Hospitality Business Magazine
Today, we’re very excited to announce the relaunch of Hospitality Business with a best-in-class new website, which you’re looking at right now.
The new site has a striking modern design, allows readers to navigate content more easily and features the latest industry news, long-form content and opinion pieces, as well as offering our partners better opportunities to communicate their messages to the trade.
We’re also adding a directory of products and services to the site, along with a section dedicated to resources such as pdf guides, infographics and webinars to help readers grow their businesses, improve their craft and further their careers.
The relaunched site forms an integral part of the new digital-only strategy for Hospitality Business. We live in a digital age. We recognize readers increasingly want immediate access to content. They prefer to search for business solutions online and to consume news and industry advice on their smartphones or laptops.
By focusing purely on digital, Hospitality Business is able to move fast, bringing you more of the content you want, when you want it, and engaging with you in a more dynamic way.
We’re still in the process of adding content to the site but take a look around it and let us know what you think!
Email our editor Kimberley Dixon with your thoughts – and let her know if there are any industry issues you’d like us to cover in the near future: [email protected].
If you’re a supplier and you’d like to hear about our exciting new advertising packages, please contact our sales director Wendy Steele on 021 300 473 or email [email protected].
B&B association elects new board
Bed & Breakfast Association New Zealand is entering the post-pandemic era with a refreshed board line-up and a new president.
board member Ann-Marie Johnson has been named incoming President at the association’s recent AGM. Ms Johnson was formerly communications manager with Tourism Industry Aotearoa and joined the BBANZ Board in 2021, to provide a wider tourism industry perspective to the board’s discussions.
“The hosted bed and breakfast sector plays an important role in Aotearoa New Zealand. It offers our international visitors the opportunity to meet genuine, friendly Kiwis, and to experience our lifestyle in New Zealand’s most beautiful locations,” Ms Johnson says.
“Hosted bed and breakfast properties appeal to the high value visitors that New Zealand wants to attract. I am proud to lead the association into its next stage.”
Incoming board members are Louise Compton of Aston Road Villa in Waikanae, Garth London of Whakaipo Lodge in Taupo and Mark Alderson of Ah House Nelson City B&B. They join the incumbent board members Scott McPherson of Omaka Lodge, Taumarunui and Jan Roberts of Breakers Boutique Accommodation, Greymouth.
Ms Johnson thanked outgoing President Donna Brooke and Vice-President Glenn Gairdner for their contributions to the association throughout the turbulent Covid years and wished them well.
Ms Brooke joined the Board in 2016, served as Vice-President and became President in 2020. She led the association through the most challenging period it has ever faced, including the pandemic and weather events, all of which impacted her business, Sunlover Retreat in Tairua. This did not, however, prevent her from making a huge contribution to the bed and breakfast sector, and providing strong leadership, says Ms Johnson.
In her report to the association’s AGM, Ms Brooke said that association membership had increased slightly in 2022-23. This was pleasing after some membership losses in the previous two years, mainly due to the impacts of the pandemic.
It was also the result of a highly successful national roadshow sponsored by Tomahawk last year, which took place in 10 regions and attracted 120 participants. The information shared in the roadshow was highly relevant to helping B&B operators improve their businesses. It also showed the value of the Association and attracted a number of new members.
The association also released its updated Guide to Running Successful Hosted Accommodation in 2022, which will help keep the sector’s standards high. Although weather events in several North Island regions disrupted expectations of “a guest-packed summer” for some, it was a very positive season for many hosts around the motu, Ms Brooke said.
The association awarded a Lifetime Achievement Award and a Life Membership to Liz Webster of Wanaka in recognition of her significant contributions to the Association and the B&B sector.
Mrs Webster, from Websters on Wanaka, was Regional Convenor of her local regional group for approximately 10 years and served on the Bed & Breakfast Association Board for six years, including two years as Vice President.
She co-ordinated the Kinnect Wanaka project which developed branding concepts and design materials to:
- raise the profile of hosted accommodation in the domestic market
- assist advocacy efforts both regionally and nationally, and
- create a brand kit promoting association membership.
NZ restaurants embrace food waste minimization ideas –
Forward-thinking chefs and hospitality owners are dealing with the environmental impact of food waste by minimizing it in their kitchens. At Vic Road Kitchen in Auckland’s Devonport, chef-owner Ian Shields changes his menu every few days to limit spoilable inventory.
