CORONAVIRUS
266 | Return Policies: Hotel industry works out rehiring plans
CORONAVIRUS
As the recognized COVID-19 infection rate began to gain strength in the U.S. in mid-March, lodging industry analysts said they expected at least half of the nation’s 4 million hotel employees would be laid off.
It’s a startling number when you consider that six weeks ago, most hospitality jobs were firmly intact.
In fact, in the beginning of 2020, the hospitality industry was grappling with a problem indicative of a healthy economy – a shallow labor pool. Competition from employers in and outside the industry forced hotel owners and operators to increase wages and figure out ways to retain staff, especially hourly workers.
What a difference a health pandemic can make.
April’s unemployment figures are expected to be unnerving. Twenty-two million people filed jobless claims from mid-March to mid-April.
Meantime, the Trump administration and some states are hatching plans to re-open communities and businesses beginning next month. In those cases, hoteliers will face some unique challenges in bringing back furloughed workers who are either comfortable on unemployment, uncomfortable with public-facing jobs or have found work elsewhere.
In this episode of Lodging Leaders, we talk to people involved in recruiting and training hospitality employees to find out what they’re seeing as the coronavirus pandemic has forced hotels to reduce their workforces.
Resources and Links
CORONAVIRUS
-
346 | Repositioning For Recovery: Hotel conversions to outpace new builds
Lodging Econometrics has tracked the hotel industry since 1998. Its global database includes new-hotel pipelines as well as renovations and brand conversions. Hotel franchisers once eager to launch new brands are focused on converting existing hotels because it’s a faster way to recover revenue lost to the COVID-19 pandemic than through new construction. In Episode 346, Lodging Leaders explores the increasing number of conversions in the U.S. hotel industry and what owners and operators need to consider before repositioning an asset.
-
345 | ‘Rosy View of Future’: Hotel industry sees unleashing of pent-up investor demand
In the first few months of the COVID-19 pandemic in the U.S., financiers anticipated a swell of distressed hotel businesses. Some raised rescue funds to respond to what they thought was a pending crisis. Though there are financial rescues taking place, the level of such activity is far below what industry advisers and fund managers expected. Commercial real estate investors positioned to act in the early days of the pandemic held off and are now just beginning to unleash their cash hoards totaling billions of dollars. Episode 345 of Lodging Leaders podcast explores the state of capital investment in the hotel industry.