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Hotel Yearbook Articles

Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

What the metaverse in hospitality ¶is and isn’t

In this article, Max Starkov explains that the metaverse, a concept of a 3D virtual world where people can interact with each other and AI agents, is a new medium that is not yet ready for mainstream use. It is a convergence of various technologies, including virtual and augmented reality, and different companies are working on their own versions. However, the metaverse currently lacks a standardized platform and is still in the early stages of development. The author advises that when investing in the metaverse, hotels should make sure they have the right audience and use the right digital channels to market their metaverse venues or events.

Max Starkov
By Max Starkov, Hospitality & travel technologist and digital strategist, Hospitality Net
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

5 Ways Consumers Will Shape the Future of Hospitality in 2023

Choice Hotels EMEA CEO Jonathan Mills lays out how the past three years have changed the way people travel and what they expect from hotel brands. The pandemic has made people value travel more and has changed their expectations. Mills suggests that consumer brand expectations for 2023 will have more longevity than those of the past. He lists 5 consumer brand expectations for 2023, including hotels creating a sense of comfort and familiarity for guests, using more eco-friendly materials for amenities, accommodating up on the trend of bleisure travel, providing an authentic local experience for guests, and increasing focus on health and safety measures.

Jonathan Mills
By Jonathan Mills, Chief Executive (CEO), Choice Hotels EMEA, Choice
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

It’s time for hotels to build ‘places’ rather than ‘spaces’

Andi Davids at Bulletproof argues that hotels are often considered "non-places", spaces of transience and impermanence where people remain anonymous and interactions are mostly transactional, which does not inspire brand recognition, affinity, and loyalty. They suggest that the hospitality industry has a unique opportunity to rearticulate their market relevance by offering more meaningful travel experiences in more memorable places, in order to drive brand recognition and loyalty as consumer's fatigue with mass-produced travel and the rise of Airbnb.

Andi Davids
By Andi Davids, Global Strategic Business Director, Bulletproof
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Hotel Financing Trends: What’s up for 2023?

Aareal Bank's Kimberly Yoong writes the hotel financing industry faced turbulence in 2022 due to the pandemic, political instability, and inflation which led to a rise in interest rates and focus on debt serviceability of loans. This resulted in restrictions on new financings and higher financing costs, leading some investors to reconsider their strategies and a slowdown in the hotel transaction market. In 2023, the hotel industry is expected to remain robust as demonstrated by its quicker than expected recovery, but a keen eye on market trends and solid industry know-how will be key to navigating the uncertainty.

Kimberly Yoong
By Kimberly Yoong, Assistant Vice President, Hotel Financing, Aareal Bank AG
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

It’s the end of the brand as we know it

Hospitality Strategist Matthias Huettebraeuker discusses the convergence of brands in the lifestyle segments and how shared ideals lead to lost appeals. He propagates a return to the „personality brand“ as a radically human approach to hospitality, citing places like La Granja or Berlins Michelberger as examples of commitment and connection. He then moves on to dissect another concept, the „hybrid brand“, laying out where it currently underperforms, which brands are getting it right, and why it’s a growth vehicle for big players and newcomers alike. The author suggests a more network-oriented, neighborhood approach instead of overloading single assets, a focus on the job to be done, and explains how this could revive the idea of subscription and help in building communities around a brand.

Matthias Huettebraeuker
By Matthias Huettebraeuker, Hospitality Strategist & Senior Executive Advisor, Matthias Huettebraeuker
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Instilling ¶Company Culture ¶into Business Operations

In this article, Remington Hotels President Chris Green explains that integrity in business is essential for building a positive reputation and fostering strong relationships with guests and employees. To achieve this, the best management companies align with five guiding principles: ethics, profit, tenacity, innovation, and engagement. One way to stay aligned with these principles is to filter out anything that does not align with the company's values and mission, similar to how a coffee filter separates grinds from coffee. This can be achieved through constant communication, training, and reevaluation of goals, as well as creating a company culture where every employee has mission buy-in. 

