The effects of the coronavirus have led to a hotel crisis never before seen on this scale. During the financial crisis that started in 2008, there was a significant slump in the hotel industry, but occupancy rates never got to the lows that are being experienced right now. That did happen in China after the SARS outbreak in 2003, but the rates bounced back to their old levels within just six months, even in the most affected cities.
If the current pandemic can not be curbed soon, and travel restrictions persist, what will it mean for the hotel industry? We’ve completed a tour around six major holiday countries, to get a clear picture of the current situation, map out the consequences and identify opportunities.