“We only buy in enough to do a couple of portions for the night,” explains Shields, the British-born chef, who opened his restaurant in 2018. “I’m not afraid to run out of a dish; I’d rather run out than have waste. We try to utilize everything we’ve paid for so at the end of the week there is very little freezing or waste, except for what our diners leave on the plate.”
Shields, who helped Josh Emett establish Madam Woo in Queenstown and was head chef at The Boatshed on Waiheke Island, uses veggie peels for stock, but saves the potato skins left after creating the house-made gnocchi for staff meals.
Corks from wine bottles are reused rather than thrown away, and wine bottles are picked up by a local candle maker who trims the glass and fills it with wax.
At Coco’s Cantina on Karangahape Road, owner and hospitality legend Renee Coulter has taken a deep dive into the world of waste. It started in lockdown, when she had time on her hands.
“We’re mindful that products burn up resources getting to us, so we respect them when they arrive,” says Coulter. “We avoid waste by training staff, so they don’t make mistakes when ordering products or when following a recipe. We don’t accept deliveries in polystyrene and we’ve reduced the amount of protein we serve, and that immediately reduced our waste.”
Shields is careful with the protein he sources too, he says: “We used to buy whole sides of lamb or beef and break them down, but at the cost of going up it is harder to do. So we buy secondary cuts of meat, whole fish and chickens. Any off cuts of meat go into doubt. If we’re trimming a sirloin, we render the fat down for frying potatoes.”
Coulter is now working with EKOS to calculate Coco’s Cantina’s carbon footprint and is saving for a waste audit. The eatery is on Foodprint, an app where diners can enjoy half-priced food at the end of the night. “The customer gets a bargain; we cover the cost of our food rather than losing money, and there’s no waste,” explains Coulter, who estimates the Italian-inspired eatery generates around 3,500kgs of rubbish per year.
“We have recycling, compost and we have landfill that leaves our restaurant,” says Coulter, who has owned Coco’s for 13 years. “Our green waste was 772 kg last year and it all goes to Envirofert in Tuakau where it is turned into compost. Bones, mussel shells, paper napkins all go into it, which is great.”
At Everybody Eats in Auckland and Wellington, the entire business model is predicated on zero waste. It takes food intended for landfill, donated from suppliers, markets and charities like Kaibosh Food Rescue in Wellington, and turns it into a three-course set menu four nights a week.
In the Wellington restaurant, chef Ellis Robbins, who started his career in the UK 10 years ago, feeds 150 to 200 people a night.
“I did catering, worked in restaurants and as a private chef, but I felt disconnected from the food I was serving,” says Robbins. “When I started volunteering here, that changed. It is a beautiful opportunity to respect the abundance that is being wasted.”
All delivery boxes are returned or recycled at Everybody Eats, while soft plastics and tetra packs are repurposed as chipboard. Robbins minimizes green waste by dehydrating vegetable scraps to use for stock powders and turning fruit peels into sugar syrups. Banana skins are boiled in sugar syrup, dried, blitzed and put into cakes. What’s left is just four household-sized bins of scraps that go to industrial compost each month.
“There isn’t any kind of guidebook to this for hospitality,” says Robbins. “A directory where everything can go would be amazing for local restaurants and make it easy.”
Coulter agreed that the industry could do with more direction. “One day, I’d like to duct the heat from the pizza oven into the restaurant as heating and keep the compost and use it to power our gas. That’s how far I am willing to go.”
The hospitality industry creates an enormous amount of green waste worldwide: In 2020, The New York Times reported that restaurants in the United States generate “about 11.4 million tons of food waste annually, or $25.1 billion in costs”.
In New Zealand, a 2018 study by the University of Otago and WasteMINZ found that 24,375 tonnes of food waste was generated each year by the sector, with 61% of it being avoidable.
Michael Meredith to join SkyCity with new restaurant –
SkyCity has announced award-winning chef Michael Meredith will be joining the Auckland dining precinct with a new Pacific inspired restaurant, Metita, opening in October 2023.
The much-anticipated restaurant will draw inspiration from Michael’s upbringing in Samoa. Its menu has been crafted to highlight sustainably caught seafood and fresh, locally sourced ingredients.
“Metita is a coming together of my Pacific heritage, my food journey and passion for fresh and seasonal flavors,” says Michael.
Metita will hold a special place in Michael’s heart, having been named after his late mother. Michael says, “I always wanted to name a restaurant after my mum. She introduced me to cooking, and gave me a passion that shaped my path in life.”
