During the last global financial crisis, the hotel industry cut rates aggressively. Attendees at this year’s Revenue Strategy Forum wondered, when the next recession comes, can hotels be braver this time around?
The one-day conference, which took place 7 November in London, repeatedly dealt with whether hotels learnt enough from the last financial crisis and whether they could implement those lessons the next time global markets drop. Can hotels hold firm and sacrifice occupancy at the cost of selling rooms at their true value?
Jill Barthel, senior associate – consulting & valuation at HVS, led a panel discussion on the subject, highlighting the new and very real challenges facing the hotel industry in Europe. From the terrorist attacks in Paris, Brussels and Istanbul, to the United Kingdom’s shocking vote to leave the European Union, the European hotel market is one in flux.
Discover how hotels can use data to tackle the downturn.