Research Recovery Re-scaling Webinar Series: Small Hotels
Good. Afternoon ladies and gentlemen, and thank you for joining us today for, the first in, a series of webinars designed. To, help the hostel centres ministry, retool. For the changes we're anticipating as, our, industry, emerges from the effects of the comic nitrogen virus my. Name is dr. Chen hua and I'm, Dean of the UC of Rosen College of Hospitality Management one. Of the core tenants of university, is the development, of new knowledge, through, research and the. Faculty, at UC Rosen College of Hospitality Management a focus. On producing. Research that informs the, decisions our. Industry. Faces. On a daily basis. Research. Starts with a question and, if. Participants today or your organization. Have, a question, we. Can help you find an answer later. In a presentation we'll share information, about how to start this, collaborative, process. Today. Our, presenters, will be sharing research, and, recommendations, specific, to independent. Lodging properties, in, the state of Florida should. You have a questions throughout the presentation. Please. Utilize the, Q&A, feature in zoom and, our moderator will, field, questions for. The presenters, at the end of the presentation, and now. I would like to invite, our colleagues, dr.. Robert King Krause and dr.. Manuel, Rivera, to, begin the presentation so. Gentlemen please take over. Thank. You Ling one for for your introduction my, name is uh dr. Manuel Rivera and the assistant, dean of, the Rosen College and I'm here today along with my colleague, dr. Robert eco cross the associate, dean of the Rosen College to show support to our industry partner, during, these difficult times with, research, to help drive the, recovery, more. Specifically, in today's webinar, our focus is on the resilience, and vulnerability. Of small lodging operators, in Florida, before, I start, the presentation, I want to quickly acknowledge. Eileen. Band and all the amazing people from superior small, lodging of Florida, they, are true champions, their. Support, dedication. And commitment, to, Florida tourism is second to none well, y'all waited, for. Us to start you listen to the song renegades, I play. This song as a tribute to. Ssl. And all, the smart lodging operators, as Eileen. Said to me a while ago in, one of our meetings this, song conveys, their motivations. And aspirations. It describes their daily struggle, captures, the. Freedom of expression, the choices, and the journey they take us on their dogs and adults, every day to. All this one lodging operators, out there we, will get better and we. Recognize, you're pushing through each day with great physical and mental determination so. Hang in there we're, all with you so, thank you for joining. You. Know when when we look at where. We stand today no no no none of us had an idea that. A little bit over two months ago was, gonna be the first day of what will become a prolonged, period of economic uncertainty. As. We sat looking at the data all of us visited in our seats as a realization. Of what might be dealing with said in the. Many of us are optimistic we realize, that until the vaccine is available we'll, be dealing with with, the crisis, with. That said I want to provide a quick overview of this, presentation, this, particular, study was conducted and, two. Weeks ago and a, total of 133. Small, operators, in Florida participated. In our survey our. Presentation. Is about the resilience, and vulnerability. Of more lodging operate, so. Let's, quickly quickly, define these. Terms when, we talk about resilience. And we talk about the ability of these operators, to not only survive, but to thrive both. In good times and in the face of adversity on, the other hand when. We talk about vulnerability. We refer to the, inability. To withstand a, hostile, business, environment, and that's where we stand right now, the. Framework in, this slide actually present, the organization, of our, presentation.