Richard Seldon, SkyCity Executive Manager, Food & Beverage, says, “Michael is a chef who takes you on a journey with his food, his values and vision. This restaurant is going to elevate how we perceive Pacific food in New Zealand.”
Michael hopes to create new memories of what Pacific food feels like, reimagining traditional classic flavors for contemporary tastes.
“Metita will be quite dynamic. I don’t think people will have had Pacific food quite like it before. My aim is for people to walk away having a memorable experience,” said Michael.
Metita will be the third new hospitality opening for SkyCity Auckland this year. Award-winning Indian restaurant Cassia, and a new popular Champagne bar, SkyBar, have recently opened in the precinct.
Metita will be located in The Grand by SkyCity, in the space formerly housed by Gusto at the Grand.
Michael Meredith joins chefs Sid Sahrawat, Nic Watt and Al Brown in the kitchen tomorrow for the sold out SkyCity Matariki Feast event, which sees all four chefs collaborating on a six-course menu.
Busy start to Fine Food New Zealand –
New Zealand’s premier trade event for the hospitality, food retail and food service industries, Fine Food New Zealand, has opened on June 25 with visitors from throughout the country attracted to the more than 250 exhibitors, at the Auckland Showgrounds.
Displays include the very latest commercial kitchen equipment available, local produce suppliers and IT software system professionals for restaurant bookings, to name just a few.
A packed agenda over the three day event includes seminars, training and education, equipment and food demonstrations; the NZ Chefs Championships and Global Chefs Challenge plus the Restaurant Association of New Zealand’s ‘Hospo Hui’.
The Hui’s keynote speaker is Chip Klose, a leading expert in restaurant consulting. Having worked with a diverse range of clients from ‘mom and pop’ shops to Michelin starred establishments, he has honed his skills in all aspects of restaurant management. Klose has a proven track record of revitalizing underperforming establishments, earning a reputation as a trailblazer in the industry.
“We are thrilled to have the biggest event ever for 2023, says Deb Haines, Fine Food NZ Event Manager. “With a combination of international and local exhibitors covering everything from paddock to plate, there’s a huge variety for every delegate. This makes the show an ideal opportunity to expand visitor’s knowledge, make valuable connections and discover new suppliers.”
The show is also running a seminar series offering a range of thought provoking topics, including health and wellness tips for staff; how to get products into major supermarkets and how to attract and retain domestic and international staff for hospitality businesses. Another seminar provides updated food labeling information required under the Food Act.
Keep up with international food and beverage trends through the featured exhibits such as Taste Of The World, which brings together exhibitors from across the globe. Artisan Alley has also established itself as a popular showcase for small batch, handmade and traditional goods in demand by discerning patrons.
The show is open from 10 am daily until June 27.
For more information go to www.finefoodnz.co.nz and https://www.restaurantnz.co.nz/
Stellar line up for ‘For Industry, By Industry’ HNZ conference 2023 –
One of the driving forces behind Australia’s biggest hospitality and accommodation empire will open Hospitality New Zealand’s conference and trade show in Auckland later this month.
Sam Egerton is General Manager of New Projects for Merivale Group, which owns 104 restaurants, pubs, bars and hotels across Australia, most of them in Greater Sydney.
He heads a program of speakers and sessions designed to inform, educate and entertain operators from across the hospitality sector.
This year the theme is ‘For Industry, By Industry’, and will feature motivational and subject speakers, expert sessions and panels that cover consumer trends, compliance, Chat GPT, and the serious workforce issues that are confronting the industry.
Outgoing Hospitality NZ Chief Executive, Julie White says she’s delighted they have been able to attract Sam Egerton to open the conference.
“It doesn’t get any bigger than Merivale in hospitality in our part of the world. They’ve built an amazing business and they’ve done that by being true innovators.
“Hearing from one of the guys at the forefront of that about how they’ve gone about it and how they see the future, will be a real treat for conference delegates.”
Tickets for the two-day event, which offers a huge selection of hospitality and accommodation trade exhibitors and networking opportunities, are now available. It will be held at the Pullman Hotel on June 27-28.
A first this year is a dedicated workforce summit, on day 2, where the industry, including officials from the Ministry of Business, Innovation and Employment, will explore and discuss key workforce issues and intergenerational comms.
