The global hotel industry has suffered significant losses during the pandemic, as the hospitality industry is one of the worst-hit sectors. Many businesses were compelled to shut down over the past two years, causing thousands to lose their jobs. Moreover, the recent omicron spread squashed the minor recovery made by the hotel industry early last year.
Given the rapid mutation capabilities of the virus, it is difficult to predict when the pandemic will end. Moreover, with surging geopolitical tensions, international travel is expected to remain low in the near term.
