2021 Review: Hospitality Q&As, Hospitality Insights
Date: December 22, 2021
2021 was another tumultuous year for the hospitality industry with Covid-19 creating continued uncertainty. Hospitality Insights asked a number of leaders from the sector to give us their views on how things unfolded.
Philip Bacon, Senior Director, Horwath HTL Spain contributed the following insights:
What do you think has been the most interesting news story/trend of 2021?
What has been most interesting for me is the sharp focus on the acceleration of concerns surrounding ESG within the hospitality sector and the overlap of this key issue with the way in which people manage their lives in the face of the restrictions placed upon all of us by the various measures put in place to fight the pandemic. The growth in products and business models that combine living, working and playing, and our ability to do all of these in multiple locations, is something that has been given new momentum this year and I look forward to watching this trend gain more focus from operators and investors.
Do any deals spring to mind?
In terms of both size and significance, the recently-closed Hyatt/ALG deal has global implications for the leisure segment, not only because of the embracing by another of the world’s leading hotel chains of the all-inclusive model, but also because of the clear statement that it makes about the sustainability of the resort and vacation markets, something that followers of the R&R Forum have known for a long time, but it has taken centre stage.
What changed the most for your business during 2021?
We are seeing a general shift in the needs of our clients towards more hands-on, multi-disciplinary involvement in their business planning and asset management processes. Most significant was the increased emphasis on change management, both for existing properties and for new developments.
Read the full article here.