Final Dissertation Harvard Case Studies
1 Introduction
1.1 Background
Because of the Covid-19 outbreak, this research examines and contrasts the business practices of Hyatt Hotels Corporation and Marriott International. Hotel giant Hyatt International, which has 974 properties worldwide, is the 11th largest hotel company in the world, behind only Marriott International, which has 7,642 properties. With Covid-19, it has an influence on almost every business on the globe. However, the hotel and hospitality industries have been especially heavily struck (Statista 2021). According to studies conducted by Krishnan et al., it is possible that the pre-pandemic levels of. Will not be restored until 2023. (2020). Mostly, the hotel industry heavily depends on tourism for revenue production in many regions of the world (Zan Air, 2021). The hotel industry has a $3.41 trillion yearly economic impact on the world economy on a worldwide scale.
Almost immediately after the virus spread over the world, the hotel business was thrown into disarray and chaos (Kilgore, 2020). Some observe that the quantity of hotel rooms requested by clients has drastically dropped (Statista, 2021). Many people all around the world were compelled to stay in their homes, with travel and hotel reservations becoming a distant second worry. When a pandemic was declared, everyone’s first concern was their own survival and protecting their loved ones and friends (Reed, 2021). Unwelcome financial pressure on hotels has been increased by international travel bans and apprehension about the future. In April 2020, hotel occupancy rates dropped below the critical threshold necessary for the sector to be profitable and sustainable (approx. 37 percent). It declined to an average of 11.1 percent in Europe, while it fell to 23.5 percent in the Americas, according to the International Hotel and Tourism Association (Statista, 2021). Low occupancy rates are a big threat to the bottom line of the hotel sector, since hotels are regarded as having considerable fixed expenditures because of their location (Hoare, 2015). According to Eisen (2020), a countrywide average occupancy rate of 37.3 percent is required for the hotel industry to break even (Hoare. 2015). In the wake of these revelations, hotels had to rush to ensure their continued viability. The company’s fixed costs cannot be satisfied unless sufficient money is generated through the selling of hotel accommodations (Hoare, 2015). Given the limited availability of funds, companies were forced to come up with creative solutions in order to survive the pandemic’s last phases.
It was not until the third quarter of 2021 that the industry could return to pre-pandemic levels of productivity. According to the Transportation Security Administration, the number of passengers transiting through airports daily increased to 2.5 million in 2019, from 1.5 million at the end of the second quarter of 2021, and will continue to rise. (TSA). This is critical since, according to his (2018) research, the hotel industry is heavily reliant on the air travel. Henn is then predicts that, given the present rate of growth in air travel, demand for hotel rooms will continue to climb soon. Several companies, including Hyatt and Marriott, may take advantage of the Covid-19 pandemic to display their crisis management expertise.
Governments are expected to loosen limitations on international travel in the years leading up to 2022, resulting in a rise in the number of people who travel internationally. If we want to understand how Hyatt and Marriott intend to conquer these new regions, we must first examine the differences between their respective business approaches and technical advancements. The dissertation’s initial goal is to increase awareness of the current concerns that the sector is experiencing because of the pandemic’s continued difficulties. The second half of this research will investigate and evaluate the reasons for and methods by which both organizations adopted their respective business strategies. At the conclusion of this article, I would like to provide some suggestions to the hotel industry about how to continue in the future.
Hyatt and Marriott are often referred to be the world’s most successful hotel companies (Lock 2021). Despite the widespread devastation caused by the virus, it has created an environment that is conductive to the emergence of new possibilities. In the aftermath of Covid-19, the two firms developed into entities with completely distinct operating styles. This will be an interesting field of inquiry in the future. In response to the spread of the virus, Hyatt seems to adopt a more aggressive attitude and capitalizing on the chance to prosper. Marriott seems to take the epidemic in stride and is confident that it will weather the storm. Both hotel chains will continue to have a big impact on their respective sectors because of their global fame, and as a result, they are worthy of further investigation.
1.2 Aims and Objectives
The main aims and goals of this research were to consider momentum, concentrate on plans to sum up what is known from earlier tantamount emergencies and back it up with subjective examination including Hyatt and Marriott hospitality industry and their stakeholders. To guarantee the drawn-out feasibility of tourist endeavors, the ability to connect with partners is significant. When they are not spoken with, accommodation partners have such a critical impact on the achievement or disappointment of a business that it is vital to inspect and fuse their viewpoints, sentiments and concerns straightforwardly. To fill these examination holes, this study dissected the effect of COVID-19 on accommodation and the travel industry area. The target aims are to limit the point of the review.
- To investigate the effect of covid-19 on the hospitality industry, such as Hyatt and Marriott
- To compare the Hyatt and Marriott hospitality industry in the response to Covid-19
- To compare the business strategies of both of the hospitality industry and their way of dealing the pandemic
- To distinguish the encounters of the travel industry partners in both of the businesses and the difficulties they face because of the pandemic
- To survey the ways of dealing with especially difficult times of the hospitality industry partners in the current pandemic
- To give the mechanism for manageable ways of dealing with especially difficult times during and after the pandemic....
- Final Dissertation Harvard Case Studies
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