An Update from Cloud5 CEO, Mark Holzberg
With COVID-19 redefining our world and a new normal for the company, I’m writing to you with hope for the future. There is no doubt that these past two months have not only presented challenges for Cloud5, but also our industry. As a company, we have taken actions that make us agile and resilient in these times. Plus, the Management and Finance teams have been working diligently to leverage resources available to us through government programs. To supplement our revised COVID-19 plan, we have been successful with our applications for subsidies from the CARES ACT and the Canada Emergency Wage Subsidy (CEWS). And as we are now in early May, I am happy to report that we are seeing business pick up as states plan to reopen and hoteliers prepare for recovery.
With COVID-19 redefining our world and a new normal for our company, I am writing to you with hope for the future. There is no doubt that these past two months have not only presented challenges for Cloud5, but also our industry. As a company, we have taken actions that make us agile and resilient in these times. And as we hit mid-May, I am happy to report that our plans are working well, and we are beginning to see signs of recovery for hospitality as industry KPIs flatten and states begin re-opening plans.
As we look forward to the months to come, I view our way forward in two parts: pre-vaccine and post-vaccine. During the beginning of this pandemic, our industry was impacted by many hunkering down, cutting costs, and hotels operating with extraordinarily low occupancy or even closing. Now, we are beginning to project what “reopen” looks like, where it will start, and when. We expect travel to restart as consumers become more confident and restrictions are lifted. And the hotel recovery will start with local/drive travel for leisure and then business with meetings being smaller and more regional.
While the world around us is looking different, so is the way we are interacting, working, and communicating. To ensure our employees’ health and safety, we will continue our remote work policy indefinitely, as we watch closely how the lifting of Shelter in Place generally develops over the next months and as we work on physical and process changes to our environments.
Over the past several weeks of this new normal, I have observed how the Cloud5 teams have come together, shared stories, adapted their work styles, and deepened relationships. And we are doing the same with our clients and partners.
Thank you to everyone for your dedication, diligence in staying home, and hard work to keep your families, our team, and clients safe.
Chief Executive Officer & President