With no way of knowing how long this crisis will last or what recovery will look like, we look back at two past crises to see how the industry reacted then, and what lessons can be learned. Many, as it turns out.
Covid-19 is a different beast from anything that has come before. We have seen airspace closures in the past, we have had epidemics and pandemics before. Economic downturns have impacted travel previously, and we have had negative travel advisories before. But never have all these developments come together in the way they are today.
That is not to say, however, that previous crises can’t teach us valuable lessons. Our latest report, The Hotel Industry and COVID-19: Lessons From 9/11 and SARS, focuses on two particularly relevant past shocks: 9/11 and SARS.
Both crises resulted in a significant dip in arrivals, which had a considerable and lingering impact on the hotel industry. We investigate how Hong Kong was impacted by SARS, and how the U.S. hotel industry was impacted by 9/11. This allows us to provide a forecast for 2020 performance, and through interviews with hoteliers who have lived through these past crises, we provide key takeaways and responses that worked back then, and will help recovery today.
What You’ll Learn From This Report
- 2020 performance estimates for U.S. tourism flows and hotel market.
- Impact of SARS on the Hong Kong hotel industry, and the shape of the recovery.
- Impact of 9/11 on the U.S. hotel industry, and the shape of the recovery.
- A discussion on the usability of past crises on the current situation.
- What hoteliers who went through 9/11 and SARS learned then, and how that can be applied today.
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