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Business management & development


A better way to do business


As society continues to transition to more sustainable living patterns, hotel and hospitality venues can increasingly cater to an eco-conscious clientele. Whether hotels operate independently or are part of ambitious high-rise mixed-use developments, they can – and must – play a pivotal part in the circular economy. Jim Banks speaks to Rekha Toora, senior vice-president of EMEA (Europe, the Middle East and Africa) capital markets for hospitality at JLL, and Marie Fukudome, director of environmental affairs at Hyatt, about the importance of sustainability in investment strategies, and the design and build of new properties.


he global push for action on climate change has been shouted from the rooftops for many years, but the urgency behind it is growing and the implications for the hospitality sector are huge. Since the Paris Climate Agreement of 2015 and the launch of the UN SDG goals, every industry has had to sit up and take note, but real estate – the platform the hotel industry is built on – is at the heart of these initiatives. The shifting sands of sustainability standards can be hard to navigate, but one central message stands out clearly: sustainability in the design of new properties, and the refurbishment of older properties, to be more energy efficient and create fewer carbon emissions will


T Hotel Management International / www.hmi-online.com


define much of what the industry has to do in the years ahead. Equally clear is the fact that investors in the hospitality sector will increasingly need to show how sustainability is reflected in their investment portfolios. “Real estate contributes 40% of the global emissions in the urban environment,” says Rekha Toora, senior vice-president of EMEA capital markets for hospitality at JLL. “Within that, hotels consume the most energy, so they are now very focused on heating, ventilation, air conditioning and many other factors.” That focus among hotel operators is not only driven by a desire for cost-efficiency or by regulator demands, though both are key factors in an industry recovering


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Patrick Bingham-Hall


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