Chris Green
By Chris Green, President, Remington
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Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Implementing ¶ESG in 2023: ¶Less talk, ¶more action

The environmental dimension (E) is taking precedence as the hotel industry joins the race to reach net zero carbon emissions. Sustainability programs are evolving quickly as customers and asset owners demand green credentials and make net zero commitments. Despite good intentions, emissions from real estate are at an all-time high and hotels face a greater challenge to reach net zero goals due to their high energy use intensity. Making hotels more energy efficient, switching to renewable energy, and filling a skills gap in teams are important steps to close the gap between intent and action. Consumers and employees want sustainability initiatives to go faster and further, and hotels must also consider the social dimension (S) such as fair pay, labor rights, and diversity, equity, and inclusion. A joined-up ESG strategy provides accountability for driving and managing the strategy, and reporting transparently on outcomes.

Ross PetarRekha Toora
By Ross Petar and Rekha Toora
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

It is time to rethink loyalty in travel and hospitality

Hospitality loyalty programs are still a key tool for customer retention and incentivization but with the recent shift in customer mix and changes in business travel due to the pandemic, hospitality loyalty programs need to evolve to remain relevant to current customer needs. Several hospitality companies have already taken steps to revamp their loyalty programs to better meet the needs of travelers. Companies should focus on three areas: "the power of now," which is about creating a real-time program, "flexibility, my way," which involves expanding the program's reach and increasing flexibility, and "tried and true experiences," which emphasizes delivering memorable experiences that reinforce the quality of the guest experience.

Liselotte de Maar
By Liselotte de Maar, North America Market Lead for Accenture's Travel Practice, Accenture
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Will Traditional Hotel Operators Ditch Beds for ¶Data Banks?

The hotel industry has undergone significant changes in recent years with the growth of franchise models, allowing hotel companies to grow faster, but with lower returns as compared to management fees model. This shift has made the branded sector easier to value and has resulted in higher stock values and returns for hotel companies. However, as they move away from the property, they risk losing their brand standards. The role of asset managers will become critical as the operations of the hotel must happen closer to home. The move to distribution-focused tech platforms will result in a division in the sector between high-volume brands and curated, emotional brands, and the loyalty programs will have to compete more directly with online travel agencies. Hotel companies will need to work on becoming true recognizable consumer brands in the way Airbnb has, drawing on their decades of customer data and heritage.

Alex SognoAlex Schneider
By Alex Sogno and Alex Schneider
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

The Evolution of Consumption and the Future of Reporting Standards in Lodging

HFTP CEO Frank Wolfe writes that his association, in partnership with AHLA and the Global Finance Committee (GFC), is modernizing the Uniform System of Accounts for the Lodging Industry (USALI®) to its 12th edition to address evolutions in information consumption and energy/resources use. This requires a shift from traditional learning methods to an interactive, online platform accessible on digital devices, making use of cloud-based publishing and multimedia-enhanced e-books.

Frank Wolfe
By Frank Wolfe, Chief Executive Officer (CEO), HFTP
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Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Five steps ¶towards ¶AI Maturity in travel & hospitality

The travel and hospitality industry is using data and AI to maximize value from micro-moments and respond to real-time trends. Accenture's research found that AI-influenced revenue for travel companies more than doubled between 2018 and 2021 and is projected to triple by 2024. However, only 13% of travel companies surveyed by Accenture were considered AI "achievers" who are significantly ahead of the rest in using AI to reinvent core parts of the business. The majority of the industry, up to two-thirds, was underdeveloped in AI strategy and practice. Accenture identified five priority actions to build AI maturity in the industry: making AI a C-level priority, investing in AI training, building an AI core, championing responsibility, and looking at both the long- and short-term.

Emily Weiss
By Emily Weiss, Global Travel Industry Sector Lead, Accenture
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Above the clouds: Taming multicloud chaos

The growth of cloud computing has led to a complex and redundant web of cloud tools and platforms. Despite the benefits of a multicloud strategy such as specialized capabilities and optimized pricing, complexity and interoperability issues make it challenging for companies to fully realize all the benefits of their cloud investments. To simplify this management, enterprises are turning to a layer of abstraction and automation known as metacloud, supercloud, or sky computing. This concept puts a compatibility layer on top of multiple clouds and is gaining popularity, although it still has important considerations for businesses to take into account. Today, the majority of enterprises are using two or more cloud platforms and are unlikely to consolidate operations within a single cloud vendor. Multicloud is likely to remain a dominant trend in the future.

