HFTP® Acquires Leading Hospitality Industry Brands: Hospitality Upgrade, Hotel-Online, The CIO Summit and The Executive Vendor Summit
Hospitality Financial and Technology Professionals | June 25th, 2024
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...
Survey Finds Optimism for COVID-19 Recovery Growing Among Destination Organizations
MMGY Global | April 28, 2020
KANSAS CITY, MO (April 28, 2020) – MMGY Travel Intelligence, in partnership with Destinations International Foundation, has released the findings from the fourth wave of a series of bi-weekly tracking surveys of North American destination professionals. The survey, which assesses how organizations in this sector are impacted by and reacting to the COVID-19 pandemic, revealed that over the last two weeks respondents’ outlook on their local tourism economies has started to improve. The percentage of destination professionals who expect their local economy to worsen fell sharply from 72 percent in Wave III of the survey to 41 percent in Wav...
As Recovery Appears, Clairvoyix to Drive Business to Hotels, Resorts
Clairvoyix | April 28, 2020
Company to benefit from client properties’ optimistic outlook, SBA assistance LAS VEGAS – After previously announcing its Rapid Recovery Response – R3© solution, Clairvoyix, the leader in enterprise class, hospitality-specific marketing automation, announces it is prepared to address the demand for property level direct marketing, a critical part to properties’ reemergence as safe, clean and desirable hotels. “Clairvoyix and our clients have always benefited from a lean business model that never sacrifices quality or accuracy in our direct marketing deliverables,” said Lisa Phillips, Clairvoyix’ chief operations officer...
COVID-19 Webinar Summary: 5 Key Points on U.K. & Ireland, 24 April
STR | April 27, 2020
Knowing you might not have time to watch our full webinars, we’re pleased to continue our series of COVID-19 webinar summaries. In this latest edition, we talk performance in the Regional U.K. as well as business on the books in London and Europe recovery forecast. Regional U.K. occupancy drops as number of cases increase Occupancy has been decreasing as the number of COVID-19 cases rises in the Regional U.K. Occupancy started to decrease before government measures to combat the spread of COVID-19 due in part to travel restrictions in other countries. Strong demand on the books in Edinburgh and Glasgow E...
48% of Americans Canceled Summer Travel Due to Coronavirus Concerns
ValuePenguin.com | April 27, 2020
Nearly half of those with an upcoming trip lost money on nonrefundable costs, averaging more than $800. NEW YORK, April 27, 2020 -- Uncertainty surrounding the coronavirus pandemic has caused nearly half (48%) of Americans to cancel their summer travel plans for this year leading to more distress for the travel industry. Additionally, 1 in 6 Americans also said they would wait a full year before traveling again. Unfortunately, canceled travel isn't the only thing causing trouble for the travel industry. In a recent survey by ValuePenguin, 43% of Americans said they feel more negatively about the industry as a whole and will change the...
Being Opportunistic Without Being a Shark
Frances Kiradjian | April 27, 2020
By Frances Kiradjian Today’s climate may well present a new opportunity for those sitting with cash, or some form of available cash. Cash is king, always has been, always will be. We were always taught to have a rainy-day savings account just for insurance of upcoming needs or even opportunities. If you had a crystal ball or were born a true visionary, you could have imagined/envisioned how events might unfold from the first day that COVID-19 was announced. And as it started growing globally, you would’ve had enough time to figure how to make your “cash” available at the ready-set-go. This would most certainly give you a leg ...
Global Hotel Profit Rocked by COVID-19
HotStats | April 27, 2020
In the first analysis of full profit-and-loss performance since the COVID-19 pandemic swept through the global hospitality industry, March was expectedly a brutal month, with the U.S., Europe, Asia and Middle East all recording year-over-year profit drops of 100% or more, according to HotStats data, as the virus’ spread continued unabated, all but shutting down travel. To date, there are more than 2.7 million cases of COVID-19 globally, a third of which are in the U.S., where hotel performance predictably nosedived in March, after a mostly banal February. Gross operating profit per available room (GOPPAR) was down 110.6% YOY to $-12.7...
