The hospitality industry is indeed a victim of the Coronavirus health pandemic in more ways than one. First, the entertainment industry more broadly has been adversely affected by this pandemic. According to investors like Shalom Lamm, these adverse effects will unfortunately continue leading to the shuttering of businesses in this sector. That includes not only hotels that rely on tourism in different parts of the country; but also restaurants and small businesses that cannot continue surviving in this severely curtailed environment.
Indeed, the economic consequences that the virus has inflicted on facets of the hospitality industry have been vast. This has been troubling for an array of different reasons. Not every restaurant or hotel has the capacity to survive being shut-down for an extended period of time. And beyond the actual full shutdown, even a partial shutdown that restricts people from passing through the doors, is problematic for a variety of different reasons. So even in the cities where openings for hotels and restaurants have begun, the foot traffic has been minimal.
Shalom Lamm feels that the government’s management and protocols put in place over the last four months will persist and continue unfortunately wreaking the sort of havoc that it already has on the hospitality and entertainment industries. It is truly tragic to watch so many small business owners operating restaurants having to file for bankruptcy due to the economic effects of the Coronavirus pandemic.
While people will undoubtedly litigate and assess the quality of the government’s management of this crisis for many years to come, it’s the fear of the unknown that is the source of a great deal of tension and anxiety for many. This continued unknown and the justified fear associated with it , is what is holding up many sectors of the economy including the hospitality sector. Unfortunately, it doesn’t seem like much clarity is in the cards or slated to be revealed to the public anytime soon.