Although no one ever wishes to rush the year away, so far 2020 on the Coastal Leisure and Hospitality sector has been one to truly remember for good and bad reasons, and its far from finished, meaning there could be still further chapters to be added.
Community insights and announcements
Read the latest insights and announcements from the Travel, Tourism and Hospitality Community.
In a recent interview published by the Cyprus Mail, a daily English speaking newspaper in Cyprus, Eleni Kaloyirou, CEO of Hermes Airports, the company that manages the two international airports of Cyprus, talked about the company’s strategy, the importance of its people and communication, and how the Covid-19 pandemic has affected the airports and the tourism sector in Cyprus.
With challenges come opportunities. Several regional airlines and hotel chains are backed by Sovereign Wealth Funds. It’s no surprise that they are keen to acquire trophy assets globally, whilst valuations are low.
The COVID-19 crisis has inevitably shone light, yet again, on the regulation of travel and specifically how firms are required by law to protect customer money. This has led to much debate about trust accounts and increased interest in trusts from travel firms, regulators and financial institutions all looking to mitigate risk and repair damaged reputations.
The last few months has been exceptional, and its amazing what difference a few weeks makes to the outlook. In mid June the position pre unlocking trade seemed near impossible to read. Trade was to be allowed but how would the rules on social distancing work; what would the customers appetite to visit be like, let alone even enter a venue and spend money.