I Will, focus in the life cycle of crisis. Through five unit stages, that is discovery. Awareness. The, trap face recovery. And emergence, so. So that's the game with with, the discovery, phase this, is the point at which we identify. The, issue related, to the specific event, which is covering nineteen this, is the initial phase of the of, the. Crisis. Life. Cycle unfortunately. The discovery, phase quickly, arose as the initial questions are answered and. The full scope of the situation, begins to reveal itself, Navigon, is important, to first understand, the world where and who about. The dismal, lodging operators. You. Might be asking yourself what, are superiors, Mojang, well, these were small lodging operators, that are actually, inimitable. There, is an experiential, product, very unique in the state of Florida for, years, these operators have fashioned and tender very unique, interactions. With their guests without. A doubt their gas have a psychological, connection, to many of them and this, is something that really transcend, commence, commercial, transactions, and it, with symbols more of a friendship and a family relationship, these. Operators are able to do this by incorporating the, uniqueness of our local culture in Florida and also, the enchantment, of their properties, so. From, the perspective of the destination. When, we look at this properties, they are really, a staple in the peripheral, coastal, areas of Florida therefore. We, can say with confidence that they are, paradigmatic. To Florida's tourism. Now. That you have some idea of what they, are let's take a closer look. And what their operations, and where they are located. Through. Our research and, with the support of SSL we have identified. 182. Small. Lodging operators, three, out of four small. Lodging operators, have, property, with less than, 30 rooms. And. And. When. We look at the location almost. Half of them are in southeast Florida another third is located. In Central West Florida and to, put into perspective. To. Highlight their florida their presence in florida, out. Of every 20 hotels in florida one is an ssl property, and this is a significant, figure given that we have almost. 4,000. Hotel in florida so now that you know where they are let's, take a quick, look and who they are and i can tell you these are legacy properties, our. Data shows that this. Type of properties, have been established in the market for a while. Many. Of them are located in historical, buildings i can be considering landmarks, at their destinations. On average, the, respondent, had been operators. And. Been instituted, for for, 18 years many of them for over 20 years to, be more precise 25%. Have been in, operation, for over 30 years, going. Up to like 60 years so, when we look at the business structure of this operators, nine of every ten properties are actually family-owned. This. Is a remarkable, number depicting. The entrepreneurial. Spirit of Florida tourism again. Necessarily. Showing the resilience, here to, give you a better idea of who this legacy properties, are a fair, number of them are second or third generation family, members, who, actually continue. To operate what was inherited, from an earlier generation, again. They show the resiliency. And. As a family, thing we cannot survive on that it sustains those entrepreneurial. Barriers, across the business cycle and from, one generation to the next they've been succeeding, with. This I conclude that is Congress I so now. You. Should know what SSL, Hotels look like, hope that you like me can see how particularly, remarkable and. Special, they are. The. Second part of this presentation we shall cover now quickly, is. The. Part of awareness, during this second part of the presentation my goal is to create awareness of these properties their, potential, and their significance, to Florida's tourism, I will, be sharing some facts and figures about the demand characteristics, some, of the performance. Indicators related. To their businesses, and the, total number of tourists, that visit this, property, and lastly I will conclude this part by, talking about their economic impact we want to make sure that. Tourism stakeholders. And the audience in general that have joined us today are, informed, about this unique segment, in Florida's. Tourism, industry. So. Let's start by saying that as hotel, operators, SSL's, properties, performance, is not worthy if, we you know and I say it's not worthy because when we look at in, our screen there work you can see sixty-five percent they, have on average, ADRs over on eighty one, hundred and eighty dollars the.
Party Size of people. That visit their properties, when hours two and a half people and, they. Usually stay, around for days or just a little bit over four days and the, reason this is important, and to give you an idea in. 2019. And. At. The beginning of 2020. The. ADR, for this property was actually 25, percent higher than. Florida's average daily rate of one hundred and forty-five dollars and. When it comes to filling up the room their occupancy is slightly lower, than the, average of seventy two percent in the state of Florida but is steady and very aligned with national average. So in the screen you can also observe the breakdown. Of the different performance, metrics by by property, size this, information, is important. To generate awareness because, most of the industry, in the most, of the industry, index X right now typically. Do not tally, the results for, this segment, so, until today there have been very little attention in previous stories to actually document how these operators, do, so. Now, that we know that the rooms are filled, and custom are willing to pay, let. Me share with you how many to is actually stay in this type of properties. Based. On the survey, of the operators, we discover that in 2019. This. Type of properties, welcome a sound number of tourists to be specific, half a million tourists, and if. We look at those numbers these, tours actually, generated. A total of three quarter million route nights for, Florida's, economy so, again that's a significant. Number for these small operators, when. We look at the already markets, we see that the out-of-state tourists, represent. 