Pandemics typically show deep declines in hotel occupancy rates, which cannot be increased in the short term but usually recover faster than expected.
Pandemics typically show deep declines in hotel occupancy rates, which cannot be increased in the short term but usually recover faster than expected. The sharpest slump and the most severe effects are often limited to the regions where the outbreak occurred – here the recovery of the market can take up to a year in the worst case. However, other regions usually recover after three months (STR). The tourism industry is almost always affected because travel, often both leisure and business, can be postponed or substituted (Skype, phone, …). Especially the internationality of the tourism industry brings challenges and is often strongly affected by worldwide epidemics or similar. In this context it is possible to think about whether working nationally, locally or regionally could be a good alternative. Dangerous situations would be assessed and evaluated faster and better in order to reduce larger, negative impacts.
The coronavirus will certainly not have been the last challenge for the world community – it remains exciting to see which situations will push us to our limits in the future. Can the tourism industry and especially the hotel industry prepare for such emergency situations or even counteract them? One thing is certain: after a decline, things usually pick up again – and so certainly also in times after Corona. It is and remains an exciting market.