![how numbers help and hurt business how numbers help and hurt business](https://icm.aexp-static.com/content/dam/contenthub/us/en/images/us/small-business/openforum/wp-content/uploads/2014/09/taxes-abroad-periu-open-forum-header.jpg)
- How numbers help and hurt business full#
- How numbers help and hurt business download#
- How numbers help and hurt business free#
The faster the virus is contained the faster global travel markets and the regional hotel industry will recover. Govinda Singh, executive director of valuation and advisory services at Colliers International, has said of the Singapore market that, “if the outbreak lasts anywhere between three and six months, room occupancy could fall by at least 10 to 15 percentage points to about 65 per cent.” How quickly the regional hotel sector will recover from COVID-19 will also directly be tied to the effectiveness of containment measures. How long the outbreak of COVID-19 lasts will directly influence the extent to which regional hotel markets are affected.
How numbers help and hurt business full#
Every hotel market recovered from SARS at a different rate with some destinations like Thailand experiencing “a freefall over five months from March to July, as market-wide occupancy bottomed out just under the 30% level in May of that year,” before making a full recovery. Although the spread of SARS was quickly contained in 4 months, it took a further eight months for tourist arrivals to rebound and almost 18 months for full recovery of the market. The outbreak of SARS had a significant impact on the tourism industry due to travel restrictions and booking cancellations. In March 2003, the Severe Acute Respiratory Syndrome (SARS) virus spread across the Asia-Pacific region, causing widespread disruption. So, what can hoteliers learn from previous downturns and what do they need to consider to safeguard their business? The impact on the APAC hotel market Information, analysis and planning is critical for hoteliers facing challenging operating conditions-especially so when facing an issue like COVID-19.
![how numbers help and hurt business how numbers help and hurt business](https://l450v.alamy.com/450v/2bewyk0/word-writing-text-i-m-sorry-business-photo-showcasing-to-ask-for-forgiveness-to-someone-you-unintensionaly-hurt-open-striped-notebook-calculator-clip-2bewyk0.jpg)
As a result, the hotel industry is at risk of experiencing a business downturn not just from travel restrictions put in place for Chinese tourists, but from lower levels of global and regional travel in general. Now, COVID-19 has also spread to major global tourism markets like Italy and regional business centres like Singapore and South Korea. Indeed, the Vietnam National Administration of Tourism estimated its tourism sector would decline in the range of between $5.9 billion and $7.7 billion as a result of COVID-19 travel restrictions.
Hotels across the APAC region first impacted by COVID-19 were those that relied on large numbers of inbound Chinese tourists, such as Vietnam which suffered from the widespread travel restrictions imposed by China.
How numbers help and hurt business free#
Or enrol in eHotelier Academy free course Coronavirus Awareness)
How numbers help and hurt business download#
( Download the ehotelier Coronavirus staff briefing paper to distribute to your team, or to assist you to brief your staff. As these numbers are certain to continue to climb in the coming weeks, the disruptive impact to the global travel and hospitality industry is sure to be lasting and significant. As of early March 2020, the COVID-19 coronavirus outbreak has infected nearly 100,000 people, claimed over 3,000 lives and spread to more than 70 countries outside of China where the virus originated.