Evaluación de la evolución financiera del sector hotelero en el cantón Cuenca frente a los efectos de la pandemia COVID-19

Abstract

This research analyzes the financial evolution and resilience of the hotel sector in the canton of Cuenca during the period 2016–2024, characterized by an initial stage of stability, the impact of the COVID-19 pandemic, and the subsequent recovery phase. The main objective was to determine the effects of the health crisis and the recovery strategies adopted, differentiating behavior according to firm size. Methodologically, a quantitative approach with a descriptive explanatory scope and longitudinal design was applied, using financial statement data from 38 formal companies obtained from the Superintendence of Companies. The sample was stratified using percentiles of total assets, classifying firms into large, medium, and small, and evaluating key financial indicators: liquidity, solvency, indebtedness, and profitability. The results revealed differentiated strategies. Large hotels adopted a conservative stance, accumulating high levels of liquidity which, combined with elevated fixed costs, reduced efficiency and generated the lowest profitability levels. In contrast, mediumsized hotels optimized their capital structure through strategic leverage, achieving the highest profitability driven by strong asset turnover. Meanwhile, small hotels demonstrated high operational flexibility, protecting their margins by avoiding bank debt and minimizing structural costs. It is concluded that operational rigidity represents a vulnerability factor, and that profitability depends more on cost management efficiency and asset turnover than on the volume of investment in infrastructure, highlighting a shift toward more agile business models.