Chicago Hotels Expected To Lose $2 Billion In Revenue By Year's End, Report Says

CHICAGO (CBS) -- Chicago hotels are expected to lose $2 billion in revenue by the end of the year.

The new figures came down Thursday from the American Hotel and Lodging Association. Numbers are based off of business travel – including corporate or government hotel stays.

Chicago ranks fifth among cities in the nation for projected revenue lost. It comes in at roughly $2.1 billion.

Industry leaders say the COVID-19 case count increase will lead to canceled, postponed, or downsized travel – and the city's cold climate in wintertime does not help.

"Hotels will recover. It's just a matter of when," said Michael Jacobson, President and Chief Executive Officer of the Illinois Hotel & Lodging Association. "I think today's report shows you that with Chicago's reliance on business travel, it's going to take us much longer than hotels in many other cities."

The report says business travel revenue is not expected to reach pre-pandemic levels until 2024.