DALLAS - RateGain, a leading SaaS company for travel and hospitality, today announced the release of the second edition of the report on assessing the global impact of COVID-19 on the hospitality industry in collaboration with IDeaS and HSMAI Europe. The report tracks week-wise room reservations & cancellation trends from over 20+ countries across the globe, giving a comprehensive view of the current state of the industry and strategies that hospitality professionals can leverage to cope with the crisis.

The second edition of the report compares data from February 1st to April 19th 2020, with the previous year to determine if the overall health of the industry was improving compared to the first edition that was released in March, which confirmed a 16% decline in reservations.

In the latest edition, 18 destination countries out of 20 show considerable improvement with Argentina (60%), Brazil (45%), Czech Republic (65%), Japan (28%), Mexico (33%), Oman (67%) leading those trends in 'week over week' reservations observed till week ending April 19th.

Commenting on the report, Harmeet Singh, CEO-RateGain, said, "While the outbreak of COVID-19 is affecting hotels' forward reservations, there are recovery efforts being made by industry associations, governments, hotel chains, technology organizations and tourism boards. With all of us working together, we believe that the markets will recover faster," said Harmeet Singh, CEO, RateGain. "However, what's most important between now and the post-corona era is the continuous preparation for the recovery. The second edition of the study COVID-19 & The Hospitality Industry Worldwide is, therefore, an effort to help the industry learn from the country-wise hotel reservation and cancellation trends, to understand the market pulse, respond to critical developments, revisit the short-term revenue management strategies, and prepare for the recovery."

The report findings also suggest that as a region, except the Asia Pacific, Europe, Americas, and the Middle East are not only seeing a recovery in reservations but also seeing a higher number of reservations as compared to 2019 levels, however, this growth is offset by an increase in cancellations as well, with lockdown measures being extended in some markets.

"During this difficult time, we understand and sympathize with the challenges our clients face today and in the coming months. Our strategic collaboration with RateGain is focused on bringing added value to our common clients to ensure they can integrate rate shopping data seamlessly with our revenue science. We continue to work with our partners and our customers to provide the industry with tangible advice to help all involved come out of these challenging times together while helping revenue managers make informed decisions based on these combined insights. Stay strong, and we will weather this storm together," said Ravi Mehrotra, President, Founder & Chief Scientist, IDeaS Revenue Solutions.

In addition to providing free analysis and coping strategies, RateGain is also committed to 1000+ hours of free consulting sessions to help travel and hospitality professionals with coping strategies and steps towards a better tomorrow.

About IDeaS

IDeaS, a SAS company, is the world's leading provider of revenue management software and services. With over 30 years of expertise, IDeaS delivers revenue science to more than 13,000 clients in 129 countries.

Discover greater profitability at ideas.com

About RateGain

RateGain Travel Technologies Limited is a global provider of SaaS solutions for travel and hospitality that works with 3100+ customers and 700+ partners in 100+ countries, helping them accelerate revenue generation through acquisition, retention, and wallet share expansion.*

RateGain today is one of the world's largest processors of online hotel transactions. RateGain is also world's largest aggregators and processors of travel pricing data for the hospitality and travel industry and has one of the world's most comprehensive travel intent data. Founded in 2004 and headquartered in India, today RateGain works with the Top 23 of 30 Hotel Chains, the Top 25 of 30 Online Travel Agents, and all the top car rentals, including 8 Global Fortune 500 companies, in unlocking new revenue every day.* For more information, please visit www.rategain.com.

*
As of September 30, 2023.

Forward-Looking Statements
Statements in this document relating to future status, events, or circumstances, including but not limited to statements about plans and objectives, the progress and results of research and development, potential project characteristics, project potential, and target dates for project-related issues are forward-looking statements based on estimates and the anticipated effects of future events on current and developing circumstances. Such statements are subject to numerous risks and uncertainties and are not necessarily predictive of future results. Actual results may differ materially from those anticipated in the forward-looking statements. The company assumes no obligation to update forward-looking statements to reflect actual results changed assumptions or other factors.

Ankit Chaturvedi
AVP-Marketing
+91 9654502760