Will international hotels and leisure real estate developments recover from Covid?
TAGS: Christian Ellulcovid-19HospitalityHotelsInternationalLeisuremaltaReal Estate

There is no question that the pandemic has adversely influenced various industries significantly. The hotel and leisure real estate development industry has particularly had the roughest year. The industry has faced so many challenges that most participants have a hard time believing that the industry will recover. However, there are chances of recovery. The international hotels and leisure real estate development industry can recover with the following steps;

Enforcement of safety protocols

According to reliable sources, the real international hotel and leisure real estate development industry can recover from the pandemic by enforcing more rigorous safety protocols. The aim is to help the hotel industry recover hence influencing the recovery of the development market. Hotels can do this by advising their clients to wear masks and social distance. For instance, hotels with rooms for two people can enforce social distancing by only hosting one guest per room. Some hotels are currently using well-crafted emails to members of their loyalty programs, advising them to wear masks while staying at the hotel. Hotels can also do this by making sure guests are following the safety protocols upon check-in. You can go as far as to give complimentary masks and hand sanitizers. This may mean politely refunding clients who do not want to adhere to the safety requirements. Additionally, hotels need to make efforts like sanitizing rooms between visits and reducing friction between guests. Making these changes is a crucial step towards promoting recovery from the pandemic.

Reducing prices and rates

According to statistics, 66% of consumers in the international hotel and leisure real estate industry believe that shared amenities in hotels could increase the spread of the virus. This means that most consumers do not trust the industry amidst the pandemic. The industry can try to change this by offering reduced prices and rates. This will get more people into the door. However, note that the kind of services they get in the hotels will help them come back or stay for longer. Therefore, the reduced prices should be coupled with quality services. It is also worth mentioning that the reduced prices and rates will also come in handy for clients experiencing financial difficulties due to the pandemic.

Reduce workforce

Most industries have avoided bankruptcy during this season by reducing their workforce. If the international hotels and leisure real estate development industry are to recover from the pandemic’s adverse impacts, there is a need to reduce the workforce. Since occupancy has suffered for the whole year, most companies in this industry have had difficulty meeting their financial needs or targets. Since many people have not traveled or stayed in hotels for almost a year since the beginning of the pandemic, the industry has had a rough time. Sadly but necessarily, this means that many people have had to lose their jobs for the companies to avoid total bankruptcy.

Evaluate and do away with any redundant operations

According to the business investor and consultant Christian Ellul, companies in this industry also have to evaluate any redundancy in their operations carefully. These evaluations need to be accompanied by necessary opportunistic changes for the better future of the industry.

Final Word

In addition to the moves mentioned above, small independent hotels and leisure real estate companies may need to associate themselves with large brands. This move will help them stay afloat and recover from the crisis caused by the coronavirus.

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