Mike Bechtel
By Mike Bechtel, Chief futurist | Deloitte Consulting LLP, Deloitte Development LLP
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Beyond zero – moving our industry along the pathway to net positive hospitality

Glenn Mandziuk, CEO at the Sustainable Hospitality Alliance, writes that the travel and tourism industry are seeing a rebound in occupancy levels after the pandemic, proving the industry's resilience and ability to adapt to changing situations. However, negative impacts such as damage to the environment and cultural disconnection must also be considered. With a projected 1.8 billion international tourists by 2030 and 2.5 million hotel rooms in development, it is crucial for the industry to prioritize sustainability. Despite this, less than 1% of companies have set science-based targets for carbon reduction and only 28% have a climate strategy in place. 

Glenn Mandziuk
By Glenn Mandziuk, President & CEO, Sustainable Hospitality Alliance
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

The Rising Importance of Sustainability in Hotel Valuation - In 2023 and Beyond

In this article, CBRE's Alan Jutte provides insights on a study of hotel operating statements from CBRE's Trends in the Hotel Industry which showed that new properties with energy-efficient features resulted in substantial energy savings compared to older or less efficient properties. The study concluded that while sustainability efforts can lead to reduced costs, the extent of these savings may depend on various factors such as room size, building size, amenities, building materials, etc.

Alan Jutte
By Alan Jutte, VP & Appraisal Leader, CBRE, CBRE Hotels
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Engaging customers with themed hospitality experiences

Designing experiences for emotional outcomes is not a new idea, but harnessing the best in hospitality concepts for accessing those emotions has recently become a growing trend with established brands. Tesla is planning a 24-hour diner in Los Angeles with a drive-in theater. FILA and Hello Kitty are teaming up with Hyatt to open themed hotels in China. Porsche Design and Steigenberger are building 15 luxury lifestyle hotels in Germany. Ralph Lauren has opened a café in Malaysia. Elle, the fashion magazine, will open a boutique hotel in Paris and expand to 15 hotels soon. In the meantime, Bulgari and Armani are also expanding their footprint in the hotel industry.

Dr. Meng-Mei Maggie Chen
By Dr. Meng-Mei Maggie Chen, Author of Hospitality Vibes and Associate Professor, EHL
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Keg wine: Tradition meets innovation

As more and more consumers are opting for a sustainability-oriented lifestyle, F&B industries are compelled to explore innovative ways to deliver sustainable production, distribution and consumption solutions. The wine industry is no exception. Growing concerns about the impact of global warming and environmental challenges on wine production-related activities is pushing the industry to search for alternative sustainable solutions. In line with both the International Organisation of Vine and Wine and the International Federation of Wine and Spirits which define sustainable viniculture as one with a triple economic, ecologic and social purpose, a sustainable wine industry should incorporate management of product quality, waste and carbon footprint, and human resource into all of its processes from production to distribution and consumption.

Stephanie Pougnet, PhD
By Stephanie Pougnet, PhD, Assistant Professor and Associate Dean of Undergraduate Programs, EHL
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Here’s why ¶2023 needs hotel employee wellness

Every hotel company has some form of employee health or wellness program in place, but we argue that it won’t be enough as cyclical and secular forces converge this year. While we start by stating these trends to paint a broad picture of the future of hospitality labor, the ironic yet obvious cure is ultimately a further deepening of your organization’s commitment to your employees’ wellbeing.

Larry MogelonskyAdam Mogelonsky
By Larry Mogelonsky and Adam Mogelonsky
Hotel Yearbook Article The Hotel Yearbook 2023 - Annual Edition

Solving sustainability challenges: The role of digital technologies and tech startups

Sustainability is becoming a crucial aspect of business operations and models, but the service sector has been slower to adopt sustainable practices. In this article, EHL Associate Professor Carlos Martin-Rios explains the industry is showing interest in resource management but lacks direction on how to link it to a competitive advantage. Digital technologies and their associated startup ecosystems hold a key to supporting the sustainable transformation of the service sector. 

Carlos Martin-Rios
By Carlos Martin-Rios, Associate Professor of Management, EHL