What's Next for the Hotel Industry?
The coronavirus pandemic has touched every industry and every business. But the hospitality industry has been hit particularly hard. As Mark Hoplamazian, the CEO of Hyatt, shared with Leadership Next, hotel bookings were down 94 percent this spring. Demand basically went to zero overnight. So how do you continue to take care of your employees when the bottom falls out of your business? Mark’s answer: it’s painful. He details the steps Hyatt took to try and soften the blow of layoffs and furloughs on employees, and how employees responded. Also discussed in the episode: how the killing of George Floyd impacted Mark personally, and how it is changing the way he runs Hyatt. Why he believes improved testing is key to recovery for the hotel business. How the pandemic will permanently change the hotel experience. And, we get the nitty gritty on what’s happening with the business, which geographic areas are seeing a recovery, who is still traveling, and what Mark sees in the weeks and months ahead.