57. Percent, market. Share around. Two hundred and eighty four thousand, as, for the intake story in-state, tourists, their, market, share is 43 percent, representing. A little bit over two hundred thousand, staying. At these properties, and then, in the screen you can see the. Distribution of this performance, metric, by, the different, property, sizes. These. Properties, although mostly, family-owned also, play an important, role in creating jobs for the tourism sector and local communities, on average, each of this property support, almost. Two salary employees and as, for the hourly, employees, the average number of employees ranges, from two in the smaller properties, all the way up to 15 in, larger properties, with more than ten rooms again. They're. Demonstrating a positive, impact on the communities, where they serve so. By now I'm sure that the data provided. Depicts. A more, discernible, silhouette, of these operators, and their property, so, let's, take a quick look at their, overall impact. In, Florida's. Economy. For. 2019. Based on the performance, metrics that I show you earlier, the, direct impact, of these operators to Florida's economy was, almost, 134. Million dollars, when. We look closer at, this data it demonstrate. In. The screen the, total impact by property, size this, impact, is actually, very conservative, as, it, only consider, the revenues, that are generated from. From room sold and not, other services, that are provided at, these, properties, that, could be - be it. Could be rentals, etc, but. Disciplinary. Preliminary. Results, are significant. And and we could estimate that they could easily be ten, to twenty percent higher, again. Demonstrating. The potential of small. Operators. For the tourism economy. It's. Important, to also to understand, that the, contribution. Of these operators, to the state of Florida goes. Beyond. These. Die their impact, because of the multiplier, effect it, has on businesses. For. Example, during, the same period in, 2019. The trickle-down, effects, from ssl operators, indicate, that the total output generated. And that, is the direct, indirect. And induced effect. Tally. About a quarter. Like, what a billion dollars, to, Florida's economy at, the, same time it's value-added contribution, meaning the, increase, in Florida GDP, is by, 150, million dollars, this. Is the increase, in. The local employees, wages and, the local business profits, if, we look at the type 2 multiplier. Is. 1.84. This.
Multiplier, Actually, captures, the. Propensity of businesses, and households to, buy goods and services, from. Within the region this. Means that for every dollar, generated. By s SL an additional. 80 84. Cents recirculate. Florida's, economy because. Of business supply of good, and. Household. Spending, in. Terms of jobs we can see as well the almost. 2000, total jobs, are supported, 60. Percent of these jobs are direct, while, the remaining 40 percent are indirect, and induced. In. Addition to lift contributions. That you see now on the screen these, all operators. Also generate, a significant. Source of taxes, for the state so, let's take a quick look. When. We look at 2019. The total taxes, generated, from. These operators, is, almost, fifteen and a half million dollars, fifty. Percent 57. Percent of these taxes, are part of the stay of sales tax and the other part is part, of the tourism development tax, when we look at the tuition development. Tax they arranged between two and six percent in. Addition, to the tax rates and this is what we call the tourism development tax, so, again it's very significant, contribution to the state when we look at the tax. Now. By. Now you should be fully aware of who these smaller operators. Are and just to reinforce, I. Want, us to remember the following and. When we look at these operators, they're emblematic, of Florida's tourism, on. Average. The, the total, contribution. Is around six hundred and eighty one thousand of dollars to. Florida's, economy every, day this. Actually translate to, around thirty thousand, dollars every, hour in. Addition. When we look for every rule, available, it has the potential of generating. Almost. Eighty thousand dollars in. Total economic impact. So, let's, not also forget. Their. Ability, to generate jobs and the, significant, money that comes from, tourists spending so, now we have a better picture and awareness, of who they are. So. You, know until. Now all the information that I provide, to you is is great it depicts, these these. Great operators, and the business that they do however. Right now we. Are venturing into a trap phase and this is the third phase we encounter, when dealing with the crisis, this, is the time when we actually start, getting, we. Start, getting that feeling, of of healing rock-bottom and without. A doubt this. Face is the most difficult challenging, phase when. We're talking about managing the crisis, and the business it's, inevitable, that sometimes, the morale, and confidence will. Be down, but. We're. Going through that right now and it's just right, now trying to create an effort, to to move out of it so. With that said. In. This lies I want, to share with you some. Idea of what this operator a operators. Are going through right now. Because. Of the shutdown. Only. Very few properties those. With actually, 30 rooms or more are. Operating. But they're only operating, at 7%, of the normal operation, if, we look at the others they're basically shut down you know 1 percent or 3 percent of, business when. We look at the this. Trap, period. Phase. 2. In the chart down we. Can, see, that. For. The operators. When, they think about the, sense of recovery, that, sense of expected. Recovery time, seems. Very far away we. Asked them. When. Do they expect their business. To return to normal and the, operators. Indicated. To us that it could easily take between, six months, to even a year depending on the property, so we see.
