By Philippe Masset - Assistant Professor of Finance at Ecole hôtelière de Lausanne, HES-SO
'Upscale' or gastronomic restaurants have seen many changes over the past 20 years as we have experienced the influence of social media, the globalization of cuisines, and the role of wine in the cellars and menus of restaurants.
Dining out, going for a movie or enjoying a bottle of fine wine all have a common feature. They are experience goods, for which consumers can only evaluate the true quality after they have been consumed - i.
By Philippe Masset - Professor of Finance at Ecole hôtelière de Lausanne, HES-SO
In recent years, wine has made a remarkable entry into the world of alternative investments. This emotionally charged asset has all the necessary characteristics to thrill not only amateurs and collectors but also investors.
Nowadays, most hotel groups maintain light asset structures and focus their full attention on their core business: hotel management. This context has led practitioners and academics to dedicate a particular attention to strategic and operational issues.
The history of the hospitality industry, and especially hotel groups, over the last century has been synonymous with pioneering work and innovation to offer customers the best possible service. Individuals following a vision have created and developed companies that now have become household names across the globe.