RECOVERY - Issue 2 - Winter Cash Flow Forecast
With consumer demand and confidence at rock bottom we start to look at planning for winter - cash flow whilst preserving asset value become more critical to ensure survival as an expectation and reliance on a reasonable trading top line income is no currently not achievable.
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RECOVERY - Issue 1 - COVID-19 Aware Hotel Operation
3 months into lockdown we look at the effect of lockdown, both on operational changes required and the grave financial impact. As we look towards re-opening restrictions and Government support present significant challenges as it becomes clear that this threat will be with us for at least the medium term
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CV-19 IMPACT, CLOSURES AND THOUGHTS ON RECOVERY – PART 2
Written 3 weeks after the lockdown, and whilst all hotels not servicing NHS and key workers were shut for business, we were only just coming to terms with the new normal. The Government support particularly on JRS (furlough) was ramping up, and whilst we could see that this and other initiatives would be of fundamental need to all business it was becoming clear that the recovery phase would not start for some time and would be prolonged. We began preparing for what we know now is a long way back for hotels and the wider hospitality sector.
CSC "COVID19 Aware" Accreditation
As a critical part of our recovery planning Assured Hotels are working towards "COVID19 Aware" Accreditation with our compliance partner CSC - more to follow in the next two weeks.
https://www.cs-compliance.co.uk/covid-19-accreditation/
Colliers International - How and when does the Hotel sector emerge from this crisis?
We continue to look for the positive but achievable outlook in the period ahead, this article from Colliers International includes hard data and anecdotal narrative which we found useful. Much of the data used is from STR, so an impartial source, and we have attended STR webinars in the lockdown - one update to this article from April is that China's recovery 2ndMay was still below 40% occupancy, which endorses the scale of our challenge ahead in the UK hotel sector, when we consider China is 3 months ahead of Europe in relaxing lockdown restrictions.
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CV-19 IMPACT, CLOSURES AND THOUGHTS ON RECOVERY
In our first article we looked at the initial impact from the sudden lockdown of the entire hospitality sector, what we had observed in our own operations and the emerging Government support initiatives. We had only just begun to understand the impact of these measures on the whole economy, and really didn't comprehend how long we would be in this effective total lockdown of operations and cash flow.
IFT - Unlocking Value, Saving Jobs
Assured hotels joined the Institute for Turnaround through their Directors as members in 2015, and in the current crisis we see this community for like-minded professionals working together to find business solutions as more relevant than ever. This wide ranging article sets out to explain why turnaround as a general business approach will be required across the majority of leisure businesses, particularly hotels, in the phase immediately after COVID19. Many of the closed hotels would have never imagined they would be in such a predicament, however we hope this gives to any reader the belief and confidence that as an IFT member familiar with a turnaround approach to our sector we have the soft skills built in to assist in what will be a slow recovery when we get there.
Lambert Smith Hampton - Hotels Update April 2020
Further realistic insight from the team at LSH, positivity highlighted where opportunities will exist in the recovery phase focused on the need for adapting and embracing the new situation. Includes market commentary and some useful insights into the specific types of hotels, locations and facilities that should perform better if the right balance between flexibility, safety and hospitality is achieved.