Performance of the Slovenian Hotel Companies in Times of COVID-19
Mateja Jerman - University of Primorska, Faculty of Management, Izolska vrata 2, 6000 Koper, Slovenia
DOI: https://doi.org/10.31410/tmt.2021-2022.273
Mateja Jerman - University of Primorska, Faculty of Management, Izolska vrata 2, 6000 Koper, Slovenia
DOI: https://doi.org/10.31410/tmt.2021-2022.273
6th International Thematic Monograph - Modern Management Tools and Economy of Tourism Sector in Present Era, Belgrade, 2021/2022, Published by: Association of Economists and Managers of the Balkans in cooperation with the Faculty of Tourism and Hospitality, Ohrid, North Macedonia; ISSN 2683-5673, ISBN 978-86-80194-49-3; Editors: Vuk Bevanda, associate professor, Faculty of Social Sciences, Belgrade, Serbia; Snežana Štetić, full time professor, The College of Tourism, Belgrade, Serbia, Printed by: SKRIPTA International, Belgrade
Abstract: The chapter aims to analyse the performance of the Slovenian hotel companies in the times of Covid-19 compared to the performance before the pandemic. As the number of tourist arrivals and overnight stays significantly decreased during the pandemic, the Slovenian government has taken various measures to support the tourism industry. The research question of the article is: Is the performance of Slovenian hotel companies significantly different in times of Covid-19 than in times before Covid-19? The analysis is based on a sample of the 100 largest Slovenian companies operating in the hotel industry. The data covers the period 2018-2020. The results show that the performance of Slovenian hotels was significantly worse during the Covid-19 period. Without state aid, many hotels would most likely cease operations. The analysed industry faces major challenges. Suggestions for improvement and opportunities for further research are given.
Keywords: Performance; Hotel industry; Covid-19; Tourism; Performance measurement; Crisis
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the COVID-19 tourist industry crisis? The case of Spain. Journal of Destination Marketing
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workforce – new crisis or amplification of the norm? International Journal of Contemporary
Hospitality Management, 32(9), 2813–2829. https://doi.org/10.1108/IJCHM-04-2020-0314
Breier, M., Kallmuenzer, A., Clauss, T., Gast, J., Kraus, S., & Tiberius, V. (2021). The role of business
model innovation in the hospitality industry during the COVID-19 crisis. International
Journal of Hospitality Management, 92, 102723. https://doi.org/10.1016/j.ijhm.2020.102723
Collins-Kreiner, N., & Ram, Y. (2021). National tourism strategies during the Covid-19 pandemic.
Annals of tourism research, 89, 103076. doi: 10.1016/j.annals.2020.103076
Crespí-Cladera, R., Martín-Oliver, A., & Pascual-Fuster, B. (2021). Financial distress in the hospitality
industry during the Covid-19 disaster. Tourism Management, 85, 104301. https://doi.
org/10.1016/j.tourman.2021.104301
Demirović Bajrami, D., Terzić, A., Petrović, M., Radovanović, M., Tretiakova, T., & Hadoud, A.
(2021). Will we have the same employees in hospitality after all? The impact of COVID-19
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Management, 94, 102754. https://doi.org/10.1016/j.ijhm.2020.102754
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Strategic measures to recover hotel activity in times of COVID-19. International Journal of
Hospitality Management, 96, 102928. https://doi.org/10.1016/j.ijhm.2021.102928
Giousmpasoglou, C., Marinakou, E., & Zopiatis, A. (2021). Hospitality managers in turbulent
times: the COVID-19 crisis. International Journal of Contemporary Hospitality Management,
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Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change: a rapid
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80/09669582.2020.1758708
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Jones, P., & Comfort, D. (2020). The COVID-19 crisis and sustainability in the hospitality industry.
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https://doi.org/10.1108/IJCHM-04-2020-0357
Ntounis, N., Parker, C., Skinner, H., Steadman, C., & Warnaby, G. (2021). Tourism and Hospitality
industry resilience during the Covid-19 pandemic: Evidence from England. Current
Issues in Tourism, 25, 46–59. https://doi.org/10.1080/13683500.2021.1883556
Romagosa, F. (2020). The COVID-19 crisis: Opportunities for sustainable and proximity tourism.
