The global hospitality industry has been ravaged by the COVID-19 coronavirus, a classic example of a black swan event.
While many are looking backward to compare the current market environment with the post-9/11 or 2008 Great Recession periods, Phocuswright prefers to look forward – trying to address the tough questions weighing on our collective minds.
Over the coming months, Phocuswright and the data science team at LodgIQ will evaluate a swath of hotel-related and other data across key metropolitan areas, beginning with New York City.
Our key objectives are to model the:
- Level of disruption
- Duration of disruption
- Shape of the recovery curve
The goal is to understand the similarities and differences in hotel market dynamics between destinations.
This is especially relevant, as some markets may have yet to peak in terms of the level of infections, while others are seeing active coronavirus case counts decline.
The first COVID-19 Hotel Forecast report, written by Robert Cole, covers New York City. It is available for free below (download here) or via the Phocuswright website.