How has the regional hospitality industry coped with the Covid crisis so far?
Government imposed travel restrictions and isolation protocols across the region resulted in significant drops in demand at properties. Tourism and hospitality were among the worst hit industries, but the affordable hotel segment is doing better than those in the four-five star category.
Based on the available industry data, Oyo properties in the UAE and Saudi Arabia fared better than the market in these troubled times. Oyo’s revenue and occupancy rates dropped by over 50-60 per cent, while some global leading hotel chains experienced revenue drops of up to 75 per cent.
What kind of changes has the pandemic brought about in travellers’ requirements?
The need for travel won’t dissipate and visitor numbers will bounce back relatively swiftly. I anticipate that there will also be a build-up of pent-up demand (from both business and leisure travellers) that will generate growth after the lockdowns are lifted and travel patterns normalise.
This story is from the October 2020 edition of Gulf Business.
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This story is from the October 2020 edition of Gulf Business.
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