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The effect of corona virus pandemic (covid-19) on the profitability of hotels establishment
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This project looks at The effect of corona virus pandemic (covid-19) on the profitability of hotels establishment. The incessant fall in the world economy as a result of the COVID -19 pandemic has attracted the interest of many researchers, as the pandemic has brought about the decline in profitability and warranted the closure of many businesses, and hotel businesses are not spared. The objective of this study is to proffer a panacea to the hotel industry through market re-strategizing. To achieve this objective, this study employs ex-po facto and exploratory research designs. Descriptive method of data analysis was adopted using graph and tables. Ordinary Lease Square (OLS) Regression model and Kendall’s W– Test (Dependent means Ranks) was used to rank the different market strategies and suggest the most preferred and implementable solutions. Arisen from the analysis of the study, the study revealed that there is an urgent need for hotel industries to re-strategies their business operation by introducing new products and services, assure customers of their health safety by introducing medical/health insurance for customers/staff, engaging the services of health workers in the hotels to quickly arrest suspicious cases professionally, continuous reassurance of full compliance with the COVID-19 precautionary guidelines by WHO and the government, introduce attractive prices through price reduction and engage fully the e-marketing system and electronic business operation by digitalizing their operations to reduce/eliminate physical contact with hotel staff/customers (except if need be).