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Assessment of the Financial Effect of COVID-19 in Hospitality Industry and Companies’ Response

In: Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022)

Author

Listed:
  • Jiahao Liu

    (Faculty of Science, Department of Statistical and Actuarial Science, The University of Western Ontario)

Abstract

COVID-19 is one of the most severe crises in modern society. It hurts almost every country and every industry in the world. The hospitality industry makes money by selling unique in-person experiences, and absolutely got restrictions. The objective of this paper is about how COVID-19 influences the hospitality industry financially and what companies should do to overcome this crisis. This paper uses two global leading companies under different sub-segments of the industry as the examples. The examples explain the effect of COVID-19 on the companies’ income, financial positions, and cash flow. From the financial statements the companies provided, they also indicate how world-leading companies react to funding shortage. After all, this paper also points out some financial suggestions for the hospitality industry for their future recovery. Since the industry highly depends on the situation of COVID-19, the better control, the better recovery companies will perform.

Suggested Citation

  • Jiahao Liu, 2022. "Assessment of the Financial Effect of COVID-19 in Hospitality Industry and Companies’ Response," Advances in Economics, Business and Management Research, in: Yushi Jiang & Yuriy Shvets & Hrushikesh Mallick (ed.), Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022), pages 29-36, Springer.
    • Handle: RePEc:spr:advbcp:978-94-6463-036-7_6
    DOI: 10.2991/978-94-6463-036-7_6
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