Tourism Geographies, 22(3), 690–694. https://doi.org/10.1080/14616688.2020.1763447
Sanabria-Díaz, J., Aguiar-Quintana, T., & Araujo-Cabrera, Y. (2021). Public strategies to rescue
the hospitality industry following the impact of COVID-19: A case study of the European
Union. International journal of hospitality management, 97, 102988. https://doi.
org/10.1016/j.ijhm.2021.102988
Škare, M., Soriano, D., & Porada-Rochoń, M. (2021). Impact of COVID-19 on the travel and
tourism industry. Technological Forecasting and Social Change, 163, 120469. https://doi.
org/10.1016/j.techfore.2020.120469
SORS - Statistical Office of the Slovenian Republic. (2021). Retrieved from https://www.stat.si/
StatWeb/en
STO - Slovenian Tourism Board. (2021b). Tourism in numbers. Retrieved from https://www.slovenia.
info/sl/poslovne-strani/raziskave-in-analize/turizem-v-stevilkah
STO - Slovenian Tourist Board. (2021a). Tourism in numbers. Retrieved from https://www.slovenia.
info/uploads/dokumenti/tvs/2020/2021_03_STO_TVS_2020_SLO.pdf
Stubelj, I., & Jerman, M. (2019). Empirical analysis of Slovenian hotel industry performance
with the relative residual income approach. In V. Bevanda, & S. Štetić (Eds.), 4th International
Thematic Monograph, Modern Management Tools and Economy of Tourism Sector
in Present Era (pp. 397–412). Association of Economists and Managers of the Balkans.
https://doi.org/10.31410/tmt.2019
Šulc, I., & Fuerst-Bjeliš, B. (2021). Changes of tourism trajectories in (post)covidian world:
Croatian perspectives. Research in Globalization, 3, 100052. https://doi.org/10.1016/j.
resglo.2021.100052
Uğur, N., & Akbıyık, A. (2020). Impacts of COVID-19 on global tourism industry: A cross-regional
comparison. Tourism Management Perspectives, 36, 100744. https://doi.org/10.1016/j.
tmp.2020.100744
UNWTO - World Tourism Organisation. (2021a). The Economic Contribution of Tourism
and the Impact of Covid-19. Retrieved from https://www.e-unwto.org/doi/
epdf/10.18111/9789284423200
UNWTO - World Tourism Organization. (2021b). Understanding domestic tourism and seizing
its opportunities. Retrieved from https://www.e-unwto.org/doi/pdf/10.18111/9789284422111
WTTC - World Travel & Tourism Council. (2021a). Travel & tourism: economic impact 2021.
Retrieved from https://wttc.org/Portals/0/Documents/EIR/EIR2021%20Global%20Infographic.
pdf?ver=2021-04-06-170951-897
WTTC - World Travel & Tourism Council. (2021b). Staff shortages. Retrieved from https://wttc.
org/Portals/0/Documents/Reports/2021/WTTC-Staff-Shortages.pdf
WTTC - World Travel & Tourism Council. (2021c). Economic impact report - Slovenia. Retrieved
from https://wttc.org/Research/Economic-Impact
WTTC - World Travel & Tourism Council. (2021d). Economic impact report - Europe. Retrieved
from https://wttc.org/Research/Economic-Impact
Zhang, H., Song, H., Wen, L., & Liu, C. (2021). Forecasting tourism recovery amid COVID-19.
