IHG Hotels & Resorts has launched its Low Carbon Pioneers programme, featuring hotels that eliminate on-site fossil fuel use and rely entirely on renewable energy. The initiative aims to set a new industry standard for sustainability, with participating hotels implementing advanced energy-efficient technologies and achieving global sustainability certifications.
Registration is now open for the Independent Hotel Show London 2024, the premier event for boutique hotel professionals, taking place on October 15-16 at Olympia London.
A U.S. court has ruled that Booking.com violated the Computer Fraud and Abuse Act by accessing Ryanair's website without permission. The jury found Booking.com engaged in screen scraping with "intent to defraud." Ryanair CEO Michael O'Leary hailed the decision, stating it protects consumers from overcharging by unauthorized OTAs. Booking.com plans to appeal the ruling.
On July 26, 2024, a flawed update by CrowdStrike triggered a global outage, crippling the travel industry’s IT infrastructure. Airports ground to a halt, airlines canceled flights en masse, and travelers faced long delays. This incident highlights the urgent need for the travel industry to rethink its system setups and embrace embedded AI to build resilience and prevent future catastrophic failures.
Spanish regulators have fined Booking.com €413.24 million for abusing its market dominance by imposing unfair conditions on hotels and restricting competition from other OTAs. Booking.com plans to appeal the decision.
Once a niche interest, luxury resorts are now a booming investment trend. The pandemic has shifted their appeal from a niche luxury to a mainstream investment opportunity, with major hotel groups expanding their resort portfolios and focusing on unique, high-end experiences. As travel rebounds, the demand for these opulent escapes shows no sign of waning.
Luxury is now the main growth driver in the hotel industry, with even traditionally budget chains like Choice Hotels expanding into this segment. Marriott International set a record in 2023 by signing 58 luxury hotel deals, while Accor plans nearly 40% of its future openings in luxury. Despite the robust market growth, standing out requires delivering unique, emotionally engaging experiences and managing high operational demands. As competition intensifies, asset managers must innovate and adapt to ensure their properties remain distinctive...
In 2022, Singapore’s hotel market surged as travel restrictions eased, with US$899.7 million in transactions predominantly in the mid-market segment. The rise in visitor numbers and luxury openings, like The Singapore Edition and Raffles Sentosa Resort & Spa, drove significant growth. Despite labor shortages, the sector thrived with increased room rates and revenue, reflecting a strong rebound in the tourism industry.
Managing a hotel’s food and beverage (F&B) operations demands meticulous oversight to prevent financial leaks. Asset managers should focus on four critical areas: purchasing, sales, cash handling, and banqueting. By implementing clear procedures, maintaining rigorous checks, and regularly reviewing performance, hotels can turn their F&B operations into a robust profit center.
A chic Art-Deco restaurant in Brussels saw its profits plummet after six successful years. Through meticulous refurbishment planning, strategic marketing, and expert consultations, the restaurant tripled its profit within a year, showcasing the power of professional asset management.
The current battleground for major hotel chains has shifted from expanding pipelines to capturing loyalty members. While Marriott Bonvoy faces stiff competition from Hilton Honors, engagement, rather than size, is becoming the crucial factor. For owners, loyalty programs attract guests but come with complexities and additional costs. Historically, luxury hotels have relied on exceptional service to build genuine loyalty, independent of points programs, positioning themselves more like high-end consumer products. Balancing genuine loyalty with strategic programs remains a key challenge...
Before planning next year’s budget, it’s crucial to analyze the past year's performance. By understanding your position in the competitive landscape and leveraging collaboration opportunities, you can make informed financial decisions and maximize the success of your property.
The role of hotel asset managers is more critical than ever. They bridge the knowledge gap between owners and operators, act as the owner’s eyes and ears on the ground, and mediate conflicts to ensure the optimal performance and profitability of hotel properties. With their broad expertise and big-picture thinking, hotel asset managers provide indispensable support in the complex and volatile hospitality market.
Many hotel investments fail due to preventable mistakes. From choosing the wrong team to overlooking market cycles, poor location choices, and inadequate reserves, these pitfalls can be avoided. This guide highlights the top reasons for failure and offers insights to help investors succeed in the competitive hospitality industry.
The UK hospitality sector has seen the highest number of insolvencies in the past year, accounting for 16% of all company failures. Oliver Collinge from PKF Littlejohn Advisory attributes this to ongoing high costs, persistent energy price hikes, and recent poor weather, urging businesses to seek early advice to navigate these challenges.
As central banks around the world begin rolling out digital currencies, the travel industry faces a pivotal challenge. While cryptocurrencies have seen volatile highs and lows, central bank digital currencies (CBDCs) offer a stable, government-backed alternative. The sector must adapt its payment infrastructure and strategies to accommodate these emerging digital assets.
Visitor registration for the Independent Hotel Show London is now open. Held on October 15-16 at Olympia London, this premier event will bring together hotel owners, general managers, designers, and senior hospitality professionals. The theme "Beyond the Hustle and Bustle" will guide the seminar programs and networking opportunities, showcasing innovations and trends that will shape the future of independent hotels. Secure your ticket today to be part of this transformative event.
As traveler expectations evolve, leveraging technology to maximize every square foot of your hotel is essential. Beyond traditional room occupancy, hotels must reimagine spaces to boost profitability and guest satisfaction. By embracing modern tech and innovative space usage, hoteliers can transform underutilized areas into revenue-generating opportunities, enhancing the overall guest experience and ensuring long-term success.
Outdated technology can hinder a hotel's ability to deliver exceptional guest experiences and maximize revenue. Investing in state-of-the-art solutions ensures streamlined operations, enhances personalization, and supports long-term growth. Embracing these technologies can help hoteliers stay competitive in today's dynamic market.
Verifiable credentials and digital identity wallets are set to revolutionize travel, empowering travelers with more control over their personal data and enabling suppliers to offer personalized, efficient services. Driven by government initiatives and technological advancements, these innovations promise a seamless, secure travel experience, reducing friction and enhancing personalization across the journey.
