Travel, especially, leisure travel, is greatly dependent on climatic conditions and driven by the weather patterns of the destination. Unpredictable weather patterns can impact business demand negatively. Similarly, if food and water sources are affected, it could disrupt utility supplies. This unpredictability can be a double-edged sword. On one hand, it could result in unforecasted business demands due to displacement from unaffected markets. However, existing operations might lack staffing and supply resources to cater to this demand.
Interestingly, the hospitality industry is not just a victim of climate change; it is part of the problem too. Every property contributes to carbon emission directly or indirectly. Sustainability has become inevitable as more stakeholders become aware of its long-term benefits and the greater good for our planet.
GOOD FOR THE PLANET, AND BUSINESS
Lowered environmental impact is long overdue in our industry; hotels need to reduce their dependency on natural resources and switch to more efficient, environmental friendly energy sources. Sustainability and energy conservation go hand in hand. Conserving energy by improving efficiencies and reducing wastage has a direct impact on the bottom line. It gains more significance given the fact that utilities feature as one of the top two business expenditure. An effective companywide energy conservation and efficiency strategy will boost the brand reputation and improve employee engagement and productivity.
More properties are now vying for green certification seeing benefits in both, operational cost and ease of getting licenses and clearances. In many instances, it is becoming a regulatory requirement to operate
hotels.
It is also a common practice for potential corporate clients to seek information on a hotel’s sustainability and energy efficiency strategies prior to engaging in business transactions; it is often part of the RFP process. Reducing the environmental impact of your business will also improve your business sustainability.
SHOW YOU CARE
Customers and business stakeholders are increasingly focused on a hotel’s sustainability scorecard. As awareness of the impact of their choices becomes more apparent, guests are constantly on the lookout for eco-friendly products and services.
Focus on environmental conscious operations, changes in regulation, guest impetus on sustainability, rapidly evolving technology and its availability have made it quite compelling to build sustainable businesses. Developers, too, are more focused on implementing cutting-edge technology into the built environment. This enhances the asset’s value and improves efficiencies while providing an enhanced sense of comfort for their guests.