The. Data on the screen we. Those operators. With. 11. To 20 rooms you will easily take 10 months for the. Smaller operators. Those with 10 or less room it is close to two eight months so these. Type of. Figures. Suggest that. The. Impact, of the current crisis, will not be short-lived and. These will. Create, tremendous. Financial pressure, on, on, the operators. Now. In. Order to maintain their, businesses, and just to put this into perspective. Many, of these businesses during, these transfers, have have. Been for to seek economic, and apply to economic, relief programs, either would that be the PPP. Program, for patient paycheck protection, the, ideal. Program. SBA. Emergency. Loans or, finding. Sources. Who through, other. Intermediaries. For personal, loans on. Average, a third, of them applied to one loan, another. Third apply, to. Two programs, and another third apply to. Three programs so as we can see. You. Know everybody, is seeking some, support to maintain, to. Maintain their business. The. Reason we talk about this because. It's important, to put into perspective the. Risk of a non, intervention, so. As we can see there's, really no doubt that small, lodging operators, are vulnerable, during this traffice. Therefore. We ask ourselves you, know what are the risk you. Know the corium relief programs and off are the small lodging operators, resilient, enough how. Can we put into perspective a potential, plan towards, recovery you, know what type of performance, metrics, can serve as, goals. To, dry strategy, and and how vulnerable they, are. So. In order to get answers, to to, these questions, we. Perform. Certain. CVP, cost-volume-profit. Relationship. Analysis. For the operators, you, know we understand, that the goal of every operator right now is to spring back to che, and. Actually, experience. A sense of our normality. And start welcoming guests so. By. Conducting, this type of analysis. Were able to figure out what. Might be the minimum, volume required, to, actually cover the, operating, cost, unfortunately. The operators are facing a window of vulnerability. And. Some, of them are our defenses, because of the shutdown, and the, safety concern, issues. So. When. We when we see how vulnerable they, are we're. Trying to quantify, here. That the adverse impact. During. This traffice so, by performing, the cost-volume-profit. Analysis. We. Actually use the, operating, cost for this operate the operating, fixed cost for these operators, and their variable, cost to, quantify, what. Will be the break-even point per, day and the. Data that i've shown in the screen right now we can observe that the break-even sales. Between. Properties. Actually. Vary. Significantly and. This, is mainly because of the different fixed cost structures, that they have of course larger, properties, having, larger fixed cost due to their size we must remember that since these operators are currently shut down they still have a burden of many of these costs so, when we look on a per day basis, this cost, burden, will, range from four hundred and seventy two dollars per day for.
