The covid-19 pandemic resulted in hbf hotels having a big decline in profits. they were forced to cut costs and get rid of unprofitable hotels in certain areas for the survival of their business. what specific corporate strategy did hbf

General
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the covid-19 pandemic resulted in hbf hotels having a big decline in profits. they were forced to cut costs and get rid of unprofitable hotels in certain areas for the survival of their business. what specific corporate strategy did hbf hotels adopt to cope during the pandemic?

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What specific corporate strategy did HBF Hotels adopt to cope during the pandemic?

The COVID-19 pandemic has had a huge impact on the hospitality industry, and HBF Hotels was no exception. To cope with the decline in profits, HBF Hotels had to adopt a specific corporate strategy. One of the main strategies that HBF Hotels implemented was to cut costs and get rid of unprofitable hotels in certain areas.

HBF Hotels also focused on strengthening its online presence and investing in technology to improve customer experiences. The hotel chain ramped up its digital marketing efforts in order to attract more bookings and generate revenue. They also implemented contactless check-ins and check-outs to ensure social distancing measures were followed.

Another strategy that HBF Hotels adopted was to reduce operational expenses. This included reducing employee hours and implementing a hiring freeze. The company also focused on renegotiating contracts to reduce expenses and improve cash flow.

In addition, HBF Hotels looked for new revenue streams to offset the decline in profits. For example, HBF Hotels offered staycation packages and partnered with local businesses to offer discounted packages that would drive revenue not only to the hotel but also to nearby businesses.

Moreover, the hotel chain also focused on retaining its loyal customers. HBF Hotels offered loyalty program members special incentives and exclusive discounts to maintain customer loyalty. This helped the company to continue generating revenue even during the pandemic.

Overall, HBF Hotels adopted a comprehensive and multifaceted corporate strategy, including cost-cutting measures, investment in technology, renegotiating contracts, identifying new revenue streams, and retaining loyal customers in order to effectively cope with the COVID-19 pandemic’s impact on their business.