Covid Impact On Hotel Industry
The Covid-19 pandemic has dealt a severe blow to the Hotel Industry, which was once a booming sector. The industry has been battered after the stringent lockdown was imposed. The pandemic has been taking a mounting toll on all the major economies of the world since the Hotel Sector has been hit really very hard.
Position Of The Industry Now
The Hotel Sector has faced innumerable challenges in the past and recent events have tested the mettle of even the most resilient operators.
Prior to the pandemic, the Hotel Sector was flourishing and looking forward to a record-breaking year in 2020. Sadly, Covid-19 resulted in the sector, having to close for a number of months now.
The Hotel Industry has been one of the hardest hit commercial property sectors , during the pandemic.
Cascading Effect On The Industry
Coronavirus (COVID-19) pandemic has had a cascading effect on the Hotel Industry, scoring an enormous economic loss through an all-time downfall in many aspects.
- Both Hotel Chains and Standalone Service Hotels have started losing over millions.
- The booking pace has dropped-off, room cancellations have increased, events have been postponed, for a really long time now.
- Pressure by third party capital banks and lenders have heightened on Hotel Operators.
- Many Renowned Hotels are now running at a single-digit occupancy percentage.
- The stock values already started collapsing, making the investors falling in deep sorrow.
- Historic drop is seen in the demand of Hotel Rooms and direct jobs have gotten eliminated during this COVID-19 outbreak.
- Disruptions in payment cycles have awakened and cash flow has significantly become sluggish
- Supply chain services have been suspended and operating uncertainties have made it difficult for Hoteliers to flatten the curve.
This has been the most terrible and gloomy period ever, for the Hotel Industry.
Is There Any Certainty Now For Hotel Operators?
As per the research report from Hospitality Industry, says in the next one year, 100s of hotels will be on sale.
For the Hoteliers, constant uncertainty and opacity in the Industry have been underwhelming indeed and there’s a need of clarity to withstand the difficult period.
If you think all hopes are lost, just hang in there…
Celebrated Astro Strategist cum Business Astrologer™ and Top Influencer and Adviser in the field of Corporate Businesses, Politics, Sports, Entertainment industry, Real Estate sector and Tourism and Hospitality, says
Hotel Occupancy Levels will show a steady growth next year in 2021 and 2020.
3 periods that are very important for the Hotel Industry which can see some positive transition.
- May 2021
- October 2021
- February 2022
Isn’t that an amazing Astro-Analysis ??
If Astro-Analysis is coupled with Strategy, then, absolutely nothing can pose a hurdle for the Hotel Business, asserts Shah.
Hirav Shah says, Astro-Strategy will help the Hoteliers to grow by analysing the current situation, identifying existing and potential challenges and obstacles they are facing and devising a custom plan of action for them, designed to help achieve specific outcomes in business.
Moreover, for the Hotel Owners and Operators, For the First Time Ever, They Can Know the ESTIMATED INCOME from their business in ADVANCE for the next 6 months / 1 year, quotes Shah.
Now, that’s what is called ‘Historic’. And this was the ‘NEED OF THE HOUR’
Hotel Operators and Owners should now be able to see that there is ‘Light’ despite all the darkness.