Nature has been hard on the hotel industry in 2020. The pandemic has disrupted the economy like never before in the past. Here’s the big question: Do we find any positives by looking back on 2020 in the rear-view mirror? Not sure, but most people agree that it was daunting!
For the last month ‘December’ of 2020, the Hotel Occupancy fell its lowest level and slashed down by 33 to 32.5percent. ADR fell by 28.9percent to 92.08 dollars and the RevPAR declined by 52.3percent to 29.94 dollars. (Source: STR)
However, the forecast also suggests that the Hotel Industry has the projection to gain growth in 2021, leaving the dips and declines behind for the profitable foreseeing future.
But, experts alerts that the survival is purely dependent on the hotelier’s ability to adapt quickly and pivot their portfolio in a right direction, where the needs of travellers and community are met.
To regain profitability and boost occupancy, one must focus on bringing in new technology and touchless intelligence, that cause less or no discrepancies in operations.
Amid the crisis, the top players in the industry made a move towards Cloud-based Hotel Accounting Software and outsourced Bookkeeping, which provided confidence to them.
The bottom line is that we’ve navigated beyond the halfway point of this COVID pandemic disaster. Nevertheless, the recession didn’t end yet; it may take until 2022 before we are 90percent recovered and we get back those lost occupancy numbers.
Let’s hang in there to see the progress and mark 2021 as the end of recession. Ready to celebrate? Start outsourcing your bookkeeping or try using our cloud-based hotel accounting software!