Hotel industry back to normal in 2024?
The effects of the measures taken by governments continue to make life difficult if not impossible, especially for the hotel and catering industry.
Normal will be the new normal as too many bankruptcies have already hit the industry hard. The news that there will be fewer bankruptcies this year must be taken as a joke. If there are already so many bankruptcies, not many more can file for bankruptcy, right?
“The real estate service provider CBRE has dealt with the German hotel market in a recent study. Experts predict it will take until 2023 or 2024, depending on hotel type and location, before hotels return to their pre-pandemic levels.”
"We assume that depending on the hotel type and location, it will take until 2023 or 2024 for hotels to return to their pre-pandemic levels," expects Stefan Strebl, Senior Consultant Hotels at CBRE. “Large congresses and trade fairs in particular need international air traffic to function normally again.
German Financial Press Agency Sept 2021
Cities and trips that rely on air traffic in particular will have a hard time as the airports are only planning for normal air traffic for the year 2024 - 2025. The effects of mass redundancies in air travel can be clearly felt today. Even with 50% occupancy, European airports are already struggeling. The additional paperwork caused by the forms and tests that have been introduced delay and make travel all the more difficult.
Stephan Busch has an invaluable and diverse experience in the hospitality industry ranging from senior management positions with the most renowned hotel and resort companies to the project development - launch of operations, business development- for hotel and cruise companies in Asia, Europe, Canada and Russia. His expertise includes not only planning, opening and operating of hotels, international golf clubs, airports, resorts and cruise ships, but also successful restructuring and repositioning of businesses during the financial crisis in Asia. Stephan Busch earned his Master Certificate in Hospitality Management from Cornell University, USA and served many years as Academic Director / Faculty of Hospitality & Tourism at the State University for Humanities RGGU Moscow as well as the Swiss International University St. Petersburg.