The recovery isn't without complications, though, with business travel lagging and labor a headache.
New York City’s hotels took a hard hit from the global pandemic. As tourists gradually return to the city, though, investors are banking on the hotel market being one of the most profitable sectors once again.
Hotels in the city are suffering from a persistent hiring crisis. “People really want to work from their homes now. They got used to it,” said Achenbaum. “There’s a trickle-down throughout the entire hiring process where you’re battling people’s desires to work in a way that, as an employer, you’re not used to as well. And we have to find that balance that works for both us and the employee.”
There are other factors, too.
“The low level of unemployment has made it very difficult to find lower-level employees, especially with the limited amount of immigration that’s been occurring in the last few years. That’s not helpful, either,” Achenbaum said.