A coronavirus vaccine isn’t necessarily a must-have ingredient to revive the struggling hotel industry, according to Hyatt CEO Mark Hoplamazian.
Hotel analysts and executives spent the last several months saying the industry would not recover from the coronavirus-induced cratering in travel demand until a vaccine or treatment was in widespread distribution. But China’s tough crackdown on movement and social interaction during the early months of the pandemic paid off. The country now leads the world in hotel performance, and Hyatt is even hosting group business events at its properties in Greater China.
“China serves as a great example that travel recovery is possible even without pharmaceutical treatments or a vaccine as long as proper, well-coordinated actions are taken to significantly reduce the spread of the virus,” Hoplamazian said Tuesday during an investor call.
Hyatt’s Greater China —