The COVID-19 pandemic has been universal, impacting every country across the globe. With little to zero travel happening on a personal or professional level since its inception, hotels have taken a hit like never before. As countries undertake various phased measures and approaches to recovery readiness, the hotel industry is poising itself for its own path forward.
The pace of recovery will vary significantly from market to market due to the following factors:
- Role of Governments:
- Macro-Economic Environments
- Hotel Supply
- Travel Ecosystem
- Health & Safety
While initially most markets were expecting a quick V-shaped recovery, it is becoming increasingly clear that while it still might be the case for some of them, other markets will face more extended recovery paths of various shapes with hotels likely to be trading in challenging conditions for some time.
But the strongest hotels are not checking out. Instead, they are positioning themselves for success in the face of COVID-19 by coming up with their own strategies in the short, medium and long terms.
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