The future of investing in the hotel industry

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The event was sponsored by FIU Online – Chaplin School of Hospitality and Tourism Management, and moderated by Lisa Cain, associate professor at the Chaplin school. The included panel Nathalie Castillo, Senior Vice-President, CBRE Group; Gloria fu, director of the board of directors of an independent public company, Proptech Investment Corporation II; and Kate burda, CEO and founder, Kate burda & Co. The webinar can be viewed here on the ILHA website.

Panelists addressed topics such as the challenges the hospitality industry will face after the pandemic, the high-end revenue strategy for luxury hotels, and the importance of business travel for the luxury industry, among others.

Kate burda, founder and CEO of Kate burda & Co., believes that the solution to long-term sustainability in the luxury hotel industry is to become more efficient in creating demand. As demand in the industry continues to decline with the uncertainty of COVID-19, it is imperative that executives develop strategies that drive demand. Burda recommends focusing on sales and marketing, and asking the question, “How do we engage with customers differently than before?” Instead of delivering a message to a consumer at the point of sale, meet the consumer at the “inspiration point” – in other words, when they decide they need a vacation. Adopting a high-end revenue strategy is also a piece of the demand generation puzzle. A key piece of advice that Burda offers here is to explore consumer micro-segments by determining specific types of luxury travelers and their goals, and then adopting sales, marketing, and pricing strategies.

Gloria fu, of Proptech Investment Corporation II, discussed the role of business travel in luxury travel in hotel demand. Before the pandemic, demand for business travel accounted for a large portion of luxury travel, especially in major cities like new York and Los Angeles. The space in luxury hotels here is dominated by group meeting and conference rooms that remain empty in the age of working from home. The luxury industry must seek to be more flexible with spaces, especially as new hotel construction projects are put on hold.

Nathalie Castillo, from the CBRE Group, spoke about some of the challenges the hospitality industry will face during the pandemic recovery. The number one problem that will put the hospitality industry to the test is rising costs. Many luxury goods, such as meat and alcohol, are both more expensive and in low demand. Travelers will also seek the return of luxury services, such as daily housekeeping and breakfast. These issues will largely affect boutique spaces that strive to provide excellent service but face increased costs and labor shortages. Luxury hotels will have to decide how to deal with an increase in the minimum wage and a labor shortage, whether it’s adopting new technologies or changing the experience of luxury services.

The panelists all explained that what worked in the past for the luxury industry did exactly that – it worked in the past. The industry must make changes, including through new revenue strategies, to bounce back from the COVID-19 pandemic. While the hospitality industry emphasizes its heritage, recognizing the difference between heritage and nostalgia can be key to the long-term sustainability of luxury travel.

This webinar was sponsored by FIU Online – Chaplin School of Hospitality and Tourism Management. FIU Online is the virtual campus of Florida International University, the third largest public university in United States. It offers a Master of Science in Hospitality Management fully online through the Chaplin School. To learn more about FIU Online’s Master in Hotel Management, please visit: https://fiuonlinego.fiu.edu/ilha/

Previously, ILHA hosted “The future of catering and catering” which covered changes in the hospitality and beverage industry on July 14, 2021. The panel was moderated by Calypso Varotsis, international project manager at Paris Society Consulting, and included Cédric Gobilliard, director of the Lifestyle division, ACCOR; Antoine Ménard, New Business Director, Paris Society Consulting; Giuseppe Vincelli, Managing Director, Carlton Cannes IHG; and Guillem Kerambrun, CEO of My French Sommelier. The webinar is available to view here.

The Association also hosted “How technology can improve the customer journey” which emphasized the importance of first party data and the right technology in the customer experience on June 30, 2021. The panel was moderated by Gabriela Talpa, Director of Distribution and Revenue Management, Nobu Hotel Shoreditch, and presented Michael bennett, Marketing Director, CENDYN; and Olivier Jolidon, Global CRM & Business Intelligence Director, AMAN Resorts. The webinar is available to view here.

Learn more about the benefits of International Luxury Hotel Association membership here and join our chapters and mentoring program to get the support you need to advance your career and grow your business. to save $ 20 with the code WBSERIE20

Written by CIIC.

About the International Association of Luxury Hotels

The International Luxury Hotel Association is the preeminent luxury hospitality association that promotes, unifies and advances the industry through insight, opinion and research.

ILHA reaches an audience of over 500,000 hospitality professionals in over 90 countries and produces LUXURY HOTELIERS magazine, ILHA SmartBrief and INSPIRE SUMMITS in Europe and North America. They also run LinkedIn’s largest hospitality and travel group, which ranks in the top 100 of more than 10 million professional groups on LinkedIn. Join us on theilha.com, hospitality and travel forum, ILHA Facebook, ILHA Instagram, ILHA Twitter, ILHA YouTube

SOURCE International Association of Luxury Hotels

Related links

http://luxuryhotelassociation.org


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