Global leisure travel spending is projected to reach $9,332 billion by the end of 2029, an almost 50% increase from 2023. Today's consumers feel confident in the value of travel — and are willing to make it a priority. But the vacations they're craving are changing.
Entrepreneurism in hospitality and tourism has a history and is diverse and multi-faceted. Tourism as an industry is the umbrella of the sectors related to service and hospitality. It can include public sector organizations like convention and visitor bureaus, state and national parks and forests offering recreational destinations etc.
Welcome to the regular Q&A feature where we shine the spotlight on our EHL research faculty and their current work. With a view to going behind the scenes to better understand the fascinating, impactful world of research, the EHL Institutional Visibility team will be regularly catching up with an EHL researcher whose work is making a difference in both classroom and industry.
During my career inside hotels, I had the pleasure of opening and transitioning several hotels to our brand, processes and systems. This was always a lot of work but well worth it because you got to meet a lot of new cool people and on top of that traveling to some pretty nice locations.
In the competitive hospitality industry, the value of a brand partnership extends far beyond mere association. Hotel owners increasingly recognize the importance of enhancing guest satisfaction and operational efficiency and ensuring these critical elements are intricately woven into the financial fabric of their brand agreements. An innovative approach to this is negotiating clauses that allow for reduced fees and introduce potential penalties for the brand should guest satisfaction dip below an acceptable threshold. This strategy underscores the brand's commitment to high standards, directly influencing the hotel's success. Moreover, it raises an important question: what value does the flag over the door bring to the operation? Here's a refined strategy to effectively incorporate this methodology into your brand partnership agreements.
When the State of Nevada legalized gambling in 1931 as part of a legislative effort to spur economic recovery in the wake of the Great Depression, it was a watershed moment for American gaming. While it would take a few decades for the popular conception of the modern casino to truly take hold, the gaming boom would transform not just the civic landscape of Las Vegas, but the role of gambling in the popular consciousness. As important as that moment was, however, the gaming renaissance underway today may ultimately prove to be just as transformative.
A leading Miami beachfront resort creates a newly formed position of Recreation Operations Manager, paired with a comprehensive line-up of all-new family-friendly offerings, to provide a splash of fun just in time for spring and summer getaways.
There are so many things that make working at CBRE Hotels rewarding for me: my team (you are the secret sauce), working with industry-dedicated seasoned experts from across the globe (more than 500 professionals in every region), our range of services, our solutions mindset, and the ability to partner with you, our clients. You challenge us with your questions. You make us better, more thoughtful, more informed. You trust us with your data and trust us to guide you with our insights. We appreciate you.
Las Vegas is a city that lives on reinvention to keep drawing ever-larger crowds to this oasis in the desert that, for full transparency, wouldn’t even exist if it weren’t for the entertainment industry. While the world’s entertainment capital started out with gaming, shows and conventions, in recent decades it has also become a culinary mecca and now a world-class sports destination.
Travel demand is likely to stabilize in 2024 benchmarking record occupancy and rate. Current trends indicate that the industry is reporting a decline in many markets for leisure travel (Thursday – Saturday as many consumers are getting out priced in the market), while group travel remains strong as Milwaukee will experience in 2024; with a slight increase in corporate bookings (Monday – Wednesday travel). The Industry will see 65+ percent occupancy overall and even higher ADR in 2024.
Today’s corporate planners seek far more than the standard fare of meeting spaces and sleeping rooms. The modern group travel itinerary is expected to transcend the confines of conference rooms, offering participants wellness options, engaging activities, and opportunities for leisure travel extensions. This shift reflects a broader trend towards blending business with pleasure, emphasizing the importance of wellness, and ensuring memorable experiences. Let’s delve into how hotels can meet these changing demands, grow hotel group business, and why having the right group sales software, like Tripleseat for Hotels, is crucial in orchestrating these complex arrangements.
In a world that seems to be hurtling forward at an unprecedented pace, the hospitality industry finds itself uniquely positioned not just to keep up but to forge ahead and set the standard.
Welcome to the regular Q&A feature where we shine the spotlight on our EHL research faculty and their current work. With a view to going behind the scenes to better understand the fascinating, impactful world of research, the EHL Institutional Visibility team will be regularly catching up with an EHL researcher whose work is making a difference in both classroom and industry.
What’s it cost? Can you measure its direct effect on net contribution? While the two of us are tremendous fans of helping a hotel evolve into a more data-driven organization, there is nevertheless an art to creating a successful hospitality operation. And nowhere puts this more in focus than the luxury segment where the grandeur, opulence and excess are largely irrational yet wholly necessary to support thousand-dollar rates.
In today's interconnected world, the hospitality industry stands at the forefront of globalization. As hotels, resorts, and restaurants cater to an increasingly diverse clientele, the need for language diversity has never been more pronounced. This article delves into the critical role that language diversity plays in the success of global hospitality, arguing that it is not merely an added value but a fundamental necessity.
The global luxury travel market is huge, not in the number of guests with substantial buying power but the astonishing level of buying power that these luxury travellers have. The good news for hoteliers targeting those top 5% of guests is that they seem to spending more every year. The global Luxury tourism market had an estimated total revenue of USD 1,308.15 billion in 2022, and is projected to be worth USD 3,023.78 billion by 2032.
Last year we spent significant time talking about AI. There is another topic, I believe, that could become recurrent in 2024: cyber security and data protection.
The hospitality industry, encompassing hotels, restaurants, and leisure facilities, stands at the forefront of service and experience-oriented businesses. In recent years, this sector has faced unprecedented challenges, prompting a need for significant adaptation. The onset of global crises has dramatically altered the landscape of travel and customer expectations, forcing the remodeling of traditional strategies. Additionally, technological advancements and evolving consumer preferences have further complicated this landscape.
Navigating through company restructuring poses its challenges, yet employing specific tools can significantly ease the process for both employees and the leadership team; allowing for a smoother transition and cultivating resilience amid change.
The hospitality industry stands at a pivotal moment, defined by rapid technological advancements and evolving market dynamics. The age-old practices of labor management, once the cornerstone of hotel operations, now fall short in meeting the demands of a fast-paced world. This calls for a paradigm shift: from perceiving labor as a mere expense to be minimized, to recognizing it as a key strategic asset capable of elevating the guest experience and boosting hotel profitability.