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#CORONAVIRUSMALTA: Hotels need two to five years to recover – survey

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Copia-di-Copia-di-Black-Friday-Saldi-Abbigliamento-Instagram-PostHotel executives fear it will take the tourism sector anywhere between two and five years to recover in a “meaningful” way from the disastrous effect of coronavirus, a survey by EY has revealed.

Many hoteliers are making the assumption that 2020 will be “significantly loss-making”, the survey found.

“A recovery is realistically expected to take between three and four years. A lot of uncertainty still remains,” EY said in a report on its findings published this week.

While many hotels have reacted to the outbreak by suspending their entire operations, as well as taking a variety of cost-cutting measures and adjusting the management of their working capital, hoteliers fear they might not be able to survive if the downturn in tourism is prolonged.

With payroll continuing to be hoteliers’ largest cost, large-scale redundancies have to date been mitigated by government support measures.

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ARTICLE WRITTEN BY TIMES OF MALTA
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