Hotels are getting crushed by the coronavirus. How will they recover? Global2000
The road to recovery is going to be a long one according to Hilton CEO Christopher Nassetta. “A full recovery will take time and it could take several years to return to the hotel demand levels we experienced in 2019,” he said in an earnings call last week. Hilton, which ranks No. 795 on our Global 2000 list, posted revenues of $1.9 billion in the first quarter, down 13% from last year, and net income fell to $18 million from $158 million.
Hyatt reported a 20% drop in revenue in the first quarter and a net loss of $103 million. Hyatt CEO Mark Hoplamazian said over one third of the company’s hotels have suspended operations, and 65% of its managed hotel employee base has been furloughed or placed on leave. There may be hope, as some economies experiment with reopening. What does that mean for the hotel industry? Analysts think the sector’s initial recovery will come from leisure travelers whose vacations have been delayed amid shutdowns, and who will head to resorts once lockdowns are lifted. Business travel, the most profitable segment of travelers for most hotels, will come next, followed by group travel, which includes conferences and large events, according to UBS.
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