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    Property sales continue to grow

    Property sales continue to grow

    Dr Martens steps into global flagship store on Oxford Street | News

    Dr Martens steps into global flagship store on Oxford Street | News

    Hungary’s resi market in 2023 to copy results of 2022 | Property Forum

    Hungary’s resi market in 2023 to copy results of 2022 | Property Forum

    Property Tax Rally held at Montana State Capitol

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    Aviva and Socius to develop £1bn south London cancer research hub | News

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    Property Forum Awards 2023 – Shortlist announced

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    International Real Estate Report Highlights Portugal’s Thriving ‘Property Hotspots’

    International Real Estate Report Highlights Portugal’s Thriving ‘Property Hotspots’

    Irwin Mitchell adds Keith Davidson to ESG practice | News

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    Mitiska REIM raises €168 million | Property Forum

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  • Retail
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    Developers Are Hiring Private Security to Relocate Homeless

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    PWD’s $75m Buy Sets Large Format Retail Sale Benchmark

    PWD’s $75m Buy Sets Large Format Retail Sale Benchmark

    Best years ahead for Hong Kong retail industry as patience needed for post-Covid recovery, Wharf group says

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    Allsup’s in Waco; Stay Classy pauses; $344M in unclaimed property; state tennis

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    Garbanzo Mediterranean Fresh inks 1,700 sq. ft. lease at ShopRite-anchored plaza in Delran

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  • Residential
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  • Industrial
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    SJTA & IRG Reach Agreement on Industrial Development Lease in New Jersey

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    SEGRO appoints new European head of investment

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    Tuas Mega Port – driving warehouse demand in West Singapore

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    This Week’s Dallas-Fort Worth Deal Sheet (October 10, 2023)

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    Australian Property Journal’s sales and leasing transactions wrap

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    Industrial Tenants Flee Sydney High Rents, Space Shortages

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  • Hotel
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    In the healing journey, sometimes luxury is just what the doctor ordered – eJewish Philanthropy

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    County Durham’s Esh Group toasts healthy profits after year of headwinds

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    Council hears more on Oasis sports complex

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    Diversified Trust Co Increases Holdings in DiamondRock Hospitality: A Promising Investment Opportunity in the Hospitality Industry

    Diversified Trust Co Increases Holdings in DiamondRock Hospitality: A Promising Investment Opportunity in the Hospitality Industry

    ‘Overlooked’ Kilmarnock and Irvine set to receive ‘surprise’ £20m cash injection from UK Government

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    Paving the Way for Sustainable African Development

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    England’s Slow-Motion Debt Crisis Rolls Into View

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    Check in for a greener future at Holiday Inn Express Newcastle | Newcastle Herald

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  • Buying a Home
    Mansion Global Daily: Chinese Buyers Spent an Extra A$1 Billion on Australian Property

    Mansion Global Daily: Chinese Buyers Spent an Extra A$1 Billion on Australian Property

    Seven Common Misconceptions People Have About Buying a Home

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    France’s Vantiva to buy CommScope’s Home Networks

    France’s Vantiva to buy CommScope’s Home Networks

    Should I rent or buy a home? How to weigh your options – NBC 6 South Florida

    Should I rent or buy a home? How to weigh your options – NBC 6 South Florida

    Consumer Corner: Should I rent or buy a home? – NBC 6 South Florida

    Consumer Corner: Should I rent or buy a home? – NBC 6 South Florida

    How buying a new home can save you capital gains tax on shares, MF

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    Couple buys UFO-shaped house in DeWitt Township, will document renovations on TikTok

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    Seaside haven votes to ban wealthy Londoners from buying holiday lets amid demands they face TRIPLE council tax…but local firms say they need tourists to survive

    Seaside haven votes to ban wealthy Londoners from buying holiday lets amid demands they face TRIPLE council tax…but local firms say they need tourists to survive

    How to buy a video doorbell

    How to buy a video doorbell

  • Selling a Home
    10 Best Selling Espresso Makers for 2023

    10 Best Selling Espresso Makers for 2023

    Top selling home in Tiverton

    Top selling home in Tiverton

    Top selling home in New Bedford.

