EDITOR ’ S DIARY
NEW
BEGINN
The hotel industry will rebound . Let me say that first and foremost . It may take longer than any recession , political upheaval or natural disaster , but after a COVID-19 vaccine is created and after everyone lines up to take their shot , confidence will slowly start to build . Eventually , maybe two years from today or , as some say , longer , the world will again start traveling more frequently . People will crave even more purposeful experiences , and who better than hoteliers to play a part in that ?
I had a conversation in late March with a luxury resort GM who was almost depressingly convinced the hotel industry would never be the same . He said an entity like Airbnb would end up controlling most of the inventory and that it was time for him to find a new profession .
I pleaded with him otherwise , suggesting the moment at hand could make anyone believe his predictions , but that time remains the great healer . Perhaps some of the leading names and faces will change , but the prevailng wisdom about travel becoming our birthright will not fade away . The Marriotts , Hiltons and Accors of the world are well capitalized and should survive . The questions surround how the hotel industry will change as a result of this unprecedented moment in humankind .
It is March 30 as I pen this diary and I don ’ t pretend to have any answers other than to conserve cash , contain costs ruthlessly and raise capital as best you can . One of my industry gurus , Thayer Ventures Managing Director Lee Pillsbury , shared great advice : “ Be fully transparent with your partners , lenders , suppliers and customers . Disclosure is your friend . No one wants to see your business fail , and most people will do whatever they can to support you if you are upfront with them .”
How you manage your image as an employer and externally is crucial , as most everyone is certain to remember how you reacted during this crisis . I am not sure they will be as forgiving to bad actors . Be flexible , act in good faith and be as fair as you possibly can – even if it means giving up short-term financial gain . I know the short term is all you can see right now , but there is a long game and I urge you not to lose sight of that .
The next step is to consider the future . How must your business evolve in what will likely become a new normal ? No doubt , heightened hygiene practices must remain elevated , and this must be continually communicated . For hoteliers fortunate enough not to have to rely on big group business ( likely the slowest to rebound from this crisis ), a greater emphasis on what you offer to improve health , wellness and sustainability will be vital as society resets its priorities . One can only hope this empathetic momentum becomes engrained in our psyches for the betterment of the planet we all share .
Operations manuals and crisis management handbooks will be rewritten , management will be streamlined and cross-training will become necessary for as long as I can see . When a rebound takes hold , the industry must guard against complacency and creep . There must be a new normal to guard against whatever shock comes next . Unfortunately , our collective memories are short and hoteliers eventually fall back into bad habits . Owners and operators must guard against this and
I KNOW THE SHORT TERM IS ALL YOU CAN SEE RIGHT NOW , BUT THERE IS A LONG GAME AND I URGE YOU NOT TO LOSE SIGHT OF THAT .
6 hotelsmag . com May 2020