The report discusses the H1 results and looks at the perceptions around risk level in the sector, which has increased significantly due to COVID-19
The COVID-19 outbreak, subsequent global travel restrictions and government-imposed lockdowns have severely affected the sector. Over 90% of respondents stated that it is a notable challenge, with the largest proportion (32%) indicating that it is the most challenging time for their respective businesses.
The impact is wide-ranging with proposed developments put on hold, construction sites standing idle and the indefinite closure of hotels. Some hotels are open and used as quarantine/isolation hotels. However, these are few and far between. July has seen the re-opening of the hotel sector start in some markets with some policy restrictions eased. Demand will remain very low and owners are cautiously sizing the opportunity to open, despite this being permissible.