Someone once said, “Focus on the future, since the present is the consequence of the past.” In order to more accurately forecast where the industry is headed, the future leaders of the hospitality industry should possess these three skills:
Know the Industry: In addition to understanding the daily operations of a hotel, and knowing the importance of things like RevPAR and ADR or how to use a property management system, future leaders should build global knowledge of the industry. The industry is always evolving and growing, and there is much more to consider than the hotels in your competitive set.
Have Vision: When Marriott formed a joint-venture partnership with Spanish hotel group AC Hotels in 2011, it had a vision. In November, AC Hotels by Marriott debuted its first property in New Orleans, and other North American locations are scheduled to open this year in Kansas City’s Westport neighborhood, Washington, D.C., and Miami Beach. Future leaders can use analytical data and current trends as tools to help predict the state of the industry five years from now and find promising markets and new opportunities. Consider external factors and how they will affect the industry.
Understand Value: In order to predict what consumers will value a few years down the road, we must understand what they value today and how they make purchasing decisions. This enables us to provide guests with the proper service quality and amenities at a valued rate.
About the Author
Alan Garcia, MBA is an instructor at the Chaplin School of Hospitality & Tourism Management, Florida International University.