Impact of COVID-19 on the global lodging industry - Issue 2 (Hot Topic Brief)
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 - It has already been highlighted in company impact and sector impact reports how the hotel industry has been going above and beyond to help local and national communities in the fight against COVID-19. UK hotels have been giving free rooms to NHS staff, hotels across the world have been housing the homeless and some companies have even allowed their hotels to be transformed in to makeshift hospitals.
- US President Donald Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) into law last Friday. Many hotel operators qualify for some of the US$500bn in loans and loan guarantees the $2 trillion emergency spending package includes to businesses hit hard by the economic downturn caused by COVID-19.
- It is likely that US hotels and lodging companies will need a specific package to stimulate business further in to the future when the impact of COVID-19 lessens and travel demand starts to return. More financial aid will need to be offered in order to protect hoteliers and workers down the line while the industry takes time to get back on its feet.
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
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