HVS leaders from across the globe have hosted a webinar to offer expert perspectives on key hospitality issues including how the Covid-19 pandemic has impacted the respected regions, the kind of recovery hoteliers can anticipate, as well as the long-term changes the sector is likely to see.
Opened by global chief executive, Stephen Rushmore, the session was moderated by HVS London chairman Russell Kett, who polled the attendees finding that some 51 per cent of the 1,800+ global delegates expected RevPAR to return to pre-Covid levels during 2023, with a further 23 per cent anticipating a return in 2024.
Most expected hotel values to return to 2019 levels by 2023, with 28 per cent envisaging this in 2024.
Getting corporate and group business back emerged as the single most important issue for 37 per cent of the audience, with 29 per cent most concerned about when international visitors will return.
And, in the light of the current hospitality environment, delegates demonstrated an optimistic investment approach, with 45 per cent preferring a “hold and buy” strategy.
Based on their extensive market experience, regional variations for the hotel sector were voiced by the HVS global leaders.
Charles Human, HVS president in Europe, predicted a stop-start recovery, largely because of on-going local lockdowns and the further imposition of travel restrictions.
“We expect regional commercial markets such as Germany to start to pick up initially, but gateway cities will be the next challenge – London is a shadow of its former self at the moment,” he said.
Hala Matar Choufany, HVS president Middle East & Africa, said the recovery would come at different speeds across the regions.
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