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Hyatt CEO Says China Offers Proof Hotels Don’t Need a Vaccine to Recover From Coronavirus

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.

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‘Travel has changed forever’: Airbnb CEO Brian Chesky

Billionaire Airbnb Co-founder and CEO Brian Chesky told Yahoo Finance that the coronavirus outbreak has permanently altered travel preferences across the globe in ways that will shape the hospitality industry going forward.

“Travel has changed forever,” says Chesky, whose company suffered hundreds of millions in losses and laid off a quarter of its staff in the aftermath of the outbreak. “The world of travel as we knew it in January is never coming back.”

“I feel very confident about that,” he tells Yahoo Finance Editor-in-Chief Andy Serwer during a special All Markets Summit Extra: Road to Recovery on Tuesday.

Zoom meetings have largely replaced business travel, and leisure trips have shifted away from metropolitan areas toward easily accessible rural locations, he said.

“People are saying they do want to get out of the house, regardless what country they’re in,” Chesky says. “But they aren’t right now super comfortable getting on

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