    Top selling home in New Bedford.

    Australian grandmother scammed out of $750,000 after selling her family home

    Australian grandmother scammed out of $750,000 after selling her family home

    You can buy an 8x18ft tiny home on the beach for only $45,500

    You can buy an 8x18ft tiny home on the beach for only $45,500

    Grandma scammed out of nearly $480K after selling family home in fraud scheme

    Grandma scammed out of nearly $480K after selling family home in fraud scheme

    Grandmother scammed out of $750,000

    Grandmother scammed out of $750,000

    Home battery owners earned up to £26 in trial for selling power to the grid

    Home battery owners earned up to £26 in trial for selling power to the grid

    James Packer mansion: Billionaire selling LA home for $132 million – 9News

    James Packer mansion: Billionaire selling LA home for $132 million – 9News

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  • Home
  • News
    Property sales continue to grow

    Property sales continue to grow

    Dr Martens steps into global flagship store on Oxford Street | News

    Dr Martens steps into global flagship store on Oxford Street | News

    Hungary’s resi market in 2023 to copy results of 2022 | Property Forum

    Hungary’s resi market in 2023 to copy results of 2022 | Property Forum

    Property Tax Rally held at Montana State Capitol

    Property Tax Rally held at Montana State Capitol

    Aviva and Socius to develop £1bn south London cancer research hub | News

    Aviva and Socius to develop £1bn south London cancer research hub | News

    Property Forum Awards 2023 – Shortlist announced

    Property Forum Awards 2023 – Shortlist announced

    International Real Estate Report Highlights Portugal’s Thriving ‘Property Hotspots’

    International Real Estate Report Highlights Portugal’s Thriving ‘Property Hotspots’

    Irwin Mitchell adds Keith Davidson to ESG practice | News

    Irwin Mitchell adds Keith Davidson to ESG practice | News

    Mitiska REIM raises €168 million | Property Forum

    Mitiska REIM raises €168 million | Property Forum

  • Retail
    Dallas Design District property sells to North Carolina investor

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    Developers Are Hiring Private Security to Relocate Homeless

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    PWD’s $75m Buy Sets Large Format Retail Sale Benchmark

    PWD’s $75m Buy Sets Large Format Retail Sale Benchmark

    Best years ahead for Hong Kong retail industry as patience needed for post-Covid recovery, Wharf group says

    Best years ahead for Hong Kong retail industry as patience needed for post-Covid recovery, Wharf group says

    Allsup’s in Waco; Stay Classy pauses; $344M in unclaimed property; state tennis

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    One of Utah’s largest deeply affordable housing developments, Ville 1659, fails

    The Evolution of PD&R National Housing Market Releases

    The Evolution of PD&R National Housing Market Releases

    Renovated San Antonio senior housing reopens with on-site clinic

    Renovated San Antonio senior housing reopens with on-site clinic

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    Moline acquires abandoned properties to turn into housing

    Construction to renovate Archer School into affordable housing ramps up

    Construction to renovate Archer School into affordable housing ramps up

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    HUD Announces Over $30 Million to Combat Housing Discrimination Nationwide

    LA Housing Department Proposes Increasing Residential Hotel Enforcement — ProPublica

    LA Housing Department Proposes Increasing Residential Hotel Enforcement — ProPublica

    Annexation for south entrance property before Whitefish Council

    Annexation for south entrance property before Whitefish Council

    Overall private residential property prices remained broadly flat amid lower sale transaction volume in 3Q2023

    Overall private residential property prices remained broadly flat amid lower sale transaction volume in 3Q2023