5 Business Agility Lessons Hard-Learned Amid the COVID-19 Catastrophe
Hari Abburi | April 27, 2020
By Hari Abburi If there’s one thing the global business community has learned from the COVID-19 pandemic that continues to ebb, flow and unfold on the daily, wreaking having on bottom lines in every corner of the world in its wake, it’s the outright imperative for companies to be agile “from top to bottom.” In fact, agility is rapidly establishing itself as “the great equalizer,” asserting its unbridled authority over which companies—from global conglomerates to mom and pops...and EVERYTHING in between—will survive another day. While business agility has always been a key driver and benchmark of notably successful opera...
Domestic Tourism Poised to Drive Vietnam Travel Industry Recovery as Destination Emerges First in Southeast Asia From Covid Crisis
QUO | April 27, 2020
HO CHI MINH CITY Vietnam’s tourism industry is set to lead Asia’s return to business as social distancing restrictions are lifted and domestic travel is set to return. The Vietnamese government announced the lifting of social distancing restrictions on April 24 setting the stage for the return of a domestic market of up to 70 million travellers per year that has been growing at a rate of 20% for the past five years. Speaking on The Future of Travel podcast by Bangkok-based branding agency QUO, Wink Hotels CEO Michael Piro said that the speed at which Vietnam reacted to Covid-19 revealed an underlying strength and...
New Report Shows Severity of COVID-19 Impacts on Hotel Industry
AHLA | April 23, 2020
Washington D.C. (April 23, 2020) — As COVID-19 continues to devastate the hotel industry, the American Hotel & Lodging Association (AHLA) released new data today showing that 70 percent of hotel employees have been laid off or furloughed as eight in 10 hotel rooms across the nation remain empty. As this crisis progresses beyond what anyone could have projected, the impact to the travel industry is nine times worse than 9/11, with forecasted occupancy rates for 2020 hitting record lows worse than rates in 1933 during the Great Depression. “With the impact to the travel industry nine times worse than September 11, the human toll o...
COVID-19 “The Hefty Guest”
Hala Matar Choufany | April 23, 2020
And… Suddenly, while we were projecting growth in the MEA region and applauding the ongoing efforts of governments in developing further the tourism infrastructure, improving accessibility, attracting local and foreign investments and easing off travel restrictions, we wake up to a new reality, a serious and destructive threat, and a force that is beyond imagination that will shape our future. An unexpected hefty guest checks-in that will undoubtedly leave behind significant losses and a drastic change to the traditional travel and tourism landscape. As we digest the current changes, adapt to the new norms of confining to the borders ...
The Impact of COVID-19 on Hotel Occupancy Levels in Athens and Thessaloniki
Pavlos Papadimitriou | April 23, 2020
By Pavlos Papadimitriou, Nana Boussia Introduction Imagine for a minute you are a hotel investor seeking after promising opportunities into developing destinations that you consider they have untapped potential. Looking back at the period 2012-19, Greek tourism was breaking one record after another. Following a nadir of 21 million that was caused to a great extent by the rumors about Greece’s potential economic default and the consequent negative publicity accompanied by political instability back in 2012, foreign tourist arrivals have been constantly growing since then at a Compound Annual Growth Rate of 8.4% to reach 37 million in 2...
COVID-19 Webinar Summary: 5 Key Points on Latin America
STR | April 23, 2020
STR remains committed to keeping the hospitality industry updated on the impact of the COVID-19 pandemic, and our webinar series will provide in-depth updates on world regions around the globe. However, if you are unable to watch the full recording during this stressful time, you can find a summary of key points below. Peru occupancy reflects government measures to combat the spread of COVID-19 Peru was one of the first countries in the region to implement measures to combat the spread of COVID-19. The country’s year-over-year occupancy declines eased slightly during the first week of April due to an influx of medical workers and firs...
STR: Canada Hotel Results for Week Ending 18 April
STR | April 23, 2020
HENDERSONVILLE, Tennessee—Showing further COVID-19 impact, the Canadian hotel industry recorded steep year-over-year declines in the three key performance metrics during the week of 12-18 April 2020, according to data from STR. In comparison with the week of 14-20 April 2019, the industry reported the following: Occupancy: -77.7% to 12.8% Average daily rate (ADR): -31.8% to CAD101.23 Revenue per available room (RevPAR): -84.8 to CAD13.00 Among the provinces and territories, Quebec experienced the largest drop in occupancy (-90.0% to 6.2%), which resulted in the steepest decrease in RevPAR (-92.9% to CAD6.47). British Col...
