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Showing posts with label Taj group of hotels. Show all posts
Showing posts with label Taj group of hotels. Show all posts

Wednesday, March 13, 2024

What are the latest trends which may change the Hospitality Industry in 2024?

 The hospitality industry is in for a makeover in 2024, with several trends set to reshape the guest experience. Here are some of the hottest ones:

Sustainability in the Spotlight: Eco-consciousness continues to be a major focus. Hotels will strive to become more environmentally friendly by adopting green technologies, using recycled materials, and offering plant-based food options. We can expect to see a shift towards "net positive" practices, where hotels go beyond reducing their environmental impact and actively give back to the planet.

Tech Taking Center Stage: Artificial intelligence (AI) is poised to revolutionize hospitality. Expect chatbots handling inquiries, AI-powered personalization for guests, and automated processes for increased efficiency. Guests will also see more contactless technology, with features like voice-activated controls, digital room keys, and touchless check-in.

Health and Wellness Focus: Travelers are increasingly prioritizing well-being. Hotels will cater to this by offering health-centric amenities like in-house gyms, spa services, and healthy menu options. There might even be a rise in properties specializing in wellness retreats.

Crafting Unique Experiences: Gone are the days of generic hotel stays. Travelers crave unique and authentic experiences. Expect hotels to partner with local businesses to offer cultural immersion activities or curate personalized itineraries based on guest interests.

Locally Sourced, Globally Inspired: People are looking to connect with the places they visit. Hotels will highlight local ingredients in their restaurants and offer experiences that allow guests to explore the surrounding area. This could include partnerships with local farms, cultural events, or tours led by community members.

The Rise of Bleisure Travel: The blurring of work and leisure continues. Hotels will cater to the "bleisure" traveler by offering co-working spaces, meeting facilities, and amenities that support remote work.

Workforce in Focus: The hospitality industry is facing labor shortages. To attract and retain staff, hotels will likely offer competitive wages, better benefits, and opportunities for growth.


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Saturday, October 14, 2023

Why the Hospitality Industry is facing a huge manpower crunch post Covid 19?

 There are a number of reasons why the hospitality industry is facing a huge manpower crunch post-COVID-19:


Mass layoffs during the pandemic: The pandemic caused a sharp decline in travel and tourism, forcing many hospitality businesses to lay off employees. According to the World Travel & Tourism Council, the global travel and tourism industry lost 62 million jobs in 2020.

Workers moving to other industries: Many hospitality workers who were laid off during the pandemic found jobs in other industries, such as retail and healthcare. These industries often offer more stable employment and better pay and benefits.

Safety concerns: Some workers are hesitant to return to the hospitality industry due to concerns about their safety and health. The hospitality industry is a front-line industry, which means that workers are more likely to be exposed to COVID-19.

Changing travel trends: The pandemic has also led to changes in travel trends. For example, more people are now choosing to travel domestically or take shorter, more frequent trips. This has made it more difficult for hospitality businesses to predict demand and staff their businesses accordingly.

The manpower crunch in the hospitality industry is a global problem. However, it is particularly acute in some countries, such as India and the United States. In India, for example, the hospitality industry is facing a shortage of around 350,000 workers.


The manpower crunch in the hospitality industry is having a number of negative consequences. For example, it is leading to longer wait times, reduced service levels, and higher prices for consumers. It is also making it difficult for hospitality businesses to operate efficiently and profitably.


The hospitality industry is taking a number of steps to address the manpower crunch. For example, businesses are offering higher wages and benefits, providing more training and development opportunities, and creating more flexible work schedules. Businesses are also working with governments and educational institutions to develop programs to attract and retain workers.


It is unclear how long the manpower crunch in the hospitality industry will last. However, it is likely to continue for some time as the industry recovers from the pandemic and travel trends continue to evolve.


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Friday, October 13, 2023

How significant are the Customer Loyalty programs in the Hotel Industry?

 Customer loyalty programs are highly significant in the hotel industry for several reasons:


Repeat Business: Loyalty programs are designed to reward and retain existing customers. In the hotel industry, repeat business is crucial. Returning guests are not only easier to convert but also often spend more on each visit. A loyal customer who is part of a loyalty program is more likely to book with the same hotel chain in the future.


Revenue Generation: Loyal customers tend to spend more money on various services within the hotel, such as dining, spa, and room upgrades. They may also recommend the hotel to friends and family, thereby contributing to word-of-mouth marketing.


Competitive Advantage: In a highly competitive industry like hotels, loyalty programs provide a significant competitive advantage. Customers are more likely to choose a hotel where they can earn rewards or receive special benefits. This can help hotels stand out in a crowded market.


Data and Personalization: Loyalty programs collect valuable customer data. This information can be used to personalize marketing efforts, tailoring promotions and offers to specific customer preferences. This personalization can enhance the customer experience and increase loyalty.


Brand Loyalty: A well-executed loyalty program can foster brand loyalty. Customers who accumulate points, earn rewards, and have positive experiences are more likely to become emotionally attached to the brand. This can lead to long-term, devoted customers.


