Abstract
The chapter discusses the adverse impinging of COVID-19 on Indian hotel business in general and on Hyatt Regency in particular. Large hospitality firms have major difficulties obtaining finances from financial institutions as the banks continued to have a poor lookout for the hospitality sector. In early phases of the pandemic, the measures which industry adopted in pandemics were related to prevention, pricing strategies, and maintenance efforts. The aid provided by government and human resources approaches also needs to be looked into. The hospitality and tourism industry needs to focus on their pricing schemes, which needs to be lower as compared to previous times. During the outbreak of the pandemic, a few of the hotels appeared to be forcing their workforce to go on non-paid leave and postpone business office and instrumentation upkeep. Seeking government aid or resources, the hotel industry appeared only be used as a last resort. The study confirms the bad shape of the hotels and their slow recovery after incorporating the various techniques of crisis management.
TopIntroduction
Crisis management is a significant school of philosophy of management that works with businesses, institutions, or the country at large in periods of major catastrophes (Pardeep & Clark, 2009). Research on this topic has been a popular issue since the start of COVID-19 (Zhao and Xu, 2020). The importance of tourism, particularly the hospitality industry, has really been plunged into a whirl as a consequence of this unexpected crisis. 150 Hilton hotels in China had been forced to close due to the COVID-19 pandemic (HNN, 2020; Walters et al., 2019). In the hotel and tourism industry, there seems to be paucity of studies conducted, particularly on how to cope in such a pandemic.
According to the World Health Organization (WHO) preliminary report on January 21, 2020 (WHO, 2020a), the WHO had to review its outbreak as an international health problem on January 31, 2020 (WHO, 2020b), to be declared an pandemic worldwide on March 11, 2020 (WHO, 2020c). In fair 2 calendar months, the main centre of the COVID-19 eruption heavily traveled from China to Italy, Spain and the United States and gradually covered the entire globe (Kumar & Gupta, 2021). During the first stages of COVID-19 which led to the pandemic that started in the month of January to the end of February, numerous holidaymaker place in Continent, where the Chinese appear to be prominent tourists, established disaster management systems in the tourism sector in response to the pandemic. The road to hospitality corporation towards planning has grown significantly over time as the pandemic spreads around the world, and difficulty administration plan of action need to be developed and concluded in certain time period. Preceding research on problem management strategies (Israel, 2007; Israel and Reichel, 2003; Israel et al., 2011) and pandemic problems (Lee, 2009; Wan, 2013) focused on a specific period (Israel, 2007; Israel and Reichel, 2003; Israel et al., 2011). As a result, the research space should be filled by conducting consistent research during a crisis situation in order to address the research challenge of what problem-solving procedures should be used from time to time during a crisis. An unexpected emergency situation. Although several surveys have identified them as business enterprise problems (Backer and Ritchie, 2017; Ritchie and Jiang, 2019), to the highest degree former studies have focused on disaster risk management, preparation (Hilliard et al., 2011; Novelli et al., 2018).
Disaster management refers to something like the hotel's ability to cope with a disaster when it happens (Israel et al., 2011). At the same time, it often provides businesses with tools to prevent local and global catastrophe (Benaben et al., 2016). Tse et al. (2006) created a list that classifies problems into multiple clauses. They believe that external problems are caused by the environment and the environment, rather than by the internal factory. Disasters can occur as a result of natural disasters or by man-made actions-for example - bacteria, tsunamis, floods, and other natural disasters. Depending on the level of organizational responsibility, natural disasters, technological error risks, and human error risks, there are three types of potential disasters (Kumar & Malhotra, 2021).
Key Terms in this Chapter
Gross Booking Value: Gross booking value is defined as the full amount of payments (including host payments, service, and cleaning fees, but excluding cancellations) processed on the platform.
Rupee: Indian currency.
Pandemic: It refers to the Corona Virus Disease which commence its spread in 2019, globally.
Financial Year: A financial year (FY) is the accounting year in which you make money, which runs from April 1 to March 31 in India.
Online Travel Agency: Companies with websites that allow customers to order a variety of travel-related services directly over the Internet. They are third-party agencies who resell other people's excursions, hotels, automobiles, flights, vacation packages, and so on.
Hospitality Industry: A set of companies offering service related to stay, food and other care of travelers.
Vendor Management: It refers to the management of retailers, hotels should verify and evaluate supplier capacity and categorization of all working assets, especially perishable, in essence, the procurement team should ensure proper stockpile.