Business strategy for economic sustainability in high performing hotels during Covid-19

Ishak, Ivan Falantti (2022) Business strategy for economic sustainability in high performing hotels during Covid-19. Masters thesis, Universitas Pelita Harapan.

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Abstract

Impacts of COVID-19 on the global economy and international tourism are disastrous. When previous epidemic occurred, crisis was expected to be over shortly, but this pandemic has lasted longer coming in multiple waves upon mutation, and no single one-time solution could be adopted in the whole period. This research examines the strategies in two high performing hotels during pandemic economy phases. This is a multiple case study of a budget and a middle scale hotel being able to display strong resilience against the pandemic. However, to amplify the significance of this research, another upper midscale performing international chain hotel was included in the interview according to its relevance to this framework. The data was collected and analyzed from various company sources such as financial reports, interview with key position officials and other secondary relevant documents. Four main strategies are identified as part of their crisis management including human resource, product and services, marketing, and financials. From these strategies, three key aspects are of the utmost importance, i.e., engage in government actions, be conservative in managing financial resources against uncertainties, and the top of all is securing long stay market as an initial base occupancy level. The result might differ in other type of hotels such as resort and luxury hotels. The situation in Jakarta area where it does not depend wholly on tourism as its economic support is different than in Bali and other places. Practical implications – this research allows a demonstration to other hotel who may have and are struggling on how to respond effectively by applying relevant strategies to sustain in the long run. Research on crisis management framework especially from phase to phase and its direct impact to financial performance is rarely, especially among the performing ones.

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