The Smaller properties, all the way, to. Three a little bit over three thousand dollars per. Day so. Now we have a better understanding of. What. They're going through in. Comparison. To what they did for. Example in, the previous year. Moving. Along from this trap phase we, want to start thinking about what, are the options, for recovery, and this. Recovery, phase, is. They're fairly doing the English, the small, operators, will finally, begin to, methodically. Work their way through, the post issues and drive through a potential. Resolution on recovery, you know in a crisis situation you. We'll know your if this phase when you begin to conversion, a single path even if you have some few, holes in it and and that might be once we start opening up to. See what happened in terms of demand and. We understand, that consumer. Sentiment, is very important, and then we go back until. We have a vaccine. This. Risk will always depressant. So, when, we're thinking about recovery. We, understand, that yes safety, come first and, and. We, are not there fully, yet but. Preliminary. Data, shows that there might be some light and. What the recovery, might look like and when we were able to try to put some figures together to. Provide some idea. In. A recent study, that. We, have. Access to a panel, of consumers. Were asked, about the traveling patient, by, controlling. Four different scenarios and, this, was a time variable, eating, will people go to travel, immediately, will, people start. Travelling when there's a vaccine or, they, just completely, will, we draw from, from travelling and, the. Results, portray, the current, sentiment, to our three unique travel intentions, so, let's, take a look. The. Cruise industry is actually taking a major hit. When. From, that study that we have access when, when, the participants. Were asked, how soon, you. Will take a cruise, after. The stay at home orders are lifted, and people. Are free to travel again, sixty-one, percent of the people indicated. That they will never, take. A cruise another. Twenty six percent indicated. That they only will take a cruise if, the vaccines available so. If we put these two figures together that, reduces, the the market, share for for cruising, by eighty, seven percent so. This. Is this, is a big impact, on that particular, industry if, we look at another example in, terms. Of flying, similarly. When. People were asked how, soon will you take a flight many. Of the consumers indicated. That they will be considering, fly. Way. Better results, when compared, to. Cruising. The, the consumer intention. You. Know. Demonstrate. That right. Away 14. Percent of people will start flying and and. If we look, okay. For. The next, six. Month it there, will be a large number of people and, that will start flying in the in, the next six month and actually from, now until July, 15 they which cycle in the next two month 25%. Of the mo members will will. Travel, and as, you can see none of them says that they will never travel by, fly fly by air again. So. So. From that we, can say that if. We compare, dosages - it seems like up, in the air seems, more acceptable, than from 10 overwater so, so let's take a. Quick look at the travel intentions, related, to - driving, in. Contrast, to the other two most of modes. Of travel driving, is completely, different story a little, over half of the respondent, indicated. That they have to travel right, away as soon as they stay at home orders are lifted. This. Number is expected to to, increase and continue to increase over, the, next six month even, without a, vaccine. And, only, a very small number for person, will await for for. A vaccine so these preliminary. Figures about. The Consumer, Sentiment. Indicates. That they're really considering, enjoying. A little travel. Especially if it's by car now. The question, is will. They stay in a hotel, well. Again, there's some positive, sign for the smaller operators, because. When asked, about their preference for travel. 72. Percent of these people indicated. That, they, will prefer a smaller, boutique, hotel in, comparison. To a larger, hotel so. This. Shows some, light at the end of the tunnel again we have to understand that safety is is. An issue but. With, this in mind what, we did we prepare, scenario. To, try to catch sure the potential, consumption. In these, hotel properties, and see. What, is the potential for additional, revenues to be generated. So. In. This slide you can observe performance. Scenario. That consider, the. Following assumptions, we already know from our data what. Is the expected, recovery. Period and you know operators, know better, they're. The. Units under client, so they will have an idea. How. Much this might last when. We look at the occupancy. Rates we are assuming, in this scenario that that would be a 50%, drop in occupancy, so for. Example for properties, that have 10 or less room instead, of operating as 60% they might be operating now at 30%. People, might be more mindful. In, what, they spend so instead, of spending.
The Full rate that they typically, did were assuming, that there. Could be a, 30%. Drop in daily. Rates we. Will assume that for now the group size will remain the same as family cohesion most, likely stay the same but, we suspect that, the, lengths of stay and the duration for the vacation, might be caught so, something that typically, will be around five days or four and a half days we, think might be my drop to 20 half maybe, three days if, we consider these parameters. We. Will see. That. During. The period that is expected to be on the recovery, all these properties, can generate up to 35 million dollars, in in. Revenues, for for. Their businesses, the question is will, that be enough for. Them to stay, financially, healthy and at least cover. Those. Those. Costs, that they. Have, every day their fixed cost structure, and breakeven, so. When. We look at the, the. Break-even modeling. Although we see that there's a significant, amount of money that could come in and we. See that the consumer, sentiment. Might indicate people will come back, it. Might not be enough okay. The. Break-even sales for, the periods, that these operators, feel, is going to to recover is around 62 million dollars, so, basically, we're gonna be short around, twenty, six point seven million dollars, to. Cover the, expenses, during that period and understanding. That there will be some, limitations in, terms of the revenues, generated and. The. Probably the length of the stay for. The people at these hotels, we, might need to then get more tourists, and there. Might be a shortage of tourists, during this during. This period that could reach up to. Up. To three, hundred thousand, people so. Now you have seen the. Different phases, and how we, move from creating, the discovery, awareness. The. Raph I'm. Moving forward, so, now is the emergence, phase very quickly this, is where we start thinking. Of that we will be better off and and there is the. The. Crisis. Lifecycle, so during, the emergency is, all about. Coordination. So if you want to get out of the trap, we really have to work together and, alone we can. Only do so little to, that together we can do a, lot, more so, when. We look up to reason and these are just a few there are numerous stakeholders, government. Suppliers employees, utility. Company, transportation. Sector. You. Know the small hoteliers past the rosin college and the, education, sector who's involved, who, actually have to play their part and, that's what we're doing here we're fostering, relationships. And. You, know our. Priority, is to make sure that people, ensure safety. That's. The first thing for everybody, involved in. Tourism but by creating, this this, partnership, just like we did with SSL, then, we can start thinking more closely about, what other things can we do can, be done we can start thinking on what type of promotions.