Cost Savings: Acquiring new customers is generally more expensive than retaining existing ones. Loyalty programs can help reduce customer acquisition costs, as the focus shifts from attracting new customers to maintaining and nurturing the relationship with current ones.


Feedback and Improvement: Loyalty programs often provide a platform for customers to provide feedback. This feedback is valuable for continuous improvement and refining the customer experience.


Inventory Management: Loyalty programs can help hotels manage their inventory more effectively. By offering exclusive deals and benefits to loyal customers, hotels can encourage bookings during low-demand periods, helping to optimize occupancy rates.


Partnerships and Alliances: Many hotel loyalty programs have partnerships with airlines, credit card companies, and other businesses. This can extend the reach of the loyalty program and offer customers even more ways to earn and redeem rewards.


Long-Term Growth: Customer loyalty programs are part of a hotel's long-term growth strategy. They are not just about immediate gains but building a sustainable customer base for the future.


However, it's essential to note that not all loyalty programs are equally effective. A poorly designed or executed program can be costly and ineffective. Success in the hotel industry often comes from creating a program that genuinely adds value to the customer's experience and builds a strong emotional connection to the brand.




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Saturday, July 8, 2023

Five hotel trends to watch out for in 2023 and beyond

 

Five hotel trends to watch out for in 2023 and beyond

Julia Krebs, Rooms Division Lecturer, at Les Roches Marbella, tells us how the hospitality industry is going from traumatic to triumphant

In this article, Krebs outlines what the next 12 months have in store for the industry, how we can expect to see hotels adapt to stay competitive, and why it’s important to stay on top of the latest developments.

Changing workforce

Possibly the most significant development is the influx of younger people into the industry following the great exodus from hospitality during the pandemic.

Hotels are desperate for qualified people to work for them, which means there has probably never been a better time to enter the hotel industry. And the opportunities are there whether you have the experience or not. Many hotel groups are experiencing such acute labour shortages they are offering on-the-job development and expanding their management in training programs to include not only the traditional food and beverage or rooms division routes but also 360-degree operations as well.

We’re also seeing faster career progression than we had before due to skills gaps in key roles, so it’s going to be really interesting to see how that impacts the industry in the next 12 months and beyond. With more energetic, passionate, and enthusiastic people in higher positions, it’s unthinkable that will not have a significant effect on how hotels develop and the kind of services and technologies they embrace.

Technology trends

Another hangover from the pandemic – increased use of smart technology in hotels – is also set to be a theme throughout the industry in 2023. Where the Covid crisis necessarily saw new technologies such as a hotel app deployed for customers to check in and out, I think we will see that ‘smart hotel’ trend continue but with an increased emphasis on building human interactions back into the mix.

You just don’t get the same level of hospitality with a robot as you do with people, so hotels will increasingly be looking at ways in which they can combine the efficiency of technology with the personal touch. That will be even more of a factor given people are now spending a higher proportion of their income on their travels in the post-pandemic world.

Going green

Boosting efficiency isn’t all about saving money either. As the sector continues its post-pandemic recovery, so the spotlight has turned on the industry’s environmental impact and, as a result, sustainability will be a key trend in the next year and beyond.

Combatting climate change is one of the biggest challenges we face today and is a top priority for the hotel industry. That’s why we’re seeing the entire industry adopting more environmentally-friendly approaches in almost every aspect of their operations and this is set to continue in 2023.

Whether it’s demanding more sustainable goods and services from supply chains, striving to reduce waste or designing energy-efficient buildings, hotels have embraced the challenge of reducing their carbon footprints and are aggressively pursuing a greener agenda.

The truth is sustainability is no longer something hoteliers can ignore. It’s increasingly a deciding factor in customers’ hotel choices and it’s important to the new generation of employees who will drive the industry in the future, so I’ve no doubt 2023 will see some big strides in this area.

Giving back to society

While tourism’s impact on the environment is rightly at the forefront of hoteliers’ minds, we are also increasingly seeing them consider how their operations affect the societies in which they have a presence too.

Mass tourism can have a devastating effect if it is not properly managed and hoteliers are becoming increasingly aware of the potential impact opening more and more hotels could have, so I think we will see a growth in the number of socially-conscious initiatives the travel industry develops in the next year and beyond.

In particular, giving back to local communities will be a recurring theme. We are already seeing more hoteliers making conscious efforts to source talent, goods, and services from the areas in which they operate, hiring from underrepresented groups when possible, and investing in their employees’ professional development. It doesn’t stop there.

Hotel companies are, in short, taking more responsibility for the development of tourism in their local communities and stepping up to the plate and I think this will be one of the key trends in the future.

Traveller preference trends

One of the more interesting key trends we have already seen have an impact on revenue management in the hotel industry – and one that’s set to continue for years to come – is the rise in segmentation of guests.

Things have come a long way since we asked whether the purpose of guest visits was business or pleasure. Hoteliers are now separating customer groups into many more categories and tailoring their offering according to the desired customer experience. For example, we have already seen more ‘pet-friendly’ hotels open in response to consumer demand, and niche offers of that type are likely to become more widespread.

