The COVID-19 global health pandemic abruptly closed hundreds of hotels and restaurants around the world, severely disrupting the global hospitality industry. With travel restrictions and many international borders closed, the properties that are still operating are experiencing a reduction in occupancy as much as 75% below normal. Others have had to temporarily close and may never reopen.
Many industry leaders believe that the impact of the pandemic will be more severe than 9/11 and the Great Recession combined. Some hotels will likely not be able to hang on until travel restrictions are lifted and consumer demand returns. Those that survive will face a host of economic challenges and be forced to navigate a number of financial reporting issues.
Cornell University’s School of Hotel Administration will bring together a diverse group of participants to discuss the financial reporting impacts from the COVID-19 pandemic and its aftermath, and offer insights and tips for navigating these challenges.
