How to hotels strive in the times of coronavirus?
Another strugglinf sector in the travel industry are hotels and hospitality.
Many hotels and accommodations, such as the ones in Bangkok, have temporarily closed in light of the coronavirus-induced travel restrictions that are keeping tourists at bay. However, a select few in Thailand’s capital city have opted to stay open, with some pushing out special medical packages or shifting their business models to cater to guests not of their usual targeted clientele. Some other hotels that remain open in the city are focusing on long-stay packages or serviced residence offerings.
However, not everyone has such a possibility. The Trump Organization has reportedly laid off or furloughed around 1,500 workers, with many impacted at its hotels and resorts across North America. It has trimmed staff at properties in New York, Washington D.C., Chicago, Las Vegas, Miami, Vancouver and Honolulu, according to public filings. The Trump Organization is reportedly seeking agreement to postpone loan payments to lender Deutsche Bank.
The coronavirus pandemic has also had a chilling effect on the Caribbean lodging industry.
Hotel industry data firm STR reports said hotel occupancy rates have plummeted to just over 10%. Preliminary data shows occupancy was down to just 10.6% for the week ending March 28. That is a huge plunge of nearly 86%.