Another driver of innovation in the industry – again influenced by the pandemic thanks to the technology behind remote working becoming more commonplace – is the burgeoning ‘digital nomad’ lifestyle. Older-style business lounge facilities are being updated and adapted to become co-working spaces for hotel guests. They provide the essential communications and IT infrastructure but also give guests the opportunity to network, taking away the sense of isolation many people experienced during the Covid years.

Catering for specific guest needs has already driven some of the larger hotel chains into diversifying their offer according to the experience clients are demanding and I think this will continue to be the case for the foreseeable future. And I’m not just talking about individual hotels – I can see the larger multinational groups creating entire sub-brands that are geared towards catering to a specific niche as they look to compete with boutique offerings in increasingly diverse target markets.

Covid recovery

As we have seen, the far-reaching effects of the pandemic are still having a significant impact on global hotel industry trends and the changes it brought about will define how hotels develop and thrive for years to come. Adapting to the ‘new normal’ is a common theme throughout the top trends in hotels for 2023 and this is evident not just in the way hoteliers have already tweaked their offer to suit changing traveller preferences but also in the very nature of hotel companies themselves, which have experienced an influx of young and passionate employees.

That workforce will be one of the factors driving the adoption of more socially conscious and environmentally sound initiatives and the technological solutions that can facilitate them. But unsurprisingly, it will be customer demand that shapes how hotels emerge from the pandemic and that underpins each of these hotel trends for 2023.

We are beginning to see the effects of what some in the industry have described as ‘pent-up demand’ unfold, with the result more customers are spending more on their travels. To ensure hoteliers benefit from this development, it’s critical they not only react to demand but also monitor and stay up to date with the latest and future trends. While they do not necessarily need to be first to market, early adoption or buy-in to certain trends can lead to significant business exposure, brand awareness, and customer loyalty.


Source: https://www.hotelierindia.com/operations/five-hotel-trends-to-watch-out-for-in-2023-and-beyond

Saturday, June 9, 2018

Taj Mansingh Hotel auction flops, Indian Hotels Company sole bidder

A Business Standard report read that the New Delhi Municipal Council’s ambitious plan to auction the Taj Mansingh Hotel has almost drawn a blank, with only Tata Group-owned Indian Hotels Company (IHCL), the current operator, bidding for the property. The NDMC will now have to conduct a fresh round of auction for the luxury hotel, thereby delaying the process by at least several months.

Thursday was the last day for submission of bids for the Taj Mansingh as well as two other hotels in the capital —the Connaught and Hotel Asian International — built on NDMC land. In contrast to the Taj, the two lesser-known hotels have got three bidders each, allowing the auction process to move forward.

A new auction date will be decided for the Taj Mansingh (as the hotel is widely known, based on its Mansingh Road address), an official said. The tender rules said the bid process would be annulled in case there were less than three bidders. An official at the NDMC who is part of the tender process did not respond to calls. SBI Capital Markets is the transaction advisor to the auction.
Surinder Singh, an AAP legislator from Delhi and an NDMC member, said the current auction process of the Taj Mansingh was no less than a ‘’conspiracy’’. He told that the next tender should be done properly to attract more bidders.

The cold response from the hotel industry was unexpected, especially at a time when the sector is seeing an uptrend. Representatives of hotel companies said they were not enthused with the financial terms and certain conditions of the tender. In spite of a relaxation in certain conditions in the second tender floated by the NDMC in April, a number of hotel companies failed to qualify. Some said the responses to queries raised by prospective bidders in a pre-bid meeting were not satisfactorily answered.



One of the conditions that put off companies was that if a bidder failed to meet the eligibility conditions specified in the tender documents, the security amount (INR 250 million) was to be kept by the NDMC as ‘liquidity damages’. The first tender was floated by the NDMC in December last year and the auction was supposed to be held on January 30, 2018.

This date was postponed multiple times after prospective bidders raised several queries and finally the tender lapsed. Companies said the tender conditions were too ‘restrictive’. The first tender did not allow a cross-holding of five per cent or more between two bidders. It said a bidder must own assets as well as a brand which is not the usual practice in the hotel industry. These were relaxed in the second tender.

Some companies also said the financial demands of NDMC from the winner was on the higher side. It did not change in the second tender. The next operator of this property will have to assure a minimum revenue share of 17.25% and a minimum guarantee fee of Rs 29.64 million per month, with a clause for escalation, according to current terms. There is also an upfront non-refundable fee of INR 533 mn. NDMC is seeking a performance security of INR 355 mn as well. The lease period for the property was kept at 33 years, the same duration awarded to IHCL over four decades ago, in 1976.

An expert specialising in hotel industry related transactions said that the auction process of Taj Mansingh was being conducted with a ‘landlord’ attitude. “There is no rent free period for the winner. The winning firm will have to start paying money to NDMC from day one even though the actual hotel operation and income may take multiple months to begin”, he said. The hotel needs a complete renovation and it may take more than a year during which the regular guests of Taj Mansingh would have to be shifted to other hotels, said an industry executive. “You cannot re-open it and expect a tariff of INR 10,000 per room from first month.’’

(Source: Business Standard)

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