From Chaos to Coping, FIU Chaplin School of Hospitality & Tourism Management Professor Lisa Cain Offers Helpful Advice on the Challenges of Worki
Lisa Cain | April 23, 2020
MIAMI, FL. – April 2020 … Apart, isolated, inaccessible and distant – these definitions of the word remote have taken on new meaning to the millions of professionals now working from quarantined homes around the globe. The COVID-19 virus has changed the working landscape, perhaps forever. Workers are cut off from their corporate support teams, colleagues and clients. Many are faced with new responsibilities of homeschooling and managing children. All are trying to function in a time of chaos, fear, financial uncertainty and profound frustration. The hospitality industry has been especially hard hit and the Chaplin School of Hosp...
Will the Covid-19 Pandemic Presage Another Once-a-Decade Contraction in Tourism?
Yong Chen | April 23, 2020
By Yong Chen A difficult time on the horizon Had the novel coronavirus not occurred, 2019 would have been hailed as another year of stellar growth in the global tourism industry. The strongest growth would have been recorded in the Asia-Pacific region not only as a tourist-generating region but also as a destination. In particular, China had propelled the global tourism growth in terms of both tourist numbers and spending over the past decade. Chinese outbound spending outstripped that of the United States in 2012, and by 2018, Chinese tourist spending amounted to US$277 billion. A McKinsey study estimates that Chinese outbound spending was...
Is the German Hotel Market Poised to Be One of the Fastest in Europe to Recover From COVID-19?
Arlett Hoff | April 23, 2020
By Arlett S. Hoff A Short Outline of the Pandemic Response in Germany The 2019-20 coronavirus pandemic was confirmed to have reached Germany on 27 January 2020, when the first COVID-19 case brought in by a Chinese visitor at Webasto was confirmed and contained near Munich, Bavaria. The majority of cases in January and early February originated from the headquarters of a car parts manufacturer there. On 25 and 26 February, multiple cases related to the Italian outbreak were detected in Baden-Württemberg. A large cluster linked to a Carnival event was formed in Heinsberg, North Rhine-Westphalia, with the first death reported on 9 March 2020....
ProfitSword Launches Enhanced Support and Best Practices Assistance to Guide Hoteliers With Effective Business Intelligence During Ongoing Market Cris
ProfitSword LLC | April 23, 2020
Hospitality’s leading provider of business intelligence technology to bolster data management, reporting and advisory support services for customers to maximize financial stability and effective business planning abilities during coronavirus pandemic. ORLANDO, Fla. – (April 23, 2020) – ProfitSword, hospitality’s premier developer of business intelligence and data integration software, has announced the launch of a range of enhanced support services for customers in order to provide them with the analytical insight and industry expert guidance needed to make the best strategic decisions possible for their business during the curren...
12 Young Hoteliers From 8 Ownership Companies Donate 25,000 Face Masks to 11 Hospitals in 4 States
April 22, 2020
April 20, 2020 - A dozen young second and third-generation hoteliers at eight leading hotel ownership companies have collaborated to purchase and donate 25,000 protective face masks to 11 hospitals in the four states where the respective companies operate their hotels – California, Texas, Oregon, and Washington. The 12 hoteliers and their eight companies are: Taran Patel, managing partner at A1 Hospitality Group, which operates properties in Oregon and Washington Neal Patel and Avi “Sunny” Patel, founders and managing partners of Blue Chip Hotels, which operates in Texas Shirin Patel, principal at Canterbury Hotel Grou...
How Hotels Will Need to Adapt Duty of Care Policies for the Coronavirus Pandemic
Nancy Huang | April 22, 2020
By Nancy Huang Duty of Care, which for hotels is the legal obligation to ensure the safety or well-being of its guests, has always been an important aspect for hotel operations. Though many hotels are currently closed due to the coronavirus pandemic, many hoteliers are already concerned with how they will need to exercise Duty of Care once they reopen. Not only will government standards resulting from the pandemic dictate new requirements from businesses, but the public’s expectations for health and safety will also be markedly different than before. To ensure a smoother reopening for your hotel, we’ve compiled some of the most impo...
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 ...
