Open AccessSOCIAL AND ECONOMIC ASPECTS OF HYATT REGENCY ORLANDO HOTEL ORGANIZATION DURING THE COVID-19 PANDEMIC
Author(s) -
Ganna Shchaslyva
Publication year - 2021
Publication title -
bìznes-navìgator
Language(s) - English
Resource type - Journals
eISSN - 2707-6172
pISSN - 2522-4751
DOI - 10.32847/business-navigator.63-4
Subject(s) - staffing , business , quarantine , pandemic , fell , covid-19 , profit (economics) , marketing , economics , finance , management , geography , medicine , ecology , cartography , disease , pathology , infectious disease (medical specialty) , biology , microeconomics
The article examines the social and economic aspects of the Hyatt Regency Orlando, Florida, USA in connection with the crisis caused by the COVID-19 pandemic. The article states that the hotel business has suffered significant losses due to severe quarantine restrictions caused by the fight against coronavirus infection. Thus, the profit from the available room (RevPAR - one of the main indicators of the hotel business) fell dramatically, financial performance fell significantly, the hotel administration was forced to re-evaluate staffing levels. During the period of adaptive quarantine, Hyatt Regency Orlando tried to reduce the cost of maintaining the rooms by closing one of the buildings and floors, turning off the elevators, but this did not significantly reduce the cost of utilities. Running the business during pandemic has become completely new not only for all Hyatt hotels, but also for the whole hotel industry in the world.The article states that the pandemic has significantly affected the organizational activities of the hotel, its conditions and pricing policy (forced dumping). To present the scale of the negative impact of COVID-19, the article analyzes the overall operating activities of the hotel, the dynamics and sources of income from operating activities of Hyatt Regency Orlando, as well as statistics on the profits of this hotel in November 2018, 2019 and 2020.The article explains the best ways to gradually take the hotel out of quarantine, to propose measures to prevent stagnation of the hotel and Hyatt Corporation in general, as well as gives opportunity to use the experience of American hotels during the pandemic in Ukraine.The coronavirus crisis has led to changes in the implementation of business strategies of the hotel business. Promising areas for diversification of the Hyatt Regency Orlando hotel product can be improving the quality and security of services, increasing the role of the Internet and social networks in shaping consumer preferences, finding new forms of cooperation, using new business technologies, namely remote access tools, digital transformation, development e-commerce.