As the world struggles to understand the impact of the Coronavirus (COVID-19) pandemic and its impact on various markets, only one thing is certain; with the ongoing travel restrictions and entire countries and regions closed for business, hospitality has taken a direct blow to the gut and is, without question, one of the hardest hit sectors of the global economy. Perhaps the most distressing aspect of the downturn is the uncertainty that we all face. No one can predict with any level of accuracy just how long the pandemic will last, how long the related restrictions will be in place, or how much worse things could get for our industry. We also don’t know if or how traveler behavior will change post-pandemic or the final, net impact on the economy.