Annals of Tourism Research, 87, 103149. https://doi.org/10.1016/j.annals.2021.103149
Zopiatis, A., Pericleous, K., & Theofanous, Y. (2021). COVID-19 and hospitality and tourism
research: An integrative review. Journal of Hospitality and Tourism Management, 48, 275–
279. https://doi.org/10.1016/j.jhtm.2021.07.002
Keywords: Performance; Hotel industry; Covid-19; Tourism; Performance measurement; Crisis
REFERENCES
Abbas, J., Mubeen, R., Iorember, P. T., Raza, S., & Mamirkulova, G. (2021). Exploring the impact
of COVID-19 on tourism: Transformational potential and implications for a sustainable
recovery of the travel and leisure industry. Current Research in Behavioral Sciences, 2,
100033. https://doi.org/10.1016/j.crbeha.2021.100033
American Hotel & Lodging Association. (2020). Survey of hotels on financial crisis. Retrieved
from https://www.ahla.com/
Arbulú, I., Razumova, M., Rey-Maquieira, J., & Sastre, F. (2021). Can domestic tourism relieve
the COVID-19 tourist industry crisis? The case of Spain. Journal of Destination Marketing
& Management, 20, 100568. https://doi.org/10.1016/j.jdmm.2021.100568
Assaf, A., & Scuderi, R. (2020). COVID-19 and the recovery of the tourism industry. Tourism
Economics, 26(5), 731–733. https://doi.org/10.1177/1354816620933712
Baum, T., Mooney, S., Robinson, R., & Solnet, D. (2020). COVID-19’s impact on the hospitality
workforce – new crisis or amplification of the norm? International Journal of Contemporary
Hospitality Management, 32(9), 2813–2829. https://doi.org/10.1108/IJCHM-04-2020-0314
Breier, M., Kallmuenzer, A., Clauss, T., Gast, J., Kraus, S., & Tiberius, V. (2021). The role of business
model innovation in the hospitality industry during the COVID-19 crisis. International
Journal of Hospitality Management, 92, 102723. https://doi.org/10.1016/j.ijhm.2020.102723
Collins-Kreiner, N., & Ram, Y. (2021). National tourism strategies during the Covid-19 pandemic.
Annals of tourism research, 89, 103076. doi: 10.1016/j.annals.2020.103076
Crespí-Cladera, R., Martín-Oliver, A., & Pascual-Fuster, B. (2021). Financial distress in the hospitality
industry during the Covid-19 disaster. Tourism Management, 85, 104301. https://doi.
org/10.1016/j.tourman.2021.104301
Demirović Bajrami, D., Terzić, A., Petrović, M., Radovanović, M., Tretiakova, T., & Hadoud, A.
(2021). Will we have the same employees in hospitality after all? The impact of COVID-19
on employees’ work attitudes and turnover intentions. International Journal of Hospitality
Management, 94, 102754. https://doi.org/10.1016/j.ijhm.2020.102754
Eurostat. (2021). Tourism statistics - nights spent at tourist accommodation establishments.
Retrieved from https://ec.europa.eu/eurostat/statistics-explained/index.
php?title=Tourism_statistics_-_nights_spent_at_tourist_accommodation_establishments
Garrido-Moreno, A., García-Morales, V. J., & Martín-Rojas, R. (2021). Going beyond the curve:
Strategic measures to recover hotel activity in times of COVID-19. International Journal of
Hospitality Management, 96, 102928. https://doi.org/10.1016/j.ijhm.2021.102928
Giousmpasoglou, C., Marinakou, E., & Zopiatis, A. (2021). Hospitality managers in turbulent
times: the COVID-19 crisis. International Journal of Contemporary Hospitality Management,
33(4), 1297–1318. https://doi.org/10.1108/IJCHM-07-2020-0741
Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change: a rapid
assessment of COVID-19. Journal of Sustainable Tourism, 29(1), 1–20. https://doi.org/10.10
80/09669582.2020.1758708
Government of the Republic of Slovenia. (2021). Tackling the effects of the epidemic. Retrieved
from https://www.gov.si/teme/koronavirus-sars-cov-2/odpravljanje-posledic-epidemije/
GVIN. (2021). Financial data. Retrieved from: https://www.dnb.com/sl-si/produkti/bisnode-gvin/
Huang, A., De la Mora Velasco, E., Marsh, J., & Workman, H. (2021). COVID-19 and the future
of work in the hospitality industry. International Journal of Hospitality Management, 97,
102986. https://doi.org/10.1016/j.ijhm.2021.102986
Ivankovič, G. (2005). The need for international comparability in the hotel industry requires the
use of uniform financial reporting. Organizacija, 38(5), 246–252.
Jones, P., & Comfort, D. (2020). The COVID-19 crisis and sustainability in the hospitality industry.
