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HOSPITALITY INDUSTRY / ARTICLE

A Significant Shift: More Hotels Focus on

Credible Sustainability Partnerships in 2024

MAY 05, 2024

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By Gabriel Tan - Global SDG Pioneer for Circular Economy

READING TIME: 3 MIN

Image by Marcel Strauß

Key Takeaways:

Hotels are pivoting towards credible sustainability partnerships as a way to differentiate themselves and thrive.

  • Staying Ahead of Competitors: By forming partnerships with credible organizations, hotels can position themselves as leaders.

  • Leveraging on Partner for Speed and Credibility: Implementing sustainable practices on their own takes a long time and costly. Thus, partnerships create an interesting opportunity for hotels to benefit instantly and effortlessly by leveraging on partner's credibility, capability and expertise.

  • Credible Sustainability Storytelling: Sharing authentic stories of sustainability efforts can unlock growth and values.

 

 

 

As the world becomes increasingly focused on environmental and social responsibility, hotels are pivoting towards credible sustainability partnerships as a way to differentiate themselves and thrive in the industry. In 2024, this strategic shift is guided by several major reasons and strategic approaches, but it also comes at a times when the industry is facing mounting challenges that need to be managed effectively.

5 Major Reasons Hotels Are Prioritizing Credible Sustainability Partnerships

  • Staying Ahead of Competitors: By forming partnerships with credible sustainability partners, hotels can position themselves as industry leaders. This allows them to stay ahead of competitors who may lag in adopting environmentally friendly practices.

  • Securing Green Business from Corporates and Governments: Corporates and government bodies are increasingly prioritizing sustainability in their procurement decisions. Hotels that align with credible sustainability partners are better positioned to secure lucrative contracts and collaborations.

  • Boosting Prestige and Brand Equity: A hotel's reputation and brand equity receive a significant boost when they commit to sustainability through credible partnerships. This reinforces a positive image and builds customer trust.

  • Appeal to Owners and Investors Interested in ESG Factors: Owners and investors are paying more attention to Environmental, Social, and Governance (ESG) criteria. Hotels with credible sustainability partnerships are more attractive to these stakeholders, opening up opportunities for funding and growth.

  • Attracting Top Talent: As sustainability becomes a priority for job seekers, hotels with strong sustainability partnerships can attract skilled employees who value working for a socially responsible organization.

 

 

 

 

 

 

 

 

 

 

 

3 Major Concerns Hotels Face Today

  • Rising Costs and Inflation: Implementing sustainable practices and building internal sustainability capabilities are costly, especially given current inflation rates. Hotels need to manage costs carefully to ensure long-term success.

  • Uncertainties: The rapidly evolving landscape of sustainability initiatives and changing regulations can introduce uncertainties for hoteliers. Staying agile and adaptable is crucial.

  • Changing Customer Preferences: Customer preferences are constantly evolving, and hotels must balance sustainability efforts with providing exceptional experiences. Understanding and anticipating these shifts is key to success.

 

 

 

 

 

 

 

 

 

 

 

 

 

5 Strategies for Hotels to Leverage on Sustainability Partnerships

  • Leverage Partners' Credibility: Hotels can benefit from the reputation and expertise of credible sustainability partners. Leveraging these relationships can enhance a hotel's standing and amplify its impact.

  • Sustainability as a Revenue Generator: Rather than viewing sustainability solely as an expense, hotels can explore how sustainable practices can open up new revenue streams. 

  • Creative Ways to Drive Value: Innovative approaches to sustainability can differentiate a hotel from its competitors. Offering unique experiences that align with environmentally friendly values can drive guest satisfaction and loyalty.

  • Credible Sustainability Storytelling: Sharing authentic stories of sustainability efforts can resonate with guests and stakeholders. Hotels that effectively communicate their journey and achievements can inspire trust and loyalty.

  • Join Reputable Sustainability Initiatives: Being part of recognized sustainability initiatives can provide hotels with resources and support, while also demonstrating their commitment to responsible practices.

 

 

 

 

 

 

 

 

Conclusion

 

In closing, by focusing on these strategies and addressing the associated concerns, hotels can successfully leverage credible sustainability partnerships to build their brand credibility, attract more corporate customers and employees, and also secure growth and higher revenue in an increasingly sustainability conscious world.

If you would like to learn more about any of the topics discussed above, please do not hesitate to contact our experts. Our team is ready to assist you and provide further insights. We are dedicated to helping your hotel stay ahead and achieve better performance through credible and sustainable practices.

More than half have some kind of sustainability partnership or looking into establishing one in 2024

GUAVA Research, Sustainability and Key Trends Study, Jan-Mar 2024; N=50 hotels in APAC

More than 80% are concerned about rising cost and inflation

 

2 in 3 worry that they may lag behind competitors if they don't start investing into sustainability today

GUAVA Research, Sustainability and Key Trends Study, Jan-Mar 2024; N=50 hotels in APAC

38% agree that credible sustainability storytelling is a key differentiator

 

2 in 3 have joined or planning to join a global sustainability initiatives

GUAVA Research, Sustainability and Key Trends Study, Jan-Mar 2024; N=50 hotels in APAC

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Author

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Gabriel Tan

Global SDG Pioneer for Circular Economy

  • LinkedIn

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