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U.S. Hotels Zapped Into Profit Shock From COVID-19
HotStats | April 29, 2020
U.S. hoteliers got their first taste of the impact of COVID-19 on hotel profit and loss in March, and the bad taste in their mouths is likely to linger for a while. Gross operating profit per available room (GOPPAR) was down 110.6% YOY to $-12.71. The triple-digit drop was by far the largest percentage decline ever recorded by HotStats since it started charting U.S. data. The previous high was -10.4% in March 2015. March 2020 also marked the first time in the HotStats database that the U.S. recorded a negative GOPPAR value. The decrease in GOPPAR was a result of gaping drops on the revenue side. RevPAR for the month was down 64.4%, heav
STR: U.S. Hotel Profits Fell 101.7% in March
STR | April 29, 2020
BROOMFIELD, Colorado—U.S. hotel gross operating profit per available room fell 101.7% during March 2020, according to the first-ever monthly P&L data release from STR. In a year-over-year comparison with March 2019, the industry posted the following: GOPPAR: -101.7% to US$-2.10 TRevPAR: -64.0% to US$104.93 EBIDTA PAR: -116.8% to US$-15.44 LPAR (Total Labor Costs): -31.2% to US$66.16 “Our first U.S. monthly P&L release really could not have been timelier, given the unprecedented crisis the industry is facing amid the coronavirus pandemic,” said Joseph Rael, STR’s senior director of financial performance. “
WTTC Now Estimates Over 100 Million Jobs Losses in the Travel & Tourism Sector and Alerts G20 Countries to the Scale of the Crisis
April 28, 2020
London, UK: The Travel & Tourism sector faces a staggering 100 million jobs losses due to the coronavirus pandemic, according to the World Travel & Tourism Council (WTTC). The startling figure, based on research from WTTC, has increased by over 30% in the last four weeks, indicating the sheer crisis affecting the sector. The WTTC has alerted G20 Tourism Ministers to the extent of the crisis, as they gathered by virtual conference earlier today. Of the 100.8 million jobs at risk, almost 75 million of them are in G20 countries. WTTC analysis also shows a sharp escalation in the economic loss to the world economy, up to US$2.7 t
Nobody Asked Me, But… No. 230: Hotel History: Four Seasons Hotel
Stanley Turkel | April 28, 2020
By Stanley Turkel, CMHS Hotel History: Four Seasons Hotel, (367 rooms) Is it possible to conceive that the Four Seasons Hotel in New York has been converted to house medical professionals battling the coronavirus? In late March, the five-star Four Seasons Hotel located on East 57th Street began to accept hospital employees who work in mid-Manhattan. This I.M. Pei-designed hotel was surely the most talked-about new hotel in New York when it opened in 1993 at a cost $1 million per room. This 52-story, 367 room building with its limestone-clad lobby, 33-foot-high onyx ceiling, glowing wall sconces and original paintings provided grandeu
People Management During COVID-19
Global Asset Solutions | April 28, 2020
By Alex Sogno An industry of people taking care of people; Ladies and Gentlemen Serving Ladies and Gentlemen; People, Product and Profit. Whichever way you phrase it, people are at the core of hospitality. As a service-focused industry, our product is inseparable from the person delivering it. Therefore, a hotel’s success depends on how motivated, happy and engaged their employees are as this directly affects its product. So how does a people-focused industry take care of their people during COVID-19? 1. Communication is Key (even when it’s virtual) We’ve all heard it a million times, especially now when we cannot be face-to-face:
COVID-19 Presents Travel and Tourism Industry With a Unique Opportunity to Evolve
Zongqing Zhou | April 28, 2020
By Zongqing Zhou As the tourism sector has been hobbled by the pandemic, the industry has also been presented with an opportunity to reevaluate and improve its practices, a necessity if businesses are to attract and gain the trust of both existing and prospective customers. The impacts of COVID-19 have posed significant challenges to the travel and tourism industry. Airline sales are expected to drop by $314 billion and hotel room vacancies have eclipsed 50%. For these industries to survive, they must rapidly invest in new initiatives to keep their current customer base engaged while improving conditions for their employee
Report: Hotels Require More PPP Loan Funding To Save Jobs
AHLA | April 28, 2020
WASHINGTON (April 28, 2020) – The American Hotel & Lodging Association (AHLA) released a new report today showing the average small business hotel will require additional funding from SBA loans under the Paycheck Protection Program (PPP) in order to rehire employees or prevent further layoffs and keep their business open. AHLA also sent an urgent letter today to Congress asking for additional funding for SBA loan program and several technical updates to the CARES Act to help these hoteliers keep their doors open and save jobs. “The CARES Act is an historic effort to meet the most serious health and economic challe
Hotels Need to Demonstrate How They Can Ensure Highest Levels of Hygiene Post-COVID-19, Says GlobalData
GlobalData | April 28, 2020
The tourism sector needs to be prepared for considerable changes in consumer demands when restrictions are lifted and demand for travel returns. In particular, the lodging industry needs to be prepared for guests now demanding the highest levels of hygiene and sanitation, says GlobalData, a leading data and analytics company. Ralph Hollister, Travel & Tourism Analyst at GlobalData, comments: “Post-COVID-19, consumers will be likely to place as much importance on hotel hygiene standards as they will on price and location. Fears over contracting the virus will live on far after the pandemic is over. Due to the large scale of many hotel