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STRATEGIES OF HOTELS TO OVERCOME THE IMPACTS OF RECESSION
Abstract
Recession is one of the periodic economic cycle phases which requires adequate and dynamic actions. The aim of the study is to identify the best strategies for hotels to overcome the recession and position themselves for recovery. This study reviews available literature on strategies taken by businesses to overcome the recession, compares it with the reaction of hotels in Slovakia in times of the global economic crisis and suggests the most appropriate strategy to reduce the impacts of recession on hotels. A structured questionnaire contended questions related to measures taken to overcome the impacts of the world economic crisis and was completed by 100 hotels in Slovakia. The agglomerate non-hierarchical cluster analysis was used to set the strategies taken and Spearman's correlation coefficient to assess their influence on hotelsВґ revenues, costs, profits, competitiveness, number of guests and occupancy rate. As the most effective we identified the progressive strategy, which combines cost-cutting measures not effecting employees, measures aimed at market development and investments. Findings provide valuable insight for decision makers in times of recession and adds specific focus on strategies taken by hotels during recession. Despite the particularities of economic crisis we consider it the valuable source of knowledge on the reaction of hotels to the recession.
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