Distilling a return to operations plan into its component parts is the secret sauce to making it manageable. Ultimately, the process for developing a comprehensive plan covers four main themes.
The landscape continues to change rapidly and while no one can say with any degree of certainty where everything will land, we are starting to see the shape of things to come. Here are changes that the new normal is likely to bring forward in the hotel industry for owners and operators.
There is tremendous value in slowing down and dedicating the time to take stock of where you’ve been and where you’re going; providing clarity for you and everyone who relies on your direction. Only after that can you put together a set of goals that will keep you and your team focused and prepared as soon as the “new normal” starts.
Hyatt announced withdrawal of previously announced 2020 outlook and earnings sensitivity based on Greater China RevPAR due to the impact on travel demand outside of Greater China, in part as a result of new corporate travel restrictions in North America and Europe, as well as near-term cancellations outside of Greater China, as a result of the COVID-19 outbreak.
Consumers, too, are far more aware of your online presence, and a 2019 report by Adobe Digital Insights showed that 61% of leisure arrangements are made online, emphasizing the need for digital marketing.
At 4% increase on the previous year which is also forecast for 2020, tourism is a leading and resilient economic sector, especially in view of current uncertainties.