Hotel chains: survival strategies for a dynamic future
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Purpose – The purpose of this paper is to better understand the future of hotel chains by exploring the evolving expectations of guests, potential innovations, emerging opportunities, and likely future scenarios. Design/methodology/approach – A literature review consisting of current events, industry reports, and recent trends is utilized to summarize and categorize the challenges and opportunities facing hotel chains. Findings – The future of hotel chains will be driven by the convergence of an increasingly competitive landscape, along with a diverse evolving customer base seeking out unique and individualized experiences. In order to survive in the future hotel chains will have to: listen to and learn from guests incorporating big data insights, go beyond segments to provide personalized services, continuously develop the brand through signature experiences, utilize collaboration and open innovation to maintain an edge in technology and service, and through total revenue management generate ancillary revenues and maximize guest spend. Originality/value – This paper provides a comprehensive set of recommendations to hotel chains highlighting opportunities related to: financing, revenue generation, personalization, and co-creation.