Risks affecting the hospitality industry are not only related to inflation, war, and geopolitics. Science has proven that climate-related risks and biodiversity loss are a threat to the fabric of society. The convergence of global systemic risks has a name: 'global polycrisis'[1]. In addition, localized events such as wild fires or potential torrential rain put destinations at risk, leading to the assertion that "tourism destinations in every corner of the globe face the virtual certainty of experiencing a disaster of one form or another at some point in their history"[2]. The hospitality industry operates in a volatile, uncertain, complex, and ambiguous environment. Thus, it is challenging for hotel owners, operators, and leadership teams to adapt to the constantly changing circumstances.

Rising energy and food supply costs (and insecurity) and chronic staff shortage require attention now but those are not disconnected from longer term sustainability endeavors. Crisis management, including disaster management and risk management, has become a hot topic for organizations in the hospitality industry. Hospitality companies leading the sustainability conversation are those that understand risks and opportunities assessments with a clear focus on tangible impacts.

Coming out of COP27, we want to find out:

  • How are hotels navigating the current 'perfect storm' of geopolitical uncertainties, energy transition and operational challenges (e.g. having enough staff to support operations or even develop and eventually open new hotels)?
  • Do you recommend hotel businesses to conduct a materiality assessment (assessing the risks exposed and impact on business performance)? Yes/No & Why
  • How do you recommend overcoming cherry-picking and bias when assessing risks that build a materiality matrix?
  • Could you provide three to five resources to help hospitality companies to tackle strategic and operational risks?

References

[1] Lawrence, M., Janzwood, S., & Homer-Dixon, T. (2022). What Is a Global Polycrisis?

And how is it different from a systemic risk? Cascade Insitute. https://cascadeinstitute.org/wp-content/uploads/2022/04/What-is-a-global-polycrisis-v2.pdf

[2] Faulkner, B. (2001). Towards a framework for tourism disaster management. Tourism Management 22(2), 135-147. https://doi.org/10.1016/S0261-5177(00)00048-0

Glenn Mandziuk
Glenn Mandziuk
Chief Executive Officer (CEO), Sustainable Hospitality Alliance
Marloes Knippenberg
Marloes Knippenberg
CEO of Kerten Hospitality

The hospitality industry has a tough call to answer: How to grow sustainably amidst global challenges? Glocalizing and centralizing sustainability efforts is the flexible and agile quick response for ALL. This can be sustainable in the long term, only if applied locally – an example mixed-use, ESG-focused lifestyle operator, Kerten Hospitality, has set. How does UBBU (United. Building a Better Universe) help instil values throughout teams and properties? The answer on how operators adapt to the local contexts of each property can be found in the opinion piece by Marloes Knippenberg, CEO of Kerten Hospitality.

Trevor Girard
Trevor Girard
Director of Standards and Accreditation at Hotel Resilient
Dr. Anne-Kathrin Zschiegner
Dr. Anne-Kathrin Zschiegner
Technical Assistance Advisor at The Long Run
Frauke  Fischer
Frauke Fischer
Founder, Agentur Auf!
Natasha  Montesalvo
Natasha Montesalvo
Principal Consultant – Destination, Strategy and Insight at EarthCheck
Stefan Gössling
Stefan Gössling
Professor at the School of Business and Economics, Linnaeus University
Florian Kaefer
Florian Kaefer
PhD, Founder & Editor, Sustainability Leaders Project
Jonathon Day
Jonathon Day
Associate Professor and Graduate Program Director School of Hospitality and Tourism Management
Willy Legrand
Willy Legrand
Professor of Hospitality Management at the IU International University of Applied Sciences, Germany
Johanna Wagner
Johanna Wagner
Co-Founder of La Belle EDuC, Founder of Upside Up Hotel Asset and Guest Lecture at ESSEC MSc in Hospitality Management (IMHI)
Ricardo Moreira
Ricardo Moreira
Managing Director at XCO2