Soon after the coronavirus pandemic began to cause substantial damage in Europe and the US, Arne Sorenson, the CEO of the world's largest hotel chain, Marriott International, posted a short video on social media talking about the impact on the business. The video became viral. Overwhelmed by the damage to the hospitality sector, Marriott in particular, Sorenson, coming close to breaking down, said this was the most difficult video message he had ever pulled together. In terms of business, Covid-19 is like nothing we have ever seen before. For a company that's 92 years old, that's borne witness to Great Depression, World War-II and many other economic and global crises, that's saying something, he said.
Nearly every CEO and promoter of a hotel chain or a travel company is echoing Sorenson's anguish as coronavirus continues to cause massive damage to the travel and tourism sector. In India alone, the hotel industry is likely to lose business of up to $14.7 billion (Rs 1.1 lakh crore), in addition to slashing about 20 million jobs - mostly in the informal sector which, experts say, will suffer more compared to the organised segment due to its sheer size.
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Denne historien er fra April 19, 2020-utgaven av Business Today.
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