Report highlights evolution of the resort industry
The changing face of the resort, vacation and fractional sectors – and the factors driving that evolution – is the subject of a fascinating new report that also highlights the importance of hospitality visionaries and how to stay ahead of the curve when it comes to new markets.
Much of what happens in the modern industry in terms of real estate development and investment is “simply because hospitality visionaries could forecast the demand and growth”, according to report author Trica Jean-Baptiste, who pays tribute to “the industry greats who had the foresight to create a specific category or asset type” .
Jean-Baptiste is the founder and president of Morgensheer Hospitality, Inc., a consortium of hospitality, real estate, development, sales and marketing and communications consultants, and her article for ehotelier.com identifies the key drivers of change as being:
- Strong interest from international investors in hospitality development projects with an upside in real estate development
- Change in specific population. In definition, baby boomers (1946-1964), generation X (1965-1984), generation Y (mid 1970s-mid 2000s), and millennials (b. 1982-2012)
- Availability of land for development/acquisition in secondary and tertiary markets, and international destinations
- Incentives/tax credits offered by local government municipalities in markets and destinations both domestic and international – in the case of international, EU incentives are provided to member countries for development.
The article ‘The evolution of the resort’ also looks at how to stay ahead of the growth spurt in resort residential, fractional vacation and private club residence markets.
Jean-Baptiste writes: “To borrow a phrase from a good friend and hospitality colleague, ‘Follow the Cheese’; in this case, pay attention to where investors are investing and developing.
“Consider the five-star luxury brands recently announcing new development and openings, and the markets in which they are developing.
“Consider the residential, amenities, services and facilities they are incorporating; their growth strategies will provide an indication of current demand and future of the resort, with residential, private club residence and fractional ownership segments both domestic and international.”
Click here to read the full article.