Hilton remains the most valuable brand in the sector, according to the latest Brand Finance report.
The study added that the hotels sector could see a potential 20% loss in brand value as a result of the pandemic.
Savio D’Souza, director, Brand Finance, said: “Unsurprisingly, the COVID-19 pandemic is going to hit the hotels sector hard as holidays are cancelled and people work from home. While Brand Finance has predicted that hotel brands could face an average 20% loss of brand value, the brands that will be less impacted will be properties with strong brands where social distancing protocols will be easier such as resorts and extended stay properties. Unsurprisingly, brands with a larger exposure to primary markets will be impacted more than secondary and tertiary markets as customers move their preference to properties within drive-to markets.”
Hilton saw 35% growth in brand value to $10.8bn, holding on to first place in ranking.
The report said: “While Hilton’s revenue will take a hit following COVID-19, the brand is consistently elevating its reputation during the crisis, lighting up its buildings in support of the NHS in London, donating free parking spots to healthcare professionals, and teaming up with American Express to donate 1 million overnight stays to frontline medical workers across the US. Placing people at the heart of its strategy, Hilton has also helped its staff who have been furloughed or let go to connect with job vacancies in essential services sectors. As global lockdown restrictions begin to be reviewed, the brand’s gestures of goodwill are likely to pay off, protecting its future revenues and reinforcing Hilton’s already solid reputation.”