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Latest Analysis: Coronavirus Impact on Travel 9x Worse than 9/11
The U.S. Travel Association | April 20, 2020
WASHINGTON (April 20, 2020)—The travel industry has lost a full third of all the jobs lost in the U.S. and is experiencing a total impact from coronavirus that is nine times greater than the 9/11 attacks, according to new data released by the U.S. Travel Association and the analytics firm Tourism Economics. By the end of April, declines in travel will cause eight million jobs to be lost out of approximately 24 million for the entire U.S. economy, according to the report. Travel spending losses are on track to top half a trillion dollars by the end of 2020. "The CARES Act was a good start, but the data shows there is still extreme and
STR: U.S. Hotel Construction Hit All-Time High in March
STR | April 20, 2020
HENDERSONVILLE, Tennessee—The U.S. hotel industry recorded 214,704 rooms under construction in March 2020, the highest end-of-month total ever reported by STR. The industry’s previous construction peak occurred in December 2007 with 211,694 hotel rooms in construction. That level was slightly surpassed in February 2020 at 211,859 rooms in the final phase of the development pipeline. “The number of rooms in construction will likely remain high, just as it did during the pre-recession peak,” said Jan Freitag, STR’s senior VP of lodging insights. “Because of the coronavirus pandemic, the industry is no longer operating in a rec
How Hospitality and Retail Businesses Can Survive the Coronavirus Shutdown
René-Ojas Woltering | April 20, 2020
By René-Ojas Woltering Policy makers around the world have enforced an unprecedented shutdown of public life to slow down the spread of the coronavirus. As a consequence, entire sectors of the economy have seen their revenues collapse to zero. At the time of this publication, it appears that the shutdown will be a matter of months rather than just a few weeks. Yet, to date, no coherent political-economic strategy exists on how businesses may potentially survive a prolonged period without any revenues. Many hospitality and retail businesses are about to be sacrificed in the name of public health. A wave of insolvencies would cause irrev
Impact of COVID-19 on Los Angeles & Southern California Hotel Markets
Luigi Major | April 20, 2020
By Luigi Major Since December 2019, outbreaks of coronavirus (COVID-19) have led to global economic disruptions as cities and countries attempt to slow the spread of the disease by implementing lockdowns and social distancing measures. At the time of publishing this article, the number of cases in the United States and California exceeded 680,000 and 28,000, respectively. The federal government, along with state and local governments, has implemented restrictions to slow the spread of the disease, including stay-at-home or shelter-in-place orders. Major events have been canceled, and travel has been curtailed to “essential business” on
Credit Card Processing Best Practices During COVID-19 and Other Challenging Times
POST Integrations | April 20, 2020
By Juli Barter As the world continues to navigate the COVID-19 pandemic, the hotel industry continues to feel its effects. As a trusted hospitality payments provider, POST Integrations is providing the following credit card acceptance best practices to help guide you and your properties through these uncertain times. Below are the key areas to understand and be aware of during this time. CANCELLATIONS/PREPAID RESERVATION AND ADVANCE DEPOSIT CREDITS If your property requires an advance deposit or offers prepaid reservations for guest stays, no doubt your team is dealing with an increased request for cancellations during this time
Riegel Linen Pivoting From Hospitality to Healthcare Amidst Coronavirus Pandemic
Lion Equity Partners | April 20, 2020
Hospitality’s leading textile provider is now manufacturing masks for existing customers as well as new ones; Riegel Linen donates masks to University of South Carolina Aiken International Students and the UofSC Aiken Police Department AIKEN, S.C.— APRIL 20, 2020 — To do its part amidst the coronavirus pandemic, Riegel Linen is now manufacturing masks in addition to surgical towels, sheeting and mattress pads for existing and new customers. Known nationwide for its quality sheeting, terry, and table linen products for hotels and restaurants, the hospitality textile manufacturer is also helping the local community. As part of its n
Beekeeper Continues COVID-19 Webinar Series: ‘Communicating With Furloughed Employees —Getting It Right’ on Thursday, April 23
Beekeeper | April 20, 2020
Led by the Director of the Cornell Institute for Hospitality Labor and Employment Relations, participants from Marriott International, Jones Day, and Beekeeper will discuss how to best communicate with a remote workforce and prepare them for success when things start to turn around. San Francisco, April 20, 2020 — How do furloughed employees stay in the know with what is going on at the hotel? How are hoteliers communicating unemployment insurance benefits? What will happen when things start to turn around and properties need to begin planning for reopening? On Thursday, Beekeeper, a mobile-first communication platform for
Hospitality Financial Leadership – Should I Develop a Detailed Budget and Monthly Forecast?
David Lund | April 20, 2020
By David Lund The simple and only answer is yes, you should. Without these tools you are flying in the dark and sooner rather than later you are going to run into a mountain. In my opinion if you are running your hotel business without this and you think that is okay then you are simply irresponsible. If you are thinking it is too complicated or only for the big kids, well, you are wrong again and this recap will be an eye opener for you. This piece is about a client of mine and how we worked to develop these tools, and how they are helping him manage his business as proactively as possible during this crisis. As he recently called it,