The first session of the Creative Legal Lab - called Hotel 2030 -
is about the future of the hotel industry and the hottest trends resutling
from massive disruptions in the market. The 3 top trends are:
The Millennials as travellers have completely different needs than generation of their parents.
Moreover, we observe an exponential growth of technology which makes data and experience
the most valuable assets. The "classic" hotel business model may be out of date within a short
period of time. This fate will be shared by thousands of hotel lease contracts, which can't meet
the requirements of these changes. We want to help hotels stay updated, therefore we are
tracking all changes which potentially can be included into the contractual and legal framework
of the hotel as well as its financial and digital agenda.
We conducted the multi-step benchmark research including quantitative questionaries and qualitative interviews with hotel top-managers and hotel experts to extract the most essencial trends in the future hotel industry. Another important structural part of the survey were questions about legal and financial issues such as contractual terms in lease agreements and investment plans. The discovered trends appeared to be the online-booking expantion, new marketing and branding concepts and extensive feedback possibilities along with new customer loyalty approaches. Aforementioned aspects should be taken into account by each hotel to suceed in 2030.
Furthermore, we explored a wide range of other relevant topics to create a fundamental overview of hotel industry evolution. Our analysis covers the following topics: latest trends, customer segmentation, technology, interior, design, airbnb, online booking, customer expectations, customer loyalty, branding, social responsibility
The results of the research not only show us the most meaningful trends but figure out the common thread running through hotel business and management. It includes the necessity of digitalisation and the need for effective data protection regulation respectively. Apart from that, hotels are challenged by sharing economy enterprises such as Airbnb. In addition, hotels need to focus on the fruitful cross-area cooperation responding the public spaces reduction and sustainable development principles.
The "Hotel 2030"-study involves also the legal analysis on the issues of lease and management contracts relevant specifically for the hotel business.
Check our reseach (on German). You can download the extract here.