Hotel Sustainability Outlook for 2024 Starts with Profitability

The article advocates for the inseparable nature of sustainability and profitability in the hotel industry. It emphasizes the growing necessity for hotels to adapt to climate-conscious practices, driven by increasingly erratic weather and natural disasters. The industry faces pressures from both government regulations and consumer preferences, with sustainability becoming a key factor in securing financing and attracting guests. The article suggests utilizing green financing options and leveraging evolving distribution channels to highlight eco-friendly properties. It advises hoteliers to start making incremental energy and water efficiency improvements, emphasizing that small steps can cumulatively lead to significant financial and environmental benefits in the face of a rapidly changing eco-conscious economy.

Sustainability is the future for hotels, full stop. However profit-conscious or skeptical of international policies you may be, it’s becoming exceedingly difficult to fight against the flow of the river that is action against human-born climate change. What we argue, though, is that going forward profitability and sustainability are the same thing.

Every year the weather gets weirder and the natural disasters more severe. With hospitality seen as a ‘discretionary’ industry as compared to, say, agriculture, it will naturally come under increasing scrutiny for its contribution to global carbon emissions. This scrutiny may come from governments through the form of taxation and energy efficiency mandates, or it may come about privately via restricting access to capital for only those properties deemed green or from guests voting with their wallets by only booking those hotels that have passed a third-party sustainability appraisal.

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HYB 2024 Hospitality ESG Edition

The global hospitality sector is at a crossroad when it comes to implementing sustainability. Consumers demand trustworthy information while regulators and investors expect transparent disclosure on sustainability performance. Owners, brands and managers aim to mitigate the sector’s footprint thus reaping the financial and reputational benefits. Industry players that fail to adopt a sustainability strategy or fall short in the implementation stage may struggle to remain competitive in the long term. Industry experts and researchers identify key areas where sustainable innovation can have the greatest impact, developing new technologies and solutions to address sustainability challenges, and creating policies and incentives that encourage the adoption of sustainable practices. The HYB 2024 Hospitality ESG Edition aims to unlock the sustainability innovation stack by highlighting the range and interconnectedness of sustainable technologies, systems, and practices that can be combined in a holistic way that creates a more sustainable hospitality ecosystem.
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