Sustainability For New And Existing Hospitality Assets

1183 WordsMay 26, 20165 Pages
“The concept of sustainability has gained momentum in recent years within the global investment community – resulting in significant financial implications for new and existing hospitality assets.” As we outline in this journal, the roots of environmentalism and sustainability in the hospitality sector became evident over half a century ago, when a few enterprising hoteliers realized they could provide an enhanced guest experience by integrating natural elements into the resort experience. In the years that followed, factors such as increasing regulation and rising utility costs encouraged hotel owners and managers to adopt a number of environmental best practices. We have observed a remarkable shift in investor sentiment in recent times, as evidenced by the establishment of numerous corporate social responsibility (CSR) programs, as well as the prevalence of green building programs for new development projects. The past several decades have seen a growing awareness amongst hoteliers and investors regarding the environmental and social impacts of hotel development and operations to the extent where sustainability issues have permeated nearly every aspect of the hospitality industry. This has been driven by multiple factors including owners’ and operators’ desires to reduce operational costs, changing investor attitudes toward the environment (and the coinciding emergence of corporate social responsibility programs), increased regulatory focus on facility operations and
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