Sustainability and the benefits derived from its implementation have become a contentious issue within the hotel industry. Populations, particularly in emerging markets, continue to expand at a very rapid pace. In fact, it is estimated that the population will grow to nearly 10 Billion people by the year 2050. This rapid expansion of population, although exciting, will require sustainability practices that meet present needs without compromising the needs of future generations. As such, resources, and their subsequent management will be paramount to the overall success of the hotel industry. Sustainability practices, to a large extent will require hotels to reevaluate how they operate. Through proper implementation, hotels can benefit both financially and from a customer loyalty perspective. As indicated above, the overall population is increasing rapidly. As such, the tourism market will expand alongside it. According to the article, tourism is already the largest industry in the world, with nearly 800 million people traveling to a foreign country. As such growing competition will necessitate a lower cost structure within the industry overall. These large numbers of individuals travelling around the world will undoubtedly have an adverse impact on the surrounding environment (Blewitt, 2008). Through sustainable solutions, hotels in both the short and the long run can alleviate costs within the overall capital structure of the business. As such, hotels can first lower cost, thus increasing the overall net income of the firm. In addition, through the increase savings garnered from the sustainable practices, hotels can further invest in their brand, advertising, marketing, or still more hotels. By being a more financially viable franchise, hotels will also be able to access financing more cheaply as they are less risky (Daly, 1989). Finally, hotels will be able to weather various economic conditions more readily as their overall cost structure is lowered. In addition to the financial benefits derived above, many consumers are willing to pay more for sustainable products. As such, the market for hotel sustainable practices will reap reputational awards as well. Consumers tend to be loyal to causes they deem important. By aligning themselves with sustainable solutions, hotels will make themselves more attractive to potential customers, thus cultivating profitable, long-term relationships.
References:
1) Blewitt, J. (2008). Understanding Sustainable Development. London: Earthscan. ISBN 978-1-84407-454-9
2) Daly, H. & J. Cobb (1989). For the Common Good: Redirecting the Economy Toward Community, the Environment and a Sustainable Future. Boston: Beacon Press. ISBN 0-8070-4703-1.
And talent management will become even more important as companies in the United States attempt to staff properties thousands of miles away from their headquarters (2009 industry outlook: Tourism, hospitality & leisure, 2009). To confront the high turn over challenge, hotel management must ensure that their benefits support their company's vision, mission and values (Cavallari, 2008). Hotels are also going to need to be more creative in their approach
Florida is, again, a good example in this sense. The governor of Florida signed an executive order that "required state agencies and departments to hold meetings and conferences at Green Lodging participants whenever possible" . What this means is that state agencies are to use green hotels for meetings and any events rather than other types of hotels. The state rewards hotels that have gone green by increasing their business.
" (Traventec, Ltd., 2005) Market saturation is possible according to Traventec, Ltd., due to the constant "influx of new entrants into the low cost carrier and regional space and continued expansion of existing players. When and whether market saturation is actually reached in specific regions of the world depends on how mature regional and low cost air transport is in the first place and the size of the yet under-served
Facilities Maintenance Hotel Facilities Maintenance As the proposal for Hotel Montreux enters the next phase, plans for maintenance must be delineated. Proper scheduled maintenance of the facilities systems, buildings, equipment and other features is essential to protect the capital investment and to ensure that Hotel Montreux achieves the international reputation targeted by investors and financiers. This report provides a plan of overall maintenance designed to maximize the investment by ensuring timely and
As the urban areas grow, though, Ireland faces similar issues to all other major cities -- increased pollution, trash, and use of natural resources. The environment has a critical impact on tourism. Sometimes large and cumbersome bureaucracy and fee structure makes competition difficult; European standards have helped, but streamlining remains a real need (Bartlett 2010, McWilliams 2008) SWOT Analysis -- Hotel Industry in Ireland Strengths Weaknesses Opportunities Threats Industry as a whole slowly on the upswing. Large bureaucracy
As Lisa Mastny, an expert for the Worldwatch Institute, argues that sustainable tourism has been a new approach that forces many within the tourism business to take positive steps to "become more environmentally and socially responsible" (Mastny, npg). Eco-tourism has become a modern trend not only because of pressure towards greater environmental initiatives, but that having such a practice will ensure the future sustainability of the industry itself. Mastny
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