People across the globe welcomed the news this weekend when Pfizer announced that the early results from its coronavirus (COVID-19) vaccine trial proved to be more than 90 percent effective.
The hotel sector and its investors welcomed the positive news from the trials of Pfizer’s coronavirus vaccine. Shares in Marriott International rose by 21 percent, with Expedia Group up 22.5 percent and Park Hotels & Resorts rising by 40 percent on the news.
Hugh Taylor OBE, CEO, Michels & Taylor, a hotel asset management, consultancy and management company told, Hospitality Insights: “The news today on a potential vaccine is a huge boost to the hospitality industry. The problems we have been facing since March have not just been confined to ensuring our hotels are safe to welcome our guests but have also focused on trying to convince them that it’s ok to travel and stay with us. Ultimately the future of the industry comes down to rebuilding consumer confidence in our hotels, and a proven vaccine will be a massive help in securing that confidence.
“At M&T, we will continue to ensure that all the hotels we run, and all the hotels of our owners who we support and advise, continue to operate within the operating standards required to protect guests from the risk of COVID for as long as it is required."
Hotel Management covered the NYU International Hospitality Industry Investment Conference, held—as with most conferences—online this year. During the “Policy Matters” session, representatives from several industry associations gathered to talk about what next steps the industry and its organizations need to take to drive recovery. With the presidential election in the rearview mirror and a possible COVID-19 vaccine on the horizon, the tone of this panel was decidedly more optimistic than other similar conversations have been in recent months, with a focus on infrastructure investment and where the next round of financial support could go.
(Although, the panel did discuss areas of improvement such as infrastructure support, upgrading airports and more.)
Prior to the distribution of the vaccine, however, Travel Agent reports that tourism recoveries could be threatened due to rising cases across the globe. According to the European Travel Commission’s latest quarterly report “European Tourism: Trends & Prospects,” international tourist arrivals to Europe are down 68 percent halfway through the year, relative to 2019.
The easing of pandemic restrictions across Europe led to a slight pickup in travel over summer compared to earlier months, signaling people’s enthusiasm and desire to travel again but the recent reimposition of lockdowns and travel restrictions has quickly halted any chance of an early recovery.
Quote of the Week
Luxury Travel Advisor covered a virtual roundtable of industry experts, hosted by Passages of Distinction, to get their take on the current luxury landscape. They shared strategic initiatives, insights and optimism for the future.
Jack Ezon, founder and managing partner of the travel agency Embark Beyond, said, regarding the travel industry: “Every crisis brings its opportunity. Seize it, go with it, dive into the wave. It’s not easy, but what’s easy that’s worth it? Just own it, have the grit. It’s a long journey. You need to have tenacity to get through it. I don’t see this ending anytime really soon, but I think it’s a tremendous opportunity if we look at every day as a new one.”