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Why hotel developers need to think ahead

When developing a resort or destination, the lack of a long-term view can impact a project—and its surroundings— well after it has been completed.  And while investors want quick returns, ministers want foreign direct investment and economic development and hotels want new markets to grow in, the absence of forethought in development can create negative social or environmental impacts. Overtime, these impacts accumulate and become a problem—someone else’s problem—many years later; it’s a worldwide dilemma.

Protecting Your Product

But the global context is changing rapidly. Leading businesses now recognize that external stakeholders have become more influential, and shareholders and consumers expect businesses to act responsibly and transparently. This means having a regard for the viability and well-being of a destination. This does not require a philanthropic desire to do good in the world, just a desire to do good business—protecting tourism product, brand reputation and the value of tourism assets.

So it is perhaps surprising that, while hotel brands, tour operators and REITs routinely consider geopolitical, security, health and safety and other macro-factors when making longer-term decisions about a destination, some give little or no weight to other fundamental issues. For example….(Read full article at HotelManagement.net)