The Post-Pandemic Hotel Revenue Survival Guide
By Cassie Bond Vice President of Revenue Strategy, Chesapeake Hospitality | October 25, 2020
With the immediate impact of the crisis behind us, revenue management experts are working to endure-and prepare-for what's now and what's next
While there has been a great deal of analysis and discussion about the ways in which the coronavirus pandemic has affected the hotel industry, much of that conversation took place in the weeks and months following the first initial shutdowns in March.
It didn't take long for the tumult and disruption of the crisis to become the new normal. As more time has passed, there has been less discussion about what hotel owners and operators are doing over time to evolve, adapt, and keep moving forward in a positive and productive manner. The current period, however, is no less critical than in the early days of the pandemic, where hotel management companies were working to maintain operational viability, positivity, and productivity amidst the uncertainty of tentative reopenings and an as-yet-uncertain public health landscape.
Striking the right balance between what now? and what next? is vital. Making sure that your personnel and your properties aren't just keeping their heads above water, but starting to swim in the right direction, is absolutely essential for not only minimizing short-term losses, but maximizing long-term gains in a post-pandemic future.
Here is how some leading hotel management professionals and revenue management experts are working to do just that:
1. Maintain Perspective