What is the Impact of COVID 19 on Hotel Industry Worldwide & Coping Strategies

Recently bumped onto this impact assessment study by HSMAI APAC and RateGain, a travel technology company that might be helpful for hoteliers. It showcases the recent reservation trends across various regions including APAC, Europe, Middle East & Africa and Americas by leveraging data points collected from over 130,000+ properties listed on their network.

It is a detailed representation of answers to the key questions like how the epidemic is impacting the hotel bookings in particular countries or region, are the cancellations up, what can we do about it, answered by experts in the industry.

Key insights gathered from my understanding,

  • Cancellations: There has been an increased number of cancellations contributing significantly to the hotel revenue leakage. We need a plan to not only increase bookings but decrease cancellations

  • APAC: As of 16th March (end date of the research), COVID 19 has wiped out ~20% of the hotel business in APAC Region. Small Hotels are taking the biggest hit.

  • Europe: From Jan 19th to March 16th, a week on week analysis suggests that during week 5, the booking rate started to decrease. It dropped 10% in week 6, followed by a 23% drop in week 7 and a massive 33% drop in week 8. The booking numbers will go down in the coming weeks

  • Response of Hotels to the Corona Effect: 3 Point Roadmap for Crisis Management, 9 Point Roadmap for Business Recovery

Would strongly suggest every revenue manager to read this report and gain insights to tackle the pandemic in these testing times. We shall overcome this and come out of it stronger!

Cheers!

What is your thoughts on this ?

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