The global number of confirmed cases of COVID-19 has surpassed 100 000. As the outbreak slows down in China, cases are spreading in Europe. Italy has quarantined 16 million people in the northern region of Lombardy, as it steps up efforts to tackle Europe’s largest outbreak of coronavirus. The impact of a disrupted supply chain and a lower consumer demand have resulted in the start of a recession, with a decrease in global GDP (-1% in the first quarter). One of the most affected industries is travel and industry, with occupancy % dropping down and air travel reduced as the virus spreads. Rebound is difficult to predict. While Oxford Economics estimates a gradual recovery taking place in the second half of the year, it will all depend on how fast CO-VID 19 can be contained.

What should the hospitality industry do, in light of the global effects of the Covid-19 virus on communities and economies? HoCoSo believes in the importance of collaboration, open communication and taking a proactive approach to find opportunities out of crisis. To start talking solutions, we have launched HoCoSo CONNECT, a discussion platform that will serve a forum for industry experts to help each other and work on solutions. We started out with a LinkedIN group, so join the effort and become a member of HoCoSo CONNECT.

To find out more on the impact of COVID-19 on the global economy and the hotel sector, HoCoSo would like to share an overview  based on the Webinars from STR and Oxford Economics. Let´s start the discussion!

Click here for: Impact of COVID-19 Overview

 

 

About HoCoSo

HoCoSo are advisors with a difference.

We create tailor-made and innovative solutions for clients’ hospitality-led projects by bringing together the optimum team of sector specialists.

Jonathan Humphries, Chairman and Owner of HoCoSo, and his direct team specialize in the extended-stay, co-living, and hotel-alternatives hospitality market; luxury, lifestyle and boutique hotels; and resort developments in Europe, the Middle East and Africa (EMEA). Our strengths lie in the following core services: