The past year has been a challenging one for the entire hospitality industry, leading to lost revenue, an increased demand for customer safety practices, contactless service expectations, and more.
Comparing statistics from the start of the pandemic travel bans in March 2020, to the most current statistics from March 2021, the hotel industry in the US has seen a decrease of 14.5% in average daily rate, and a decrease of 15.8% in revenue per available room. How does an industry built to thrive on guest travel weather the storm in the face of global travel interruption? It is surely not an easy task, and has led to financial hits and service demand struggles throughout the hospitality industry.
Leading The Charge With An Eye On The Future
So, we made a conscious choice. We decided to not only tolerate the pandemic, we decided to embrace this opportunity by looking to the future of the hospitality industry. What could we do as a company to help distressed hotels during this unprecedented time of economic upheaval? It was through our pandemic insights that we decided to expand our services to include a dedicated hotel development arm within our company, specifically devoted to the redevelopment of select and full-service hotels in primary and secondary markets.
Luxury or Economy – The Guest Experience Must Be Unforgettable
Whether it is a staycation, weekend getaway, or full-blown luxury vacation with no expenses spared, consumers are getting ready to travel again. Many travelers may book bigger and better trips, spending money more lavishly than in the past after being out of the travel game for over a year. The hotel experience must be optimized to provide the highest quality in upgrades, extra amenities, and fancy meals, to meet the demands of upscale travelers who have been sidelined for over a year.