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Hospitality: revenue declined by 50-65% due to Covid-19

12 October, Il Sole 24 Ore

In their latest report, Thrends and Nmtc estimate that the Italian hospitality sector risks to see its revenues reduced by 50-65% due to the pandemic. The first openings between June and July gave some hope, but the general sense of uncertainty caused to cancel many bookings in September. As a result, the summer season lasted only of 50-55 days, instead of the traditional 120 days.

The absence of international tourists resulted in the closure of many hotels in the main cities. In July, 44% of the five-star hotels in Rome, Milan, Florence and Venice remained closed. Moreover, the ongoing pandemic and the travel restrictions don’t allow to make an optimistic prediction for the future. The lack of demand for hotel rooms also has negative effects on the local economy, as it impacts sectors like transports, tour operators, attractions and restaurants.

Source: Il Sole 24 Ore

Translator: Cristina Ambrosi

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