The crisis that has hit the hotel industry since March 2020 is of an unprecedented magnitude and is attributable to an exceptional combination of multiple health, transport, and economic factors. This of course renders irrelevant any direct extrapolation based on past crises. However, taking a look back at them can enable us to draw some key insights and better understand the dynamics currently at work, as well as the future prospects that arise from them.
WHAT HAPPENS WHEN EXOGENOUS FACTORS PUT DEMAND UNDER PRESSURE? The Covid-19 crisis is unprecedented in that it is primarily the result of an interruption of operations related to the lockdowns and the various protective measures against the epidemic that have been implemented around the world....
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