And Media messages, have to be sent how. Do we can come up with new agreements, and models, to dealing with OTAs, and, what type of additional, financial, support will, be needed we provided, some guidance in. Terms of different, scenarios, what. What, will be the new role of the DMO during, these plans how. Organizational. Collaboration. Which is what, SSL, is help. Other businesses. Succeed. And more importantly, you know develop more robust, crisis. And contingency, plans so, for now. You. Have seen a look, through. Our research how. Can we deal with this crisis, and create awareness and, we, see a particular, sector, of the industry that we have been able to paint a picture or. To. Start thinking about the strategic, planning on how to move how, to move forward so, in. Order to start wrapping this up I'm going to transition now and. Bring. In my my esteemed colleague dr. Robert Rico CROs who's. Going to wrap. Up this session before we start a, discussion so. Dr.. Krause thank you, dr. Vera after, this wonderful presentation. I. Think, you. Have had the opportunity to. Understand. The. Mapping, of the. Industry. In in Florida, but, also the, seeds of resilience, that, has been revealed through this particular presentation. And, this. Is an example of how. The. Research Institute of, the Rosen College which is a dick Boak Institute, senior, for. Tourism, studies can. Assist, you and that we are ready to. Answer, your questions, as being, wrong mentioned, at the beginning, everything. Starts with a question everything, starts with a challenge, and what. Is important, is that we formed, this partnership. In, order to work together to. Come up with those, answers, that. Benefit, the community at. Large so. With. That. We. Open up the opportunity, for, questions. Good. Afternoon this, is Susan Vernon Devlin I'm the manager of communications, and marketing at, Rosen College I will. Be moderating your questions, this afternoon. First. Question, that we have. Is. From Matthew whose when, comparing, cruise travel, versus flying do you feel like the main influence, of the data variance, is the, because Cruz is considered, completely, leisure, versus, flying which. Can be both business, and leisure. Thank. You Matthew that that's a great question the. Context, in which the the. Question, was asked in this particular, case was for leisure, we. Understand. That, business. Travel is a different, category, people, will probably have to do that as part of their job on. The leisure is. Very different because. The. Numbers we presented. Show. K is that sentiment, so it feels that from the leisure side, people. Might be willing, to do certain, travel, related. Activities, and and cruise. Obviously, is not one of them but traveling, and driving, seems to have a little bit more potential, right now. Our. Next question, comes from Lydia. Cullen. During. The recovery, phase what, is your explanation, for, consumers, to prefer to prefer. To stay in boutiques versus, large hotels. Well. In. My opinion right, now I feel, that you. Know we're practicing social, distance, and, you, know nowadays people. Will consider health more than usual. Usually. Not feel the conversation, about house was about people's perception, should I eat that or not or do something but never about mobility. So. Smaller, properties, might. Have an advantage in terms that they might be perceived less crowded, and people. Might feel, safety. So that that's an initial.
