Three years for tourism to recover
Robert Hecker—Managing Director, Pacific Asia of Horwath HTL—joins David and Catherine in this episode of The Future of Travel. A long-time friend of QUO, Robert provides insight into when and how he believes tourism will recover from the COVID-19 crises.
According to Robert, the dominant industry sentiment is that pre-pandemic levels won’t return until 2024. As a result, Robert believes projects slated to open in 2024 or later will be okay, but anything set to open in the next three years may struggle due to excess market capacity. And while he doesn’t see foreclosures happening just yet, Robert expects some consolidation among hotel management groups, whether through takeovers or joint ventures.
According to Robert, the dominant industry sentiment is that pre-pandemic levels won’t return until 2024. As a result, Robert believes projects slated to open in 2024 or later will be okay, but anything set to open in the next three years may struggle due to excess market capacity. And while he doesn’t see foreclosures happening just yet, Robert expects some consolidation among hotel management groups, whether through takeovers or joint ventures.