STR remains committed to keeping the hospitality industry updated on the impact of the COVID-19 pandemic, and our webinar series will provide in-depth updates on world regions around the globe. However, if you are unable to watch the full recording during this stressful time, you can find a summary of the key points below.
Mexico’s hotel industry showed clear effects of the COVID-19 pandemic with sharp year-over-year declines in the three key performance metrics during the week of 15-21 March 2020, according to preliminary data from STR.
Despite the global increase in nationwide lockdowns and inbound travel restrictions, some demand for hotel rooms still remains. And while there is no sugar-coating the fact that hotels in almost every country have suffered a steep drop in occupancy due to COVID-19, it is crucial that hotels keep focusing on the pockets of opportunity that present themselves.
Have you sent out a statement about your COVID-19 policy yet? If not, we want to help. We have combed through dozens of emails that we received from hotels and hospitality companies of all sizes and want to share some best practices.
"For those that have been around long enough, the nCoV outbreak is a dejavu of what we went through during SARS in 2003. The difference here is that with improved technology, a heightened level of connectivity and mobility, and our changing reliance on each other as an interconnected society, the impact of the virus is more widespread than some would have previously predicted - but this does not mean we need to panic."
Viceroy Los Cabos – Los Cabos, Mexico
Hotels in the Central/South America region reported mostly positive performance results during February 2020, according to data from STR.
Mexico’s hotel industry has yet to see declines as steep as those experienced in the U.S. and Canada, but the effects of COVID-19 on travel still played a role in negative year-over-year results in the three key performance metrics during the week of 8-14 March 2020, according to preliminary data from STR.
Casa Velas – Puerto Vallarta, Jalisco, Mexico
The travel and hospitality industry is taking a major hit - there’s no denying that. Due to the coronavirus outbreak, hotels from all over the globe are experiencing low occupancy rates and tremendous loss in revenue, while some are even closing their doors until further notice.
Robert Cross, the de facto Godfather of Revenue Management, stated "…everything starts with a day by day, segment by segment forecast", yet many hoteliers no longer produce one as part of their strategic process.
Hilton (NYSE: HLT) today announced the signing of an agreement to debut a Hilton Hotels & Resorts hotel in El Salvador. The 198-room Hilton San Salvador is scheduled to open in July 2020, representing a new country for Hilton's growing portfolio of 160 hotels and resorts welcoming guests across the Caribbean and Latin America.
The Booking Lead Time is the number of days between the time a guest books their room and the time they are scheduled to arrive at the hotel.
