Whether investing in technology upgrades, property renovations, or sustainable practices, enhancing the customer experience is always the priority for hospitality executives.
Hotel Business’s recent executive roundtable, sponsored by Mitsubishi Electric Trade HVAC US (METUS), gathered prominent hotel executives to discuss what areas they are investing in to stay competitive and deliver excellent experiences to their guests.
Moderated by Christina Trauthwein, Vice President of Content & Partnerships at Hotel Business, the panel included several hotel leaders and Tom Varga, Senior Manager, Business Development at METUS.
Investments in areas such as authentic company culture, streamlined workflows, and energy-efficient assets are emerging to improve the employee experience and guest satisfaction.
Eco-friendly practices increase satisfaction and cut costs
Consumers are increasingly taking note of companies’ sustainability practices, and the hotel industry is no exception. Decarbonization is an essential step for hotels to achieve their sustainability goals, with panelists citing heat pump technology, solar panels, and gasless kitchens as features of the future that they consider implementing.
Putting people on the forefront with boosted training and incentives
In the hospitality business, creating people-centric experiences is imperative. For industry leaders, this applies to their employees just as much as their guests. Hotel executives are investing in their people more than ever, aiming to recruit and retain talent with tactics such as incentive programs, company culture development, and specialized training.
Bringing technology to the table
To streamline workflows and make informed decisions faster, hotel executives are evolving their tech stacks. Panelists shared that it is essential to harness and leverage data efficiently, making it easier to get key data points to decision-makers faster.
Prioritizing property improvements
The panelists took note of how investing in property improvement plans for key assets created increased returns in their market. With such products creating boosts for their revenue per available room (RevPAR) index, they reported revenue increases of up to 12%.
Focusing on food and beverage
In an industry where new amenities are constantly emerging, enhancing the food and beverage (F&B) spaces can give managers a competitive edge. To differentiate, the panelists noticed that creating an open, welcoming space in F&B vicinities was effective in turning the “ice-water crowd” into paying restaurant goers.
See video clips from the roundtable and gain deeper insights by visiting the Hotel Business website.