Thought. But it's still early I will, defer to my colleague. Dr. Crosby is, also conducting, some other research that will present later and he can provide some insights, on that. Thank. You dr. Rivera the research indicates, that people, is. Hesitant. To be viewed. In crowded areas, so. Therefore, they will look more, at places. With less density, of people so. Nature, would be important, beaches are going to be important. Compared. To cities, and so on so every. Every location which. Is a little bit distant from cities, and so on will, have better. Opportunities. For. Leisure travel, in, the near future that is what a research is telling us at this moment. That's. Because we have a question here from dr. Gupta is there. A difference, among age groups for people about, the risk they are willing to take while flying or traveling through. Along, the road younger. People might be willing to take more risk what has your research shown so far the. Research the, research is indicating it indeed and younger people are more. Risk-averse. Than, for example boomers. So. We, expect. That. Younger. People if they, have. The. Income, available. To. To. Use for leisure that, they are the ones that are going to travel up the most compared, to the Boomers the boomers are more a, risk averse it. Is also because of the. Current, correlation, between, the health situation and health risk involved, for for. This particular, group which is the Moores. Ok, we have another question can, pertaining, to the research, can. We extrapolate. Florida, results, to other tourist, hotspots, such as national, parks or places, like Hawaii. Um. Well. We have to be a little bit careful because the sample, that, we we, used, for this particular study is particularly, focused, on. Florida. So, we don't know exactly all the context, with hope with regard, to Hawaii or or other. Areas. In the country but, what we do know is that, people. Tend to be, very careful, in terms, of, potential. Health risk involved where, they go so, places. Where nature. Is involved, are, more. Likely to be visited, compared, to cities so, that. Is what the research. Is telling us right now and also, in terms of the age, cohorts.
Where, Younger, people 10x2, or more like to travel, compared, to boomers and also. We know the third thing which is important, that people will. Travel closer to home then further away from home at the beginning. Thank. You doctor crows dr.. Rivera we, have a question asking, when, the survey of the small lodging, owners was completed. Yet. This. Survey, was just, just completed. Ten. Days twelve days ago and. Was done with the support of our, industry. Partners especially SSA. Land and. Their. Partnership, in Florida, Florida, Research Association and, different CVB's across Florida I. Have. Another question regarding, your. Research apart from the forecast, are there any ideas of what, the perceptions, are among, hotel yers about. They're. Losing, money, or going bankrupt and, with. The survey in. Future, we, include. Some of this data, yeah. Thank you I, see the question from from. Rudy Biagio so yeah the. Results were presenting, today is, the, first part of our study, we. Have a second. Part of the study that we haven't finished analyzing it, we, specifically. Tackle. How. The owners, feel so we, we asked, you know what is needed to, survive. Right now six. Months from now and and. We have a better picture of the, different challenges in addition, to the forecast, that we just did and those, will be presented, later on. We. Have a question for dr. Sandra. Herrera, in Portugal. She. Asks, in Portugal, the government decided to create a certificate, for hotels that follow some criteria, to have a safe stay, calling. It a clean, and safe. Location. Is Florida. Planning to do something, similar for its hotels. Thank. You Sandra. For the question right now we. That's. What we're asking at the end of the presentation, the importance, of collaboration, because. When. We talk about the finance impact, the, crisis, is having on on these operators, these are the kind of things that will actually have. Also an impact on on. That adversity, so, I'm. Pretty sure as we said that, safety. Will be number one but, right now it's a little bit too. Early for us to to comment on that one I will defer to my colleague. Dr.. Proust to see if he has any other information on that. I'm. Pretty sure that at some point there will be a protocol, for all the suppliers in order to provide, consistent, survey. And service. And also a, clear. Signal, to the market, that, there, are very, high standards, here in terms of ensuring. Safety. And, how health. Safety, for our, customers, so that's that's very important, because there. Needs to be a balance, between what. Is safety, and also, what. Is. Potentially. Important, for customers. Regards, to their, houses their. Health expectation. At that particular, destination or, hotel. So. That is the expectation, that this, will be. Conveyed. Very soon to the market. We. Have a question, from Abu. Recognizing, the heterogeneity. Of small, business, tourism, businesses, do you think there are major differences, in their practices, regarding the recovery, period. Operational. Practices everybody, there will be a new standard, of safety so. That that will be across all. Industry. Sector, it will be across all lodging. Operators. And the consumers, are going to be more demanding, so, in. That regards yes there, will be. There. Will be some changes. We. Have a few of our participants, asking, what, you think that the impact of a second wave of kovat, will have on the industry. And the. The situation, is so fluid, because, we're experiencing, something that never. Been experienced, before, traditionally. In our businesses, we, look at how. People will react and I see some people asking, for example, about dropping. The rate will work, and. Right now you. Know people are some, people are losing their their income, or being reduce then. We have the health, issue so it's, no longer a, matter, of income.
