2020 was a historic year in two senses for Pandox. Firstly because we celebrated our 25th birthday, and secondly because 2020 will go down in history as the weakest year ever for the hospitality industry due to Covid-19. Thanks to a well proven business model, extensive crisis experience, clear priorities and an agile organisation, Pandox has succeeded in navigating its way through the storm relatively well.
Despite a global pandemic where we were in the eye of the storm, we showed determination during the year in reaching our long-term goal: to offer sustainable hotel properties to our tenants.
Read more hereWe’re an active company with lots of contact with investors even in a normal year, but it’s probably not an exaggeration to call 2020 extreme. The Pandox share price fell from an all-time high to an all-time low in the space of 19 days in February/March and this movement generated massive interest from both institutions and private investors, so there were lots of meetings and other points of contact.
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The main thing we are taking away from this is how quickly markets and conditions can change – the fact that a pandemic and the subsequent government restrictions can paralyse the whole of society like this was probably not a risk that many companies had taken into account. Another lesson associated with this is how important it is to have a flexible organisation with short decision paths – one that can quickly refocus when required.
Read more hereWe increased our motivational and communications efforts, because people are more isolated in their home environments. This meant increased digital communication, giving more attention to individuals who needed it, and a greater focus on giving compliments and showing appreciation. Above all, I did my best to ensure that employees and managers were able to keep things in proportion and not let this crisis affect them personally too much.
Read more hereTake nothing for granted. The hotel industry has had many good years with some crises along the way, but nothing to compare with the coronavirus crisis. I also think that environmental awareness will increase and with it the insight that our current way of living cannot work long-term. Another important insight is how important it is for organisations to adapt both themselves and their decisions to the situation that exists.
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