Business management & development
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t would be an understatement to say that the past few years have been a challenge for global hospitality. Perhaps understandably for an industry centred explicitly around guests, that misery has largely focused on questions like room occupancy. We all know by now that eight in ten US hotel rooms remained empty over the course of 2020, according to AHLA. We know, too, from a report by Statista, that across Europe revenue by room collapsed by 95% within a month of global lockdowns starting. Not that these catastrophic numbers can merely be filed away as history. Though
The past few years are surely ones that hoteliers would like to forget – and they’re not the only ones. For if the front end of hospitality has suffered greatly in the wake of the pandemic, investors have too. Andrea Valentino talks to Russell Kett, chairman at consultancy HVS, to understand how Covid has impacted sales and acquisitions of
properties, how changing customer habits could alter what investors are looking for, and how ESG and new interest in resorts could shift the typical profi le of transactions.
silver lining I
the sector is gradually improving, experts suggest that occupancy rates will only approach pre- pandemic figures at some point this year. It goes without saying that China, with its zero-Covid policy, won’t hope to reach that modest milestone for a while yet. Yet, if hotel executives and outside analysts obsess over questions like RevPAR, they risk neglecting an equally monumental trend: transaction volume. For if guests were battered by the pandemic, investors were too – sales of both single hotels and portfolios plummeted just as dramatically as individual
18 Hotel Management International /
www.hmi-online.com
ASTA Concept/
Shutterstock.com
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