HotStats, a provider of monthly profit and loss data benchmarking, has released the findings of its “Profit Matters Global Hotel Performance Review 2020.” The annual report tracks global hotel industry performance across myriad revenue, expense and profitability metrics and features commentary focused on the trends that drove business in 2020.
2020 was like no other year on record and operational data supported that, with most metrics down considerably year-over-year, as the hotel industry was forced to cope with the pernicious effects of the COVID-19 pandemic. Though asset types fared differently, all were impacted by a decrease in demand, which resulted in a revenue shortfall that ultimately led to a weak bottom line. One silver lining was a reexamination of all expenses across the P&L, which led to decreases in both payroll and other departmental costs.
“The extraordinary circumstances brought on by COVID-19 disrupted normal hotel operations, laying waste to hotel profitability worldwide,” said Pablo Alonso, CEO of HotStats. “The pandemic has resulted in a reset, forcing hoteliers to get a better operational grasp across both revenue and cost. Amid the rebound, market context will be the driving force to bring hotel operations back to pre-pandemic levels. The annual “Profit Matters” report shows the depths from which the industry is climbing out, and where it’s headed—essential information for hoteliers across the globe.”
This year’s report highlights the trends and stories that shaped 2020—from labor restructuring and breaking-even to rethinking F&B and changing business channels. Beyond HotStats’ own analysis, the report features commentary from a cross-section of the hotel industry, including Hyatt Hotels Corp., Host Hotels & Resorts, Aimbridge Hospitality and HAMA Europe.
Click HERE to download a free copy of “Profit Matters Global Hotel Performance Review 2020.”