In Step: Owners and Operators moving forward, together (or not)
— 11 experts shared their view
The Current COVID-19 crisis has put incredible strains on hotel owners, operators and managers. Steps to alleviate the current pain points are well noted - fee reductions/deferrals, closing of properties, reduced staffing and services - but these are likely not sustainable over a long period. Still, solutions to the problem created by drastically reduced occupancy and rates are required.
Hence, the question is what do you believe are the most important steps/accommodations (a) owners and (b) operators can/should take to establish an even stronger relationship that will better enable their hotels to (1) recover from the current crisis in a timely manner and (2) better withstand future crises.
Partner and Managing Director, Kadenwood Partners
Hotel owners and hotel operators need to work even more closely together to survive the unprecedented challenges of the Covid-19 pandemic. Hotel operators must establish procedures that prioritize the health and safety of employees and guests, in a highly visible way, in order to generate consumer confidence. Given that travel is to a great extent limited to local and regional, operators should mine their loyalty programs and stay histories to create targeted offers to those local and regional guests.
Hotel owners need to "hang on" -- work actively with their lenders, equity partners, and with local and national governments to patch together economic solutions that will carry them through 2020 and into 2021, until a vaccine is readily available, and the public is more willing and able to travel. There is no single "silver bullet" that will guaranty survival; those that do survive will do so as a result of their creativity, flexibility, and adaptability.