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Business Model Reinvention: Impacts of Covid-19 in the Hospitality Business

In: Sustainability in Software Engineering and Business Information Management

Author

Listed:
  • Olexandr Adam

    (ISCTE-IUL)

  • Carlos Jeronimo

    (ISCTE-IUL)

  • Leandro Pereira

    (ISCTE-IUL)

  • Rui Gonçalves

    (ISCTE-IUL)

  • Alvaro Dias

    (ISCTE-IUL)

  • Renato Lopes Costa

    (ISCTE-IUL)

Abstract

Currently, the hospitality business is facing severe challenges due to the COVID-19 pandemic, forcing hotels to quickly adapt to a new operational reality and address in a critical way the sustainability challenge. Such adaptation requires redefining the current business models since they are not adequate for the present global scenario. The study primary goal is to analyse the main impacts of COVID-19 in the hospitality business and propose a general reinvented business model, aiming to contribute to the hospitality industry’s reinvention in the global scenario. A literature review was developed to fulfil these objectives, and an in-depth interview was conducted with 14 professionals who work at different hotels. The obtained results demonstrated the reinvention of the hotels’ business model must include significant investment in technology and digital communication since these two are vital for the industry’s growth and evolution by providing customers with a sense of trust.

Suggested Citation

  • Olexandr Adam & Carlos Jeronimo & Leandro Pereira & Rui Gonçalves & Alvaro Dias & Renato Lopes Costa, 2023. "Business Model Reinvention: Impacts of Covid-19 in the Hospitality Business," Lecture Notes in Information Systems and Organization, in: Varun Gupta & Luis Rubalcaba & Chetna Gupta & Thomas Hanne (ed.), Sustainability in Software Engineering and Business Information Management, pages 75-97, Springer.
    • Handle: RePEc:spr:lnichp:978-3-031-32436-9_7
    DOI: 10.1007/978-3-031-32436-9_7
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