Impact of COVID-19 on the Global Lodging Industry – Hot Topic Brief – Issue 7

2020-06-19
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Published : Jun-2020
No. of Pages : 18

Impact of COVID-19 on the Global Lodging Industry – Hot Topic Brief – Issue 7

Summary

COVID-19, commonly referred to as the Coronavirus, is dominating headlines the world over. The travel & tourism sector is suffering significant disruption and the lodging industry is very much impacted.

Key Highlights

– Emerging news this week noted that the UK will not be taking part in an EU-led data-sharing project to reboot tourism. Delayed reaction to slow the spread and buffer the economic impact of COVID – 19, combined with current rules regarding distancing and quarantining is significantly delaying the recovery of its lodging industry and wider tourism sector. The UK now seems to be obstructing progress even further by opting out of this scheme. The failure to adhere to this informative idea could mean that Great Britain will become further isolated from its European neighbors. This reluctance may deter countries from attempting to strike up conversation around setting up air bridges with the UK.
– Demand recovery has shown positive signs recently. Hotel occupancy growth in Europe has rebounded at a significantly slower rate in comparison to the US and China in recent months. Second tier destinations and leisure markets are now spurring demand recovery in most parts of Europe. First tier cities such as Amsterdam and Lisbon are examples that have experienced sluggish growth. Destinations such as the Algarve have seen quick upticks in occupancy rates recently, due to domestic tourism flows.
– Large-scale chains are more exposed to the airport and urban segments of the hotel market, with interstate locations making up just 10% of Marriott’s portfolio and 15% of Hilton’s in the US for example. Drive-to destinations with access to beaches, mountains and parks continue to lead the early leisure recovery in the US and it seems to be that way in Europe. With more consistent demand, pricing confidence is being seen. With low demand, pressure to drop rates has been growing for lodging providers.

Scope

– This report provides insight into the current state of play, offers a look at potential future scenarios and assesses the actions that lodging operators can take to mitigate the impact of COVID-19.

Reasons to Buy

– Gain an overview of the current global COVID-19 situation
– Understand the impact that COVID-19 is having on the industry
– Explore future industry scenarios
– Assess possible mitigating actions
– Compare key industry players’ actions

Filed in: Travel & Tourism
Publisher : GlobalData
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