While some travel sectors such as airlines have virtually eliminated U.S. national TV advertising because of the coronavirus pandemic, there are some companies that are outliers in that they quickly pivoted their spots, or keep running the routine ads at the risk of brand damage.
The week ending 21 March brought some new lows in U.S. hotel performance, and it's likely the industry hasn't yet reached the bottom.
Heading into 2020, the hotel sector was expected to slow down, but deals were still getting financed. Then came coronavirus.
It's all but axiomatic that no business can stay in business if its number of customers and, therefore, its revenues, fall by a whopping 87% on a year-over-year basis. Yet data from the Transportation Security Administration show that is exactly the situation in which U.S. airlines now find themselves.
Domestic air travel in the United States has virtually come to a halt, but thousands of planes are still flying. How long does it makes sense to keep doing that?
States across the U.S. are invoking "shelter in place" orders, asking their residents not to leave their homes except for essential items such as food and medicine amid the coronavirus pandemic sweeping the country and world.
After temporarily closing their doors to ward off the coronavirus, some of New York City's largest hotel chains are already predicting a summer rebound.
A wave of layoffs at restaurants, bars and hotels, as efforts to contain the coronavirus pandemic bring much of everyday American life to a halt, could drive new applications for U.S. unemployment benefits to a record 1.5 million or more next week, economists warned on Thursday.
In a conference call with investors on March 19, Marriott's Executive Vice President and Chief Financial Officer Leeny Oberg announced that the company will suspend the salaries of President and CEO Arne Sorenson and Executive Chairman Bill Marriott for the balance of 2020 to offset revenue losses due to the coronavirus pandemic.
Marriott now intends to furlough about two-thirds of its 4,000 corporate employees at its headquarters in Bethesda, Md., as well as two-thirds of its corporate staff abroad (expected to last 60 to 90 days). During the initial period, furloughed U.S. corporate employees will receive 20% of their salary, which can be put toward health care and other costs, while corporate staff who stay on are subject to 20% pay cuts and reduced workweeks. It comes on top of Marriott's decision to begin furloughing what the company expects to be tens of thousands of hotel staff.
Despite much of the world remaining on lockdown, people's thirst for culture has not diminished one bit. In fact, one could argue that it has grown stronger than ever the result of everyone searching for ways to occupy their time, and online cultural experiences can fill the void. Sure, visiting a museum online or enjoying the robust sounds of a virtual opera performance can't quite compare to being there in person.
The surge of passengers trying to change or cancel plane tickets as travel grinds to a halt during the coronavirus crisis is overwhelming airline and online travel agency reservation centers.
The COVID-19 health crisis is unprecedented in its size and scope, and represents the single largest decline in travel in modern times. And its effects on the hotel industry are already staggering.
It's no secret that sometimes, travel can get complicated. But do you know what to do when a flight is canceled or delayed? Considering the number of people who now travel by air daily, it's probable that at some point you—or someone you know—will get hit with a flight delay or cancellation and you should be prepared.
U.S. hotel companies are seeking $150 billion in direct aid for their workers for what they say is an unprecedented fall-off in demand because of the new coronavirus.
Just back from a White House meeting with the president, the CEO of the American Hotel & Lodging Association characterized the impact of coronavirus in the United States is already more severe for the hotel industry than the September 11 attacks and the 2008 recession combined.
Canada's Prime Minister Justin Trudeau announced today (March 16, 2020) that the country will be barring entry to almost all non-Canadian travelers who are not citizens or permanent residents in an escalated effort to stop the spread of the coronavirus pandemic.
Though Hyatt Hotels Corp. and Hilton stand alone among the major hotel companies in pulling their 2020 outlooks in response to COVID-19, numerous real estate investment trusts have made that move in recent weeks. And while many of these REITs held back in quantifying the impact they had seen, several provided a window into the financial losses they have taken.
Major U.S. airlines sought a government bailout of more than $50 billion (41 billion pounds) as the White House is urgently drafting a financial assistance package in the wake of the steep falloff in U.S. travel demand sparked by the coronavirus pandemic.
MGM Resorts International announced Sunday it is temporarily suspending operations at all Las Vegas properties "until further notice" effective Tuesday.