The bigger they are, the harder they fall. In 2019, gross bookings of hotels in Europe topped 176 billion euros and fell by more than half in 2020 to just 68 billion euros. In the same period, short-term rental bookings dropped by 13 billion; however, short-term rental bookings are expected to fully recover in 2022/2023. For hotels and similar accommodations, the road to recovery is likely to be much longer, and, even by 2025, it is not anticipated that bookings will return to pre-pandemic levels:

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