27 Jan 2021
Posted in Business Fundamentals
Remote work mentions tripled in Hilton’s and Accor’s 2020 filings, says GlobalData
Work-from-home policies impacted business meetings at hotels in 2020, yet some lodging companies have seen it as an opportunity to focus on newer and safer hybrid meeting solutions. GlobalData’s filing analytics platform found that Hilton and Accor Hotels, for example, had more mentions of ‘remote work’ and related keywords in their company filings than other hotel chains.
Rinaldo Pereira, Senior Business Fundamentals Analyst at GlobalData, says: “According to GlobalData’s Travel and Tourism Intelligence Center, luxury hotel occupancy rates in 2020 decreased to around 50% in China and 53% in the US. That said, the rates are expected to reach 2019 levels by 2023. With remote work still prevalent in 2021, Hilton’s strategies – which included programs for remote workers alongside a tightening of ‘safe’ meeting spaces – are a step in the right direction to meet demand for online video conferencing events. Notably, Hilton’s mentions around ‘remote work’ tripled in its 2020 filings over 2019, while discussions around the these key words more than tripled in the same period for Accor.”
Pereira concludes: “Around 31%* of consumers surveyed by GlobalData noted that they are continuing to work from home. In comparison to other chains, Hilton and Accor seem to be more focused on remote work solutions. While it is likely that offices reopen due to ongoing vaccination drives across the globe, hotel chains will have to raise the bar and follow the lead of Hilton and Accor to regain corporate travel confidence.”
* GlobalData’s COVID-19 Recovery customer survey, Published on 10 December 2020