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Impacts of COVID-19 on the Boston and Cambridge Hotel Industry
April 22, 2020
For 2019, Pinnacle Advisory Group estimated that Boston and Cambridge hotels generated nearly $2 billion in rooms revenue, based on a total supply of nearly 25,700 rooms, an average occupancy of 81.4 percent and an average daily rate (ADR) of $259. Over 13,300 people are employed in the hotel industry sector in Boston and Cambridge. Due to the pandemic and the stay-at-home requirements starting in March of this year, demand for hotel rooms has dropped precipitously, with many hotels closing completely and others only renting rooms to essential workers, often at discounted rates. According to the Pinnacle Perspective, Revenue Per Available
Making Painful Chargebacks a Thing of the Past
Larry Mogelonsky | April 22, 2020
By Larry Mogelonsky, MBA, P. Eng. (www.hotelmogel.com) In a socially distanced world, one thing we are already seeing is far fewer in-person credit card transactions because people aren’t out and about nearly as much. A lot of that traffic has moved online while some of it has shifted towards other types of less secure, card-not-present dealings like taking down a guest’s information over the phone. During this downtime we all find ourselves in, now is your chance to implement the necessary updates to ensure your payment channels are as secure as possible, while also reducing chargebacks wherein the credit card companies usually don
Further Insights on What Hoteliers Can Do to Prepare for COVID-19 Recovery
Pierre Verbeke | April 22, 2020
By Pierre Verbeke In the previous article, I mentioned some thoughts on the position of hoteliers and restaurateurs in regards to this unprecedented crisis that the industry is facing. Now is the time to prepare and start some of the activities and conversations that might help for when things are picking up again. Have you considered all the support possibilities that the government and other official bodies have at your disposal? In some countries, you may get a lump sum to cover a part of the costs. In others, there are measures in place for continued payment of employees, up to a degree, so that you do not immediately need to seve
HFTP Debuts Two USALI Certificates, Developed and Powered by Ascend
Ascend | April 22, 2020
The new certificates demonstrate a professional’s expertise on the widely used Uniform System of Accounts for the Lodging Industry (USALI). Course discounts available through August 31, 2020 Hospitality Financial and Technology Professionals (HFTP®) is debuting two new professional certificates which demonstrate one's expertise in the USALI 11th Revised Edition: The USALI-11 Certificate, Theory and USALI-11 Certificate, Practice. Each certificate is a four-module course which cover the concepts, organizational structure and application of this industry-wide reporting standard. Developed by Ascend, a hospitality talent development company,
Transition Technology for Hospitality – From Clean to Cleaner
Frank Wolfe | April 22, 2020
By Frank Wolfe Do you remember where you were when COVID-19 changed the world? Although it was not until several hours later that it dawned on me that it happened, I was at the Dubai International Airport. It was the typical hurry, bump and for some, shove, of any airport. As I boarded the tram, I was surrounded by a plane full of passengers departing for Iran at a gate close to mine. We were packed in a crowded train car and some were coughing, sneezing and sweating due to the temperature. After arriving at home, the next day’s headline was about all the horrible cases of COVID-19 in Iran. That was how it all became real for me…Februa
How COVID-19 Has Affected Intentions to Travel and Perceptions in Key Global Markets
STR | April 22, 2020
COVID-19’s impact on consumer opinion and behavior seemed to evolve daily throughout March, especially with the World Health Organization (WHO) declaring a global pandemic on the 11th. To understand the effects on sentiment and future international travel plans, STR captured the views of travelers across 4 key markets: the U.S., Canada, U.K. and Australia. These four English-speaking markets make up a significant portion of global tourism receipts—20% or US$338 billion. Given these countries’ importance in the global travel industry—collectively, they account for some 462 million consumers—we examined March 2020 reactions to the
STR: U.S. Hotel Performance for Q1 2020
STR | April 22, 2020
HENDERSONVILLE, Tennessee—Affected late in the first quarter by the COVID-19 pandemic, the U.S. hotel industry reported significant declines in the three key performance metrics during Q1 2020, according to data from STR. In a year-over-year comparison with Q1 2019, the industry posted the following: Occupancy: -15.9% to 51.8% Average daily rate (ADR): -4.0% to US$123.76 Revenue per available room (RevPAR): -19.3% to US$64.14 The absolute occupancy level was the lowest for the industry since the time of the global financial crisis in Q1 2009. The year-over-year decline in the metric was the worst for any quarter on record.
Access Point Financial Launches “Navigating Hospitality Finance 2020” Information Resource for Hoteliers Facing Changing Market Conditions
Access Point Financial | April 22, 2020
Recognized hospitality lender addresses the rapidly evolving financial landscape with new blog series to provide best practices for hotel industry stakeholders ATLANTA - April 22, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the debut of a new online resource entitled, “Navigating Hospitality Finance 2020,” which will appear within the Access ViewPoint blog beginning today. The informative four-part series is intended to help hotel owners and investors with an interest in hospitality to plan their best financial strateg