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Hospitality is 'eating the world' - here's what it means for your business and your career

Plus: The power of age diversity, how BIG MAMA Hotels automates & the state of investing Q1 2023

Author

Josiah Mackenzie
May 03, 2023

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Good morning. For 15 years, podcasts have supercharged my career in hospitality, giving me on-demand access to the world’s best mentors. But every week I meet people that aren’t yet taking advantage of these, so I created a quick video to show how to get started and uplevel your career:

Today we’re looking at:

  • Strategy: Hospitality is 'eating the world' - here's what it means for your business and your career

  • People: Harnessing the power of age diversity

  • Technology: How BIG MAMA Hotels automates hotel operations with technology

  • Investing: State of the lodging industry: Q1 2023

  • From our community: An illustration by Maria Navarro

Let’s jump into it


STRATEGY

Hospitality is 'eating the world' - here's what it means for your business and your career

with Richard Valtr for the Hospitality Daily Podcast

A few weeks ago, I shared Richard Valtr’s article on hotels "eating real estate” - and today he and I discuss the implications of this megatrend more broadly.

Why this matters: The size of the hospitality market isn’t fixed, and by thinking more expansively we can grow our businesses - and our careers.

In their words: “If you’ve spent years being a hotelier, this should represent a wake-up call.”

🎧 How we are providing hospitality outside the walls of our hotels - Christian LundĂ©n, Nordic Choice Hotels

Christian Lundén and his team at Nordic Choice Hotels in Sweden are looking at new opportunities to provide hospitality (and generate revenue) outside the walls of their hotels. Listen to how they're doing this.

đŸ«Ž Want to share Hospitality Daily? Click here to forward this email.

PEOPLE

Harnessing the power of age diversity

by Megan W. Gerhardt, Josephine Nachemson-Ekwall, and Brandon Fogel for Harvard Business Review

What’s going on: A lack of trust between older and younger workers often yields a culture of competition and resentment that leads to real productivity losses. But when age-diverse teams are managed well, members can share a wide array of skills, knowledge, and networks with one another.

In their words: “The assumptions we make about generational groups (including our own) can hold us back from understanding teammates’ true selves as well as the skills, information, and connections they have to offer. Noticing that we’re making these assumptions is the first step to combating them.“

TECHNOLOGY

How BIG MAMA Hotels automates hotel operations with technology

by Alain Derderian for Hotel Tech Report

What’s going on: Even beyond the ‘soft benefits’ of automation, a back office that works like a well-oiled machine can bring cost savings, efficiency, and accuracy that positively impacts your P&L as much as the guest experience at your property.

In their words: “If employees are happy they have more time on their hands and can do what most probably they came to our industry for - to be with people, to help people, and to serve people. These are the fun aspects of hospitality and they’re also the areas that differentiate your property from the competition. When people are stuck doing boring repetitive tasks they not only are losing valuable time that could be spent serving guests but their energy is lower and they’re less likely to want to be of service. Technology unlocks humanity in hospitality.” - Tobias Koehler, chief commercial officer at BIG MAMA Hotels

INVESTING

State of the lodging industry: Q1 2023

by Gilda Perez-Alvarado, Zach Demuth, and Ophelia Makis for JLL

What’s going on: JLL’s Q1 2023 Global Hotel Investment Trends report highlights the latest industry trends for performance, investment activity, debt markets, and ESG around the world. A few key takeaways:

  • Global RevPar is up 7.9% in Q1 2023 compared to Q1 2019

  • Urban markets are likely to see the biggest boost as group, corporate, and international travel increases

  • Must-have hotel assets in markets like New York, Paris, and Tokyo will remain in high demand as global investors look to deploy capital

In their words: “2023 will be a year of tremendous innovation in the hospitality industry. As the lines between work, life, and travel become increasingly blurred, traditional hotel brands and investors have an opportunity to expand their product offerings to new non-traditional hotel verticals including branded residential, short-term rentals, and private membership clubs, particularly in the luxury space.”

FROM OUR COMMUNITY

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