The dynamics of the hospitality industry in 2020
Almost everyone today wants intense experiences and rank travel high on their lists. According to research, highly customisable options such as the hyper-personalised room could be one of the big changes out on the hospitality horizon, and in tune with the new demands for more authentic, personalised space, especially for longer stays. One hot new trend worth noting is the concept of ‘conscious travel’, which revolves around the idea of compassion and social consciousness being part of the travel experience. Many see this as a natural extension of ‘transformative travel’, which empowers the traveler to make meaningful changes to their lives. Technology. Love it or hate it, the hospitality business will need to serve guests in a significantly more connected way, striking the right balance between automated solutions and human interaction.”
Your insights on the ARRs in the city
Pune is a top choice for affluent travellers and international tourists seeking enriching experiences, and this opening reflects our continued commitment to provide those travellers with opportunities to explore destinations like Pune. Pune city ranked second in ADR growth in 2018 and 2017, and topped the list in 2016 with a growth of 6.5 per cent. Growth continues in 2019 with positive entry of The Ritz-Carlton, Pune.
Pune has seen a worthy year, crossing over seven per cent ADR growth to post 11 per cent RevPAR increase (2018 data) which accounts for a solid tier one business city performance. This is a business travel and MICE market, with 2/3rd inventory in the Upscale-Up/Mid and M-E segments. An annual occupancy growth trend, which started in 2012, continues. The city had a good summer – over 70 per cent occupancy for each month from April through July. Upscale-Up/Mid ADR gained in 2018 and catching up fast with a positive entry of The Ritz-Carlton, Pune. This will also help pull up the entire city rates towards an aspirational ADR.
Your management mantra
My personal mantra revolves around something I’ve learned well over my experience years – Lead by example and with a clear purpose. I believe that you have to clearly articulate the values and pillars of a company which therefore requires having an aligned strategic route along which you perpetually have to drive without losing focus. So, when disruption comes in or there is a change in direction, you are responsive enough that the operation can be adjusted as you go along. I am a firm believer that successful companies today are very purposefully lead.
