Hotel performance and structural crises in the economy: some quantitative comparisons from financial statements information

Hotel and non-hotel accommodation is an essential component of tourism development, but unfortunately, it is affected by structural crises in the economy of various origins. This quantitative study analyses the impact of the 2020 pandemic crisis on the economic-financial performance of hotel enterprises, comparing it with the 2008 financial crisis. With a focus on Italy, France and Greece, a ten-year trend analysis of three profitability ratios (ROE, ROA, ROCE), two financial structure ratios (Current ratio and leverage ratio - gearing) and one efficiency ratio (Total Assets for Employee), was carried out. The study showed that the 2020 crisis had a more severe impact than the 2008 crisis. There are no substantial differences between the analysed countries for profitability ratios, which are significant for financial structure ratios. The analysis confirms the crucial role of adaptation strategies in hotel resilience. These findings offer relevant implications for both the academic literature and decision-makers in the tourism industry.