The 8th Edition of the Young Hotelier’s Summit seeked to evaluate, assess, and adapt the traditional hospitality business model. In today’s hospitality industry, fast moving digital players increasingly gain importance in catering to an ever changing consumer behavior. The unstable environment of the industry drives the need to reinvigorate business practices and calls for the introduction of creative new structures.
Hospitality firms are currently going through a critical evolution period where strategic decision-making is key for individual firms to remain competitive. By involving a range of stakeholders, we aim to guide our delegates and students through the hospitality innovation process. The 8th edition questioned and reassessed hospitality companies from within, including product innovation, branding as well as an increased focus on strategy planning. YHS hosted panel discussions, keynote speeches, and workshops which examined these processes from a student, academic, and industry point of view.
Reinventing Luxury Hospitality
How Can We Invest Innovatively?
This panel aimed to gauge the most prosperous investment and innovation opportunities in luxury hospitality. From long-standing traditional hotel brands to Bulgari’s venture into branded-residence, the field of luxury is everlasting yet ever-changing. Would there be likelihoods for a cross-over between hospitality and other luxury industries? How can luxury be integrated to the real estate investors’ vision for mixed-use developments or assisted living? By bringing together various stakeholders on the spectrum of hospitality investment, we hoped to stimulate discussion to preview the future reinvention of luxury
Conceptualize, Plan, Benefit:
Find Your Footing in the Sustainable Future
This panel discussion aimed to address the key benefits, motivations, and the practice crucial to the development of hospitality projects. As an industry, we seek to understand, the apt timing for implementing sustainability practices, and what the key benefits are from doing so. To fully understand the impact of these practices, we should understand the key players. Who takes the ownership of sustainability projects, how does each stakeholder individually benefit from such practice, and who are the new generation of stakeholders in an evolved industry?
Power of Big Data: Gather, Convert and Implement
How Information Changes the Industry
There is an enormous amount of data in the hospitality and tourism industry created by each guest from the moment they start dreaming about their next holiday destination or planning their next business trip. With more and more mobile devices and bookings through those smart phones the trace of date left behind increases every day. This panel discussion focused on how the power of big data affects the hospitality and tourism industry. We examined this phenomenon from a marketing, booking and operational point of view. By answering questions such as: How can this data be converted into insights that can help a hotel brand understand and attract their customer base in order to gain a competitive advantage? How can hotels make use of big data in order to help their frontline employees to offer a personalized experience? And last but not least, will online travel agencies share or sell date in order for hotels to be more profitable? Very soon data will become an important aspect of the functioning of the hospitality sector because they provide hotel brands with limitless opportunities to grow their customer base on a global level.
Innovative Business Models
Successfully Revolutionizing Hospitality
The hospitality industry has a rich and diverse history full of traditions. Not only globalization but also technology has changed the next generation of tomorrow. While the airline industry has adapted and reinvented themselves - traditional hotels have not reacted to the disrupters of the industry. This panel discussion gathered the most fast-moving and innovative companies in the hotel industry. We answered questions such as: How will the future hotel rooms look like? What are the latest consumer trends? How should traditional hotels reinvent themselves?