Wellness … However you define it, we all want it.
The hospitality industry is one of the business sectors where consumers of wellness seek it.
The Global Wellness Institute reports wellness tourism is a $640 billion industry. In North America alone, travelers made 204 million trips and spent $242 billion on wellness in 2017.
In today’s episode, Lodging Leaders explores the business of wellness in hospitality. We talk to Kristen Intress, a hospitality industry leader and founder of Fit Farm in Tennessee. We hear from Adam Glickman who helped InterContinental Hotels Group launch its wellness brand, EVEN Hotels, and now heads his own wellness-consulting venture called Parallax Hospitality. Also featured is Emlyn Brown, vice president of well-being for Accor Hotels, and Andrew Gibson, chairman of the Wellness Tourism Association.
If you think wellness is a high-falutin’, hoity-toity amenity only the rich can afford to seek out and enjoy, think again. Wellness is an emerging sector in hospitality, growing at 6.5 percent a year. The growth is spread across hotels of all price segments and guest demographics.
Wellness-minded travelers seek a path that not only introduces them to healthy concepts and choices, but allows them to return home feeling better than when they left.
If your hotel can live up to that promise, you can build a healthy bottom line.
Lodging Econometrics has tracked the hotel industry since 1998. Its global database includes new-hotel pipelines as well as renovations and brand conversions. Hotel franchisers once eager to launch new brands are focused on converting existing hotels because it’s a faster way to recover revenue lost to the COVID-19 pandemic than through new construction. In Episode 346, Lodging Leaders explores the increasing number of conversions in the U.S. hotel industry and what owners and operators need to consider before repositioning an asset.
In the first few months of the COVID-19 pandemic in the U.S., financiers anticipated a swell of distressed hotel businesses. Some raised rescue funds to respond to what they thought was a pending crisis. Though there are financial rescues taking place, the level of such activity is far below what industry advisers and fund managers expected. Commercial real estate investors positioned to act in the early days of the pandemic held off and are now just beginning to unleash their cash hoards totaling billions of dollars. Episode 345 of Lodging Leaders podcast explores the state of capital investment in the hotel industry.