With more than half of the states in America reopening their economies, owners and operators of lodging accommodations might be tempted to return to business as usual. That includes sales and marketing strategies that management was deploying before the coronavirus pandemic paralyzed the hospitality industry.
But hotel marketing experts we interviewed say business will be anything but usual as the hospitality sector begins to recover in a consumer environment influenced by fear and an abundance of caution.
COVID-19 is still with us and it dictates new ways of doing business.
In this episode of Lodging Leaders, we explore strategies hotel owners and operators need to consider when preparing to market to prospective guests as well as how to maintain relationships with customers who depend upon the industry for shelter in a time of uncertainty.
Resources and Links
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.
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.