Effective factors in financial empowerment of hotels in critical situations with emphasis on the conditions of Corona outbreak

Abstract

BACKGROUND AND OBJECTIVESThe study aims to use the opinions of experts to analyze the factors involved in the financial empowerment of hotels in crises, with an emphasis on the prevalence of COVID-19 in five-star hotels.METHODSThe population consists of administrative and managers, and the sample size consisted of 384 members of the studied hotels. The questionnaire was sent to the sample members via social media, or they answered the online questionnaire. Smart PLS software was used to analyze the raw data and the research model was designed using structural equation modeling.FINDINGAccording to the main hypothesis, controlling coronary disease will improve the financial condition of hotels, and this hypothesis was confirmed with a coefficient of β: 0.781. As sub-hypotheses of factors of creating consistent use, consistent use change, reducing unnecessary costs, maintaining customer relationship and marketing in proportion to the coefficients of β:0.594, 0.506, 0.591, 0.623, 0.523 were confirmed as effective factors in financial empowerment. On the other hand, restricting businesses, reducing unnecessary traffic, and emphasizing social distance with coefficients of β: 0.498, 0.522, 0.618 were approved as effective factors in disease control. CONCLUSIONBecause the specific time for the end of the Coronavirus epidemic is not known; therefore, closure is not a good solution to overcome the virus in the hotel industry. Adapting the business to the new conditions can be a good way to financially empower the hotel industry. On the other hand, observing the factors discussed in disease control in the present study can cause disease control; since disease control is ultimately directly related to the hotel's financial empowerment. Finally, it should be said that the most important achievement of the present study is to present a financial crisis management approach during its occurrence.