Hotels Chains Maneuver to Deal With Coronavirus Gut Punch
Major hotel chains are undertaking financial moves to get past the coronavirus crisis. But without governmental relief, it likely won’t be enough.
From furloughs and layoffs to withdrawn guidance and loyalty program modifications, the big hotel chains were maneuvering to survive the novel coronavirus outbreak.
From furloughs and layoffs to withdrawn guidance and loyalty program modifications, the big hotel chains were maneuvering to survive the novel coronavirus outbreak.
The actions they are taking are hardly novel as they've been used by hotels and other industries during past crises such as 9/11 and the 2008 financial crisis. However, American Hotel & Lodging Association CEO Chip Rogers said Tuesday that the adverse impact that the lodging industry is grappling with is larger than 9/11 and the 2008 financial crisis combined.
Meanwhile, the U.S. hotel sector is reportedly asking the Trump administration for $150 billion in direct aid, and $100 billion for other travel industry companies.