ILHA WEBINAR SERIES: THE FUTURE OF INVESTMENT IN HOSPITALITY (United States)
It is time for the industry to make changes as past strategies are no longer relevant. |
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ILHA WEBINAR SERIES: THE FUTURE OF INVESTMENT IN HOSPITALITY (United States)
It is time for the industry to make changes as past strategies are no longer relevant. |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Associations and Unions
This is a press release selected by our editorial committee and published online for free on 2021-08-16
The International Luxury Hotel Association's (ILHA) webinar series returned with a panel on the "Future of Investment in Hospitality" on August 4. The webinar marks the continuation of ILHA's virtual series on COVID-19 recovery in the luxury hotel industry.The event was sponsored by FIU Online – Chaplin School of Hospitality and Tourism Management, and moderated by Lisa Cain, Associate Professor at the Chaplin School.
The panel included Natalie Castillo, First Vice President, CBRE Group; Gloria Fu, Independent Public Company Board Director, Proptech Investment Corporation II; and Kate Burda, CEO and Founder, Kate Burda & Co.
The panelists covered topics including challenges the hotel industry will face post-pandemic, top-line revenue strategy for luxury hotels, and the importance of business travel for the luxury industry, among others.
Kate Burda, founder and CEO of Kate Burda & Co., believes that the solution to long-term sustainability in the luxury hotel industry is to become more effective at demand creation. As demand in the industry continues to dwindle with the uncertainty of COVID-19, it is imperative that leaders develop strategies that drive demand.
Burda recommends focusing on sales and marketing, and asking the question, "how do we engage with customers differently than we have before?" Instead of providing messaging to a consumer at the point-of-sale, meet the consumer at the "point of inspiration," in other words, the moment they decide they need a vacation.
Adopting a top-line revenue strategy is also a piece of the demand-generation puzzle. A key tip Burda offers here is to drill down to micro-segments of consumers through determining specific types of luxury travelers and their goals, then adopting sales, marketing, and pricing strategies.
Gloria Fu, from Proptech Investment Corporation II, touched on business travel's role in luxury travel in hotel demand. Prior to the pandemic, business travel demand was a large fraction of luxury travel, particularly in large cities like New York and Los Angeles.
The space in luxury hotels here is dominated by group meeting and conference rooms that remain empty during the work-from-home era.
The luxury industry must look at how to be more flexible with the spaces, especially while construction projects of new hotels are put on hold.
Natalie Castillo, from CBRE Group, spoke on some of the challenges that the hotel industry will face during pandemic recovery. The number one issue that will test the hotel industry is increased costs. Many luxury goods, like meat and liquor, are both more expensive and in limited demand.
Travelers will also seek the return of luxury services, like daily housekeeping and breakfast. These issues will largely affect boutique spaces that strive for great service but are facing increased costs and labor shortages.
Luxury hotels will have to decide how to manage an increased minimum wage and labor shortage, whether that be through adopting new technologies, or changing the luxury service experience.
The panelists all addressed that what worked in the past for the luxury industry, did just that—it worked in the past. The industry must make changes, especially through new revenue strategies, to rebound from the COVID-19 pandemic.
Though the hospitality industry emphasizes its legacy, recognizing the difference between legacy and nostalgia may be the key to long-term sustainability in luxury travel.
This webinar was sponsored by FIU Online – Chaplin School of Hospitality and Tourism Management. FIU Online is the virtual campus of Florida International University, the third largest public university in the United States.
It offers a fully online Master of Science in Hospitality Management through the Chaplin School. To learn more about FIU Online's Master's in Hospitality Management, please visit: https://fiuonlinego.fiu.edu/ilha/
Previously, ILHA hosted "The Future of F&B" which covered changes to the Hotel Food & Beverage industry on July 14, 2021.
The panel was led by Calypso Varotsis, International Project Manager at Paris Society Consulting, and featured Cédric Gobilliard, Lifestyle Division Director, ACCOR; Antoine Ménard, New Business Director, Paris Society Consulting; Giuseppe Vincelli, General Manager, Carlton Cannes IHG; and Guillem Kerambrun, CEO, My French Sommelier. The webinar is available to watch here.
The Association also hosted "How Technology Can Elevate the Guest Journey" which focused on the importance of first-party data and the right technology in the guest experience on June 30, 2021.
The panel was moderated by Gabriela Talpa, Director of Distribution and Revenue Management, Nobu Hotel Shoreditch, and featured Michael Bennett, CMO, CENDYN; and Olivier Jolidon, Global Director CRM & Business Intelligence, AMAN Resorts. The webinar is available to watch here.
Learn more about the membership benefits of the International Luxury Hotel Association here and join our chapters and mentorship program so that you can get the support you need to advance your career and grow your business. Save $20 with the code WBSERIES20
Written by CIIC.
About the International Luxury Hotel Association
The International Luxury Hotel Association is the luxury hospitality's preeminent association promoting, unifying and advancing the industry through insight, opinion and research.
ILHA reaches an audience of more than 500,000 hotel professionals in 90+ countries and produces LUXURY HOTELIERS Magazine, ILHA SmartBrief and the INSPIRE SUMMITS in Europe and North America. They also run LinkedIn's largest hospitality and travel group which ranks in the top 100 of the more than 10 million professional groups on LinkedIn.
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