  • Office
    A new office tower for a new office era

    A new office tower for a new office era

    Space leased at 18 Broad in Charleston > Charleston Business Journal

    Space leased at 18 Broad in Charleston > Charleston Business Journal

    Cyclone Gabrielle: Final number of Category 3 properties revealed for Hawke’s Bay; ‘buyout office’ to be set up

    Cyclone Gabrielle: Final number of Category 3 properties revealed for Hawke’s Bay; ‘buyout office’ to be set up

    Apartments, retail and more proposed for old Cooper Stadium property

    Apartments, retail and more proposed for old Cooper Stadium property

    KERA Sells Property Near Uptown Dallas, Making Way for New … – CoStar Group

    KERA Sells Property Near Uptown Dallas, Making Way for New … – CoStar Group

    US office prices headed for ‘severe crash,’ investors say

    US office prices headed for ‘severe crash,’ investors say

    CTO Realty Growth Announces Sale of Single Tenant Office Property in Reston, Virginia For $18.5 Million -October 02, 2023 at 07:31 am EDT

    CTO Realty Growth Announces Sale of Single Tenant Office Property in Reston, Virginia For $18.5 Million -October 02, 2023 at 07:31 am EDT

    Taking a closer look | News, Sports, Jobs

    Taking a closer look | News, Sports, Jobs

    Severe crash coming for US office properties, investors say

    Severe crash coming for US office properties, investors say

  • Industrial
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    Bis Henderson merges consultancy and space arms to form Visku | News

    SJTA & IRG Reach Agreement on Industrial Development Lease in New Jersey

    SJTA & IRG Reach Agreement on Industrial Development Lease in New Jersey

    SEGRO appoints new European head of investment

    SEGRO appoints new European head of investment

    Tuas Mega Port – driving warehouse demand in West Singapore

    Tuas Mega Port – driving warehouse demand in West Singapore

    This Week’s Dallas-Fort Worth Deal Sheet (October 10, 2023)

    This Week’s Dallas-Fort Worth Deal Sheet (October 10, 2023)

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    2024 Pre-Roll Consultation Period is Underway

    Investment firm KKR sells $560 million of U.S. industrial real estate, including Lehigh Valley properties | Lehigh Valley Regional News

    Investment firm KKR sells $560 million of U.S. industrial real estate, including Lehigh Valley properties | Lehigh Valley Regional News

    Australian Property Journal’s sales and leasing transactions wrap

    Australian Property Journal’s sales and leasing transactions wrap

    Industrial Tenants Flee Sydney High Rents, Space Shortages

    Industrial Tenants Flee Sydney High Rents, Space Shortages

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    You can buy an 8x18ft tiny home on the beach for only $45,500

    Grandma scammed out of nearly $480K after selling family home in fraud scheme

    Grandma scammed out of nearly $480K after selling family home in fraud scheme

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    Grandmother scammed out of $750,000

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    James Packer mansion: Billionaire selling LA home for $132 million – 9News

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Sustainability for Hotels – The Impact on Profitability

PrR by PrR
2023-08-25
in Hotel
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Sustainability for Hotels – The Impact on Profitability
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Nowadays, we see sustainability touted across trade publication headlines and social media. But beyond the buzzword, what does sustainability actually mean, in practical terms, for your hotel? Why does sustainability in travel matter so much now – more than ever – to consumers? Most importantly, how can hotels ensure that they are upholding sustainability standards and effectively communicating them to stakeholders and customers?

In this article, we take a closer look at the implications of sustainability for hotels, including the operational and economic impact, what other hotels and travel/tourism businesses are doing to meet these demands, and how technology can help.

Beyond the buzzword, what does Sustainability really mean for Hotels?

