Current State of the Hospitality Industry

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Table of Contents

Introduction
Discussion
Conclusion
References

Introduction

The COVID epidemic has fundamentally altered the hospitality industry. According to Shanley (2022), years will pass before the hotel industry is able to completely understand and appreciate the significance and effects of all these developments on the sector.

Discussion

The demand for accommodations is increasing swiftly as we transition from the pandemic to the endemic phase of the health crisis, and hotels are operating at full capacity once more (Baratti, 2022; EHL Insights, 2022). Due to continuous labor shortages, growing costs, global turbulence, and two years’ worth of missing data, hotels are facing greater challenges than ever when it comes to preparing for basic operations at the property level, especially for smaller properties.

Due to continuous labor shortages, growing costs, global turbulence, and two years’ worth of missing data, hotels are facing greater challenges than ever when it comes to preparing for basic operations at the property level, especially for smaller properties. Due to all of this, hoteliers are concentrating on making up as much of the losses they sustained during the lockdowns as they can. Hotels must be ready to react promptly to an influx of incoming RFPs from planners as inquiries and RFPs for meeting and events space and rooms are soaring (Bouronikos, 2022).

Conclusion

Smart hotels are well aware that the subpar 1-2% conversion rates they achieved when they valued and replied to incoming RFPs before 2020 are not an effective method to conduct business in 2022 (“Hospitality industry statistics,” 2022). Nobody can afford to be careless when things are still in such a precarious state, and there is no guarantee that tomorrow’s inbox won’t be overflowing with new queries.