VIDEO | What next for hotels amid shifting consumer attitudes?
The next decade is expected to be one of adaptation for the hotel and hospitality sectors in the wake of seismic changes over recent years, according to participants at a roundtable discussion hosted by DWF and Whitbread.
The roundtable gathered experts from across the sector to discuss the challenges and opportunities facing hotel developers, investors, and operators.
You can watch the highlights on Place North’s YouTube channel.
On the challenges side of the ledger, the cost of finance and general market volatility were blamed for the lack of new-build development, while ever-rising operational costs and a lack of skilled workers continue to cause headaches.
In the opportunities column is the chance to capitalise on the growing demand for high-end and experiential products, which have been the hotel sector’s growth story internationally.
Key takeaways
- Due to the cost of living crisis, consumers are becoming more discerning, which means hotels will have to really know their audience if they are to compete for business over the coming years
- Increasing the number of beds in a given scheme and providing smaller and better rooms could be one way of improving the viability of projects
- The more big gigs a city can attract the better – cities that hosted Taylor Swift or Oasis concerts over the last two years experienced spikes in revenue per available bed.
To learn more about what the next 10 years has in store for the hotel sector, watch the video at the top of this article.
Participants
Aoife Roche, vice president of sales, STR
Richard Servidei, director, AREA
Jill Anderson, acquisition manager, Whitbread
Mel Williams, head of global real estate finance, DWF
Nick Brooks-Sykes, head of tourism, Marketing Manchester
James Scott, director, Eric Wright
Tom Cunningham, regional director, Savills
Chair: Dan Whelan, deputy editor, Place North West