In broad terms, sustainability refers to actions, programs, and initiatives that preserve a particular resource. It umbrellas four main pillars: Environmental, Economical, Social, and Human. For hotels and the wider hospitality, travel, and tourism sectors specifically, sustainable development encompasses the three elements of people, planet and profit (the 3Ps) – implying long-term considerations for all stakeholders. Here is a breakdown:

  • Planet: Your hotel must significantly reduce its environmental impact through green best-practices in maintenance, services, logistics, products, and supplies. The core elements revolve around reducing waste, saving energy, and cutting down on water usage.
  • Profit: Your hotel needs to be growing and profitable to be deemed economically viable (and therefore sustainable), contributing to the local economy, creating local jobs and, as a result, supporting the local community.
  • People: Your hotel must be socially engaged with employees, customers, suppliers and the local community. Social sustainability covers diversity and inclusion, health and safety as well as community impact.

Although in recent years there has been increased discussion around the importance of sustainability for the environment and to improve profitability by reducing operational costs, many companies (including hotels) are still grappling with how they can put sustainability into practice. But nowadays, it’s not enough to jump on the bandwagon and talk the talk. Hotels need to walk the walk – putting their money where their mouth is, by embedding sustainability into their business models.

Why is Sustainability Important for Hotels in the Current Climate?

Research shows that more people want to travel sustainably. In its annual survey on sustainability, Booking.com recently found 71 percent of respondents planned to travel greener, up 10% over 2021 results. Not only have travelers grown increasingly focused on sustainability, but governments too. In Europe, large companies and SMEs are already required to collate data in order to report on their sustainability initiatives from 2024 onwards, by defining KPIs and how these are performing year-on-year.

Although your hotel may not yet fall under this mandate, the reality is that the market is ahead of regulation. Large corporate clients and publicly listed companies are being pressured to strategize, monitor and report on all their sustainability initiatives. In its turn, their supply chain – including hotels – has to follow, by demonstrating that they are also actively working towards reducing their carbon footprint and improving their communities and employees’ welfare. In practice, that means that they also have to define, measure and report on their initiatives.

Some key players in hospitality, such as Siemens have since announced that they will require hotels to provide data on their sustainability initiatives and their impact, under their Green Stay Initiative. Furthermore, data from Great Hotels of the World shows that all RFPs for member hotels included mandatory sustainability criteria for negotiated rates. In cases where corporate clients turned down proposals from hotels, the first reason provided was non-compliance with the client’s sustainability criteria, as opposed to price, availability, or insufficient pricing seasons etc.

Furthermore, the United Nations have launched the 17 Sustainable Development Goals, a valuable framework for any business to use, in order to improve its sustainability record. Some of these goals are clearly more relevant to hotels than others, such as Good Health and Well-Being (3), Clean and Affordable Energy (7), Decent Work and Economic Growth (8), Responsible Consumption and Production (12) or Partnerships for the Goals (17).

Thus, sustainability is no longer a nice to have for hotels, but a critical factor in business, directly impacting profitability.

What are Hotels and Travel/Tourism Companies doing to Promote Sustainability?

Although sustainability has long been a talking point across the global travel, tourism, and hospitality landscape, its importance was notably amplified when global travel came to a standstill in 2020. Businesses took a step back and recognized the importance of sustainability for their staff, but also for their local economies and communities.

The current staffing challenges and concerns around rising costs have also shone a spotlight on sustainability to improve profitability. As such, hotels and companies across the wider travel and tourism industry are now implementing measures and strategies that enable customers to travel and consume goods and services in a more sustainable way.

As part of its overall Sustainability strategy, Great Hotels of the World launched its Sustainable Future Awards in 2022, rewarding and showcasing its member hotels’ initiatives in Sustainability. One example is the Eco Hub Cascais by the Onyria Group of hotels in Portugal – winner of the Sustainable Events accolade at the Great Hotels of the World Sustainability Awards in 2022.

Perfectly aligned with the 17th UN Sustainable Development Goal – Partnerships for the Goals – The Eco Hub Cascais comprises four hotels, located within the same natural park. They share a common vision for environmental policy, going beyond the basics of energy efficiency, recycling programs, and waste reduction. Each of these hotels also offer eco-friendly conference facilities, and they have partnered together to share certain services, such as electric vehicle transportation between the four hotels.