International Journal of Contemporary Hospitality Management, 32(10), 3037–3050.
https://doi.org/10.1108/IJCHM-04-2020-0357
Ntounis, N., Parker, C., Skinner, H., Steadman, C., & Warnaby, G. (2021). Tourism and Hospitality
industry resilience during the Covid-19 pandemic: Evidence from England. Current
Issues in Tourism, 25, 46–59. https://doi.org/10.1080/13683500.2021.1883556
Romagosa, F. (2020). The COVID-19 crisis: Opportunities for sustainable and proximity tourism.
Tourism Geographies, 22(3), 690–694. https://doi.org/10.1080/14616688.2020.1763447
Sanabria-Díaz, J., Aguiar-Quintana, T., & Araujo-Cabrera, Y. (2021). Public strategies to rescue
the hospitality industry following the impact of COVID-19: A case study of the European
Union. International journal of hospitality management, 97, 102988. https://doi.
org/10.1016/j.ijhm.2021.102988
Škare, M., Soriano, D., & Porada-Rochoń, M. (2021). Impact of COVID-19 on the travel and
tourism industry. Technological Forecasting and Social Change, 163, 120469. https://doi.
org/10.1016/j.techfore.2020.120469
SORS - Statistical Office of the Slovenian Republic. (2021). Retrieved from https://www.stat.si/
StatWeb/en
STO - Slovenian Tourism Board. (2021b). Tourism in numbers. Retrieved from https://www.slovenia.
info/sl/poslovne-strani/raziskave-in-analize/turizem-v-stevilkah
STO - Slovenian Tourist Board. (2021a). Tourism in numbers. Retrieved from https://www.slovenia.
info/uploads/dokumenti/tvs/2020/2021_03_STO_TVS_2020_SLO.pdf
Stubelj, I., & Jerman, M. (2019). Empirical analysis of Slovenian hotel industry performance
with the relative residual income approach. In V. Bevanda, & S. Štetić (Eds.), 4th International
Thematic Monograph, Modern Management Tools and Economy of Tourism Sector
in Present Era (pp. 397–412). Association of Economists and Managers of the Balkans.
https://doi.org/10.31410/tmt.2019
Šulc, I., & Fuerst-Bjeliš, B. (2021). Changes of tourism trajectories in (post)covidian world:
Croatian perspectives. Research in Globalization, 3, 100052. https://doi.org/10.1016/j.
resglo.2021.100052
Uğur, N., & Akbıyık, A. (2020). Impacts of COVID-19 on global tourism industry: A cross-regional
comparison. Tourism Management Perspectives, 36, 100744. https://doi.org/10.1016/j.
tmp.2020.100744
UNWTO - World Tourism Organisation. (2021a). The Economic Contribution of Tourism
and the Impact of Covid-19. Retrieved from https://www.e-unwto.org/doi/
epdf/10.18111/9789284423200
UNWTO - World Tourism Organization. (2021b). Understanding domestic tourism and seizing
its opportunities. Retrieved from https://www.e-unwto.org/doi/pdf/10.18111/9789284422111
WTTC - World Travel & Tourism Council. (2021a). Travel & tourism: economic impact 2021.
Retrieved from https://wttc.org/Portals/0/Documents/EIR/EIR2021%20Global%20Infographic.
pdf?ver=2021-04-06-170951-897
WTTC - World Travel & Tourism Council. (2021b). Staff shortages. Retrieved from https://wttc.
org/Portals/0/Documents/Reports/2021/WTTC-Staff-Shortages.pdf
WTTC - World Travel & Tourism Council. (2021c). Economic impact report - Slovenia. Retrieved
from https://wttc.org/Research/Economic-Impact
WTTC - World Travel & Tourism Council. (2021d). Economic impact report - Europe. Retrieved
from https://wttc.org/Research/Economic-Impact
Zhang, H., Song, H., Wen, L., & Liu, C. (2021). Forecasting tourism recovery amid COVID-19.
Annals of Tourism Research, 87, 103149. https://doi.org/10.1016/j.annals.2021.103149
Zopiatis, A., Pericleous, K., & Theofanous, Y. (2021). COVID-19 and hospitality and tourism
research: An integrative review. Journal of Hospitality and Tourism Management, 48, 275–
279. https://doi.org/10.1016/j.jhtm.2021.07.002
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