This week was a time to take stock, looking at the past year as companies started announcing their full year and fourth quarter results form 2020, as well as paying tribute to one of its most respected leaders following Arne Sorenson’s untimely death.
As hospitality and business leaders paid him homage, they also attempted to find a positive side to their 2020 results. Hilton started on Wednesday with CEO Chris Nassetta upbeat about the ‘massive’ pent-up demand in his domestic market, while Europe proved to be its weak link.
Choice followed the same day with CEO Patrick Pacious proving the economy segment and its franchise model was the winner of 2020 as he announced results that “significantly outperformed the industry”.
Marriott’s results were announced on Thursday by Stephanie Linnartz, group president, consumer operations, technology and emerging businesses, who saw some green shoots for a “significant rebound in travel and lodging demand”.
Mark Hoplamazian, CEO of Hyatt, highlighted his hopes of the recovery of corporate and group travel, speaking of “the essential human component of getting back together” that we all want to fulfill again.
Meanwhile, the mountain resort segment is suffering from a winter with no ski, as most of Europe's slopes are closed due to travel restrictions and local Covid measures. Will the summer season and government support be enough to support their recovery?
It was a week marked by the shadow of a difficult year and the loss of an inspiring leader, but with hope from a sector that has shown resilience and passion for hospitality.