Elasticity Will, be a health, elasticity. Of demand meaning. There, are many new factors. That, will shape the. Consumption. Behavior, and and wearing the process, of, investigating. On this and. All, of these are great questions but, as, we progress in, terms of how the virus, unfold it. Will be very difficult to predict, let. My colleague Tico to comment on that one as well I, mean I agree with you it's very difficult to predict at this moment that what is sure. Is that. The. Industry. Should provide. A, very. Important, signal to the market, that, the industry, takes the. Safety. Concerns, very. Very seriously, as long. As the market or the market does, not really have that level of certainty, about their, health. Situation. About, the standards, of being practiced, it, will. Have a negative impact on, how. Quick, we can recover. From the situation, so, it behooves, the, industry, to, set very very quickly those, standards, and convey, in a, very clear and transparent message. That. To the market so, that the consumers, when they come to and visit Florida, for example or the hotels they, stay at hotels that they know that, their, health risk has, been mitigated. Or at, least, take. Into. Consideration. Which is very very important. We. Have two, of the participants asking. About. The sample, size and the sampling method for a real research, dr., Rivera. This. Is a positive, meth, sampling, we you know we target. With. With our partners Superion small lodging, and through. Their membership to highlight, their characteristics. Through. Research because by, by focusing, on a specific group, and. Finding, some homogeneity, in terms of these distances, we can have a better. Impactful. Research so, you know they have a hundred, and eighty two properties. We, secure around 133. Through. This for. This survey. And usable responses, were around 110. Meaning. Fully completed, surveys. So, he. Was. Down there with their collaboration. So that's what we were able to quickly secure, the data and the, support from SSL, but, tying back very, quickly. About. Somebody. Has a question about additional. Cost and safety and cleanliness you, know I want, to bring to attention that, when we're working with properties, that belong, to an organization and. Are certified. They're, already standards, in place, so. That's an advantage that these operators, have and I. I. Have, talked to to our to, my colleagues, and I'm friends, and SSL, and for. Example our friend Ross Aldean he, has shared with us that they. Have a White, Glove Award, recognizing. For their. Standards, of cleanliness so, they're ahead of the game in many of these aspects, so that shows that yeah, there will be more things to do however. They seem to have. The. Right procedures, in place to have them move forward. We. Have a question, from. Madeline, Yadav regarding. Social, media and. If analysis of, any reviews, is, finding, that perceptions, of customers, are affecting, the hotel industry post kovat. You. Know right. Now you, know a resource is very focused on. Understanding. And, generating, the the demand and we. Don't have these operators, which are the the small. Lodging. Operators that might not have the food resources, that larger corporations, have so they might be a little bit more more vulnerable, right, now. Our priorities, to support, the the operators. But when the time comes, social, media has exploded, in. Terms of information and, the sophistication, of analysis, will allow, to. A more comprehensive and. And - that will that's a great idea what, he will control in the future. All. Right well. That's all the time we, have right now for questions, today thank you all for joining us I know some of us we. Didn't get to all of your questions and we hope that you. Will come, and join us again next, week for our next webinar also.
If You visit, our website under, the dick Pope Institute, for tourism you will find a link to the, study, once, you take a brief survey our, next, research, webinar, will be on May. The, 27th. At 11:00. A.m. you, will find a link, for that also on our website under, research. Recovery. And rescaling. So. Please do join us thank, you dr. crows and dr. Rivera and thank you to all our participants for, joining us we. Are very grateful that you are here with us and we hope that we've been able to impart, some knowledge to you and share, our research and that, you'll join us again thank, you so much, thank. You everybody we really appreciate, the support and again. Thank. You to the people from SSL and we will be in touch soon so, thank you so much for joining have. A great day.