel revenue began to increase – before reaching the current record.

“When the people of this state set out to do something, we think big and get the job done,” the governor stated.

Acknowledging the milestone at a news conference, Pritzker explained an uptick in tourism typically leads to an increase in good-paying jobs and support for small businesses and local economies.

State officials credit the “Middle of Everything” campaign, featuring Illinois native, actress Jane Lynch, and Taylor Swift’s three-day “Eras Tour” stop at Soldier Field, which partially led to a weekend that broke all-time hotel occupancy records in the city.

Along with the record revenue numbers, visitor spending surged in 2022, increasing to $44 billion – $12 billion over calendar year 2021 and 97% of record 2019 levels, according to data provided by Tourism Economics. The overall economic impact – including indirect and induced impacts – amounted to a staggering $78 billion, which is a 30% uptick from 2021, data revealed.

Despite the increases in revenue, Pritzker does not predict lowering the state’s hotel tax.

“Look, we’ll do it whenever we can, this isn’t the moment when we can,” he explained. “We’ve got to balance budgets and make sure we’re paying off debt that exists.”

As Pritzker wrapped up his remarks, he touted much of what Illinois has to offer for both residents and tourists, saying “we’re here to welcome you.”

For some visitors who recently trekked to Chicago from Iowa, they gave the city high marks.

“We had a great time showing the girls what the big city looks like, coming from Des Moines, Iowa,” one tourist said. “Yeah, lots to do here.”



from NBC Chicago https://ift.tt/86jEPWT

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