In addition to a number of other sustainable initiatives, another GHOTW member, the Ilunion Hotels, in Spain won the Economic Sustainability Award. They joined forces with Too Good To Go, an App that allows people to order surprise packages of leftover food at discounted prices. In doing so, Ilunion Hotels are proactively mitigating the social, economic and environmental consequences that surround the issue of food waste, and complying with the 12th UN Sustainable Development Goal of Responsible Consumption and Production.

Airlines such as Delta, Qantas, and British Airways offer carbon offsetting programmes that enable passengers to pay or make up for the carbon emissions their flights produce. The client uses a tool to calculate the emissions released on that flight and then buys a carbon credit from a broker to offset that amount of emissions. The broker subtracts its fee and uses the rest of the money to invest in an emissions project, such as a reforestation effort.

How can Hotels be more Sustainable going Forward, and How will it Improve Direct Bookings?

Given the current staffing challenges, from an economic sustainability perspective, technology can significantly reduce operational costs and make your workforce more productive. If one of your sustainability goals is to improve your financial performance, adopting software that automates repetitive admin tasks such as deploying different rates plans or tracking and reviewing reservations and channels, will give your staff more time to add greater value in other areas of the business.

In addition to technologies that make hotel operations and business more productive, hotels are also shifting towards offering “smart hotel rooms” to reduce their carbon footprint and promote environmental sustainability. For example, hotels with smart thermostats give guests easier access to their room’s temperature controls, while saving costs on utility fees. Smart thermostats, like the Google Nest, allow users to set certain temperature settings for specific times of day and access their temperature controls remotely.

Hotels may also want to replace complimentary bottled water (a common practice) to guests, with water dispensers on their property. Some water dispensers today even offer bubbly or flavored drinks, from a single tap, which will upgrade the guest experience and reduce plastic waste.In the future, may see more hotels embed environmental sustainability into their pricing strategies, and a more widespread adoption of the carbon offsetting model..

Hotels can also be more socially sustainable by opting to hire locally, even training non-specialised workforce on property and to and to work with local suppliers as much as possible, in order to contribute more to the community, as well as to save carbon miles.

These are just a few of many sustainability measures hotels may consider implementing, moving forward. Taking action now can help your hotel reduce costs, but also differentiate itself from the competition, thereby attracting more guests. Becoming more sustainable will ultimately enhance your brand and thus lead to more meaningful and relevant communication. This will enable you to build direct relationships with your clients, and encourage direct (and more profitable) business for your hotel.

Conclusion

Whatever your hotel defines as sustainability goals for the future, the key is to strategize why you have selected that particular goal; how you will measure its environmental, economic or social impact – and how you will communicate it effectively, to engage staff, customers and business partners.

The road to sustainability is immensely rewarding, on many levels. It is also a long one, to be taken with the entire team, one step at a time.

And the moment is now.

About GuestCentric

GuestCentric is a leading provider of cloud-based digital marketing software and services that help extraordinary hoteliers promote their brand, drive direct bookings and connect with customers on all digital platforms. GuestCentric’s all-in-one platform provides hotels with the only unified solution for managing their guests’ online journey: award-winning, high impact websites; an integrated, easy-to-use booking engine; social media marketing and publishing tools; a GDS chain code and a channel manager to offer rooms on Amadeus, Booking.com, Expedia, Galileo, Google, Sabre, TripAdvisor and hundreds of other channels. GuestCentric is a proud provider of solutions that maximize direct bookings to hotel groups and independent hotels from collections such as Design Hotels, Great Hotels of the World, Leading Hotels of the World, Relais & Chateaux, Small Luxury Hotels and Small Danish Hotels. GuestCentric is featured on Skift Travel Tech 250, a list of the top 250 travel tech companies shaping the modern-day travel experience.

Melissa Rodrigues
Content Manager
+35 196 157 3854
GuestCentric Systems

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