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HFTP to Host Series of Hangouts to Bring Hospitality Professionals Together Online
HFTP | April 6, 2020
HFTP will go live on Zoom three times a week throughout April for a new series of virtual networking opportunities called "HFTP Hangouts." All HFTP members, stakeholders and hospitality professionals are invited to attend. These collaborative, online sessions will begin on Tuesday, April 7 and will take place every Tuesday, Wednesday and Thursday at 2:00 p.m. CT for the remainder of the month. Each day will focus its discussion on a particular segment of the hospitality industry. The Hangouts will be moderated by a sector expert who will begin with a brief informational presentation and then turn over the meeting for discussion amongst par
Stay Home Today, #TravelTomorrow
The World Tourism Organization (UNWTO) | April 6, 2020
By staying home today, we can travel tomorrow”. The hashtag #TravelTomorrow encapsulates this message of solidarity and hope, through which the World Tourism Organization (UNWTO) calls for shared responsibility among travelers and the tourism sector around the world to deal with the COVID-19 coronavirus pandemic. Discovering different cultures, practicing solidarity and respect, caring for the environment, continuing to learn, fostering decent work, development and sustainability, generating new opportunities for all. These are the core values of tourism advocated by the World Tourism Organization and which constitute the main pillars of t
An Initial Checklist for Temporary Hotel Closures
Alex Sogno | April 6, 2020
By Alex Sogno During the COVID-19 crisis, many hotels will unfortunately have to stop their operations and close temporarily. This can be out of necessity if your forecasts suggest the losses experienced at these low occupancy levels are not sustainable. While closing down several floors could have saved enough variable costs in the past, the introduction of systems such as LED lights have made these savings minimal and insufficient in the current crisis. In many European countries, such as the Czech Republic and Spain, all hotels have been ordered to close by their governments. While companies like Marriott and IHG have already reopen
Baird/STR Hotel Stock Index Drops 36.0% in March
STR | April 6, 2020
HENDERSONVILLE, Tennessee, and MILWAUKEE—The Baird/STR Hotel Stock Index dropped 36.0% in March to a level of 2,748. Year to date through the first three months of 2020, the stock index was down 47.9%. Hotel stocks experienced one of their worst months on record as investors contemplated worst-case liquidity scenarios for hotel companies driven by the COVID-19 demand shock and potential hotel closures,” said Michael Bellisario, senior hotel research analyst and director at Baird. “Overall, the majority of the publicly traded hotel companies are generally well capitalized, especially relative to private hotel owners, but the ultimate
STR: India Daily Hotel Occupancy Drops to 11%
STR | April 6, 2020
LONDON—As COVID-19 concerns and restrictions have intensified in India, the country’s daily hotel occupancy dropped to 11% during 23-29 March, according to preliminary data from STR. “India remained resilient in February—in comparison with other APAC markets that were more deeply affected—thanks largely to robust domestic demand coupled with the low number of COVID-19 cases in the country at that time,” said Vidhi Godiawla, STR’s business development manager for South and Central Asia. “The story was different in March, especially during the later portion of the month with year-over-year occupancy declines in excess of 80%
Access Point Financial Secures $9.2 Million Loan for Delta by Marriott, Green Bay
Access Point Financial | April 6, 2020
Recognized leader in hospitality-focused lending completes full loan funding in just 15 days amid coronavirus outbreak GREEN BAY, WIS. - April 3, 2020 – Access Point Financial, LLC (APF), a leading direct lender and specialty finance company focused exclusively on the hospitality industry, today announced the completion of an agreement with Lodging Opportunity Fund REIT (LOF REIT) to refinance the Delta by Marriott in Green Bay, WI. LOF REIT worked with Access Point Financial to secure a $9.2 million loan on the property. The REIT chose APF as its lending partner due to the company’s ability to be nimble when working with a limited
Could Big Data Help Us Manage the Lockdown Better?
Dr. Reza Etemad-Sajadi | April 6, 2020
Harnessing our smartphones to help track the virus and hence manage the return to life outside. By Dr. Reza Etemad-Sajadi Given that the coronavirus spreads as the population circulates, the only solution in the near term is to impose stay-at-home measures so the number of hospitalizations doesn’t explode, pushing hospital workers and equipment to breaking point. The graphs below show the change of behavior of people in Switzerland during the lockdown period. Source: COVID-19 Community Mobility Report, Google, 29.03.2020 That being said, when a part of the population will have been immunized (i.e. those who have caught the
What a Sparkplug Teaches About Hotel Operations During a Crisis
Greg Johnson | April 2, 2020
By Greg Johnson We are seeing occupancies declining, groups canceling and jobs being lost. It is easy for hoteliers to get caught up in the vortex of panic and depression. Up until now, many sales leaders have assumed the role of the hotel sparkplug, filled with energy and optimism to cast an uplifting aura throughout the back of the house. It is critical that we all continue this message of confidence and hope. Aside from the metaphorical meaning of the term ‘sparkplug’, let me first digress with a short story about some engine troubles I was recently having which nonetheless provides a powerful lesson for those in hospitality. Ann