In May this year, Savills forecast a 52.8% increase in existing luxury hotel stock in Europe, equating to circa. 4,000 new rooms, between 2023 and 2028. Far from limited to Europe, it is clear we are in an age of bold, global expansion for the world's leading hospitality brands. But just as the concept of "luxury" seems to be losing its luster (particularly in the luxury goods sector), where is luxury hospitality headed? Here are my takeaways from ILTM conference in Cannes last week: 🎩 The spirit of service - and quite literally, hospitality - remains the single biggest strength of the sector, both as it serves customers but also engages other stakeholders. While hospitality could be seen as a more traditional luxury sector (compared to say fashion or F&B), the spirit of service is now translating into an openness to conversations, opportunities and innovation - a winning combination for growth. 🏨 "Location location location" meets adventure or serenity: bespoke resorts are opening emerging destinations and city hotels are being reimagined as urban sanctuaries. Hotel brands are making away with stereotypes about how a destination should be enjoyed. 💆 Wellness retreats and spa innovations are becoming essential components of the luxury experience. This just as the Global Wellness Institute predicted that wellness real estate will see the strongest growth - 15.8% annual growth rate - from 2023 to 2028. 🌿 Hotels are integrating eco-conscious practices into their designs and operations - making their values increasingly visible and tangible. For guests this translates into a sense of wellness and instant "feel-good" factor just as they immerse themselves into natural and biophilic concepts. What a treat to see a thriving sector at full speed at ILTM - including of course many FINN Partners Global Travel colleagues, clients and friends! Debbie Flynn Jennifer Hawkins Steven DeLuca #LuxuryTravel #ILTM2024 #HospitalityInnovation #SustainableLuxury
A whistle stop tour of the global economy, the latest trends in luxury travel, and a storyteller for our times—it can only be the ILTM Global Forum! Huge thanks to our incredible speakers, Merryn Somerset Webb, TJ Abrams, and Tyler Brûlé, for taking the stage and captivating us all last night. And how about that welcome cocktail featuring a surprise set from none other than ENIT – Italian National Tourist Board ’s President, Alessandra (Prof) Priante, EMBA? (Is there anything this amazing woman can’t do?!) #JourneysWorthTaking #ILTMCannes
