Effects of COVID-19 on the hospitality industry financial practices
Özet
International travels have an important role in making pandemic prevalent in the world. For this reason, countries that want to take precautions against the pandemic first imposed restrictions on national and international travel. This was followed by curfew restrictions, where people are forced to stay at home. COVID-19 has stopped the activities in many sectors and industries for a certain period of time, and subsequently caused the activities to take place with a production under capacity depending on certain rules. Hospitality industry businesses are at the top of these. In light of this information, this study aims to discuss the financial problems that accommodation businesses may experience due to COVID-19 and their solution practices. According to the results of the study, COVID-19 affects the hospitality industry on financial issues such as liquidity, low profit margin, borrowing, cash flow, high interest rates, high fixed expenses and payments. © Dogan Gursoy, Mehmet Sarıışık, Robin Nunkoo and Erhan Boğan 2021.