Panels include Consumer Food & Beverage Trends, Sustainability in the industry, and the Educational Landscape, while breakout sessions include Compliance Trends in Gaming, growth mindsets and Courageous Conversations for Leaders.
A trade show with 60+ hospitality and accommodation industry suppliers will allow exhibitors to showcase the latest in sector developments and technology.
Also part of the event is the 25thth Lion Hospitality New Zealand Awards for Excellence. These celebrate the success, achievements and resilience of people in 20 categories from across the sector.
The Leader of the Year in the People’s Award category will be announced at a social event on the 27thth of June, the evening of Day 1. These include Leader of the Year in Hospitality, Accommodation, Future Leader of the Year, Chef of the Year, and Supplier of the Year.
The conference will conclude with a gala dinner on the 28thth where the winners of the Awards for Excellence will be announced, followed by the overall Supreme winner. The People’s Choice Award, chosen from the finalists list, will also be announced then.
Sam Egerton
Sam will be talking about new openings, nuggets of gold, consumer trends, driving guest experiences and technology advancements.
He is originally from Christchurch. He moved to Sydney in the mid-2000s and has been working for the Merivale Group for the past 12 years. He has been Merivale’s Bars Manager, during which time he fine-tuned the art of bar backing in their venues. As General Manager of the New Projects Team, he builds new teams and venues across the country. Most recently he oversaw the re-opening of Allianz Stadium and took the helm of the Sydney Cricket Ground, integrating Merivale’s approach to quality products, and delivering exceptional guest experiences into the stadium world.
Other speakers at the HNZ23 Hospitality and Accommodation Conference are:
Kevin Biggar: A motivational speaker, he will be the first speaker. He talks about how people can take on demanding challenges in their life and business, and how to improve teamwork, lift mental toughness, boost performance, and get the most out of themselves and their team.
Melissa Muirhead: The founder of The Great Work Lab, which works with businesses on culture and leadership, will wind up day 1. She has spent more than 20 years in corporate roles in New Zealand and overseas and is a trained and experienced Executive Coach.
Ashley Fell: The social researcher, TEDx speaker, and Head of Communications at the internationally recognized McCrindle will kick off day 2. As a trends analyst and media commentator, she advises on how to achieve cut-through in message-saturated times. She is an expert in how to communicate across generational barriers.
Dan Te Whenua Walker: Dan Te Whenua Walker is the Global Co-Chair of Indigenous at Microsoft and an experienced leader in business and relationship development with an extensive background in the IT and tech sector. He has a particular passion for how tech can be utilized for Māori and Pasifika economic development. And will be a highlight feature in the afternoon of Day 2.
Check out the program here
When Should You Buy Hyatt Hotels Corporation (NYSE:H)?
Today we’re going to take a look at the well-established Hyatt Hotels Corporation (NYSE:H). The company’s stock received a lot of attention from a substantial price movement on the NYSE over the last few months, increasing to US$123 at one point, and dropping to the lows of US$104. Some share price movements can give investors a better opportunity to enter the stock, and potentially buy at a lower price. A question to answer is whether Hyatt Hotels’ current trading price of US$110 reflects the actual value of the large-cap? Or is it currently undervalued, providing us with the opportunity to buy? Let’s take a look at Hyatt Hotels’ outlook and value based on the most recent financial data to see if there are any catalysts for a price change.
Check out our latest analysis for Hyatt Hotels
What’s The Opportunity In Hyatt Hotels?
According to my valuation model, Hyatt Hotels seems to be fairly priced at around 2.8% below my intrinsic value, which means if you buy Hyatt Hotels today, you’d be paying a fair price for it. And if you believe that the stock is really worth $113.36, then there isn’t much room for the share price to grow beyond what it’s currently trading. Is there another opportunity to buy low in the future? Since Hyatt Hotels’ share price is quite volatile, we could potentially see it sink lower (or rise higher) in the future, giving us another chance to buy. This is based on its high beta, which is a good indicator of how much the stock moves relative to the rest of the market.
What does the future of Hyatt Hotels look like?
Future outlook is an important aspect when you’re looking at buying a stock, especially if you are an investor looking for growth in your portfolio. Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company’s future expectations. However, with an extremely negative double-digit change in profit expected over the next couple of years, near-term growth is certainly not a driver of a buy decision. It seems like high uncertainty is on the cards for Hyatt Hotels, at least in the near future.
What This Means For You
Are you a shareholder? Currently, H appears to be trading around its fair value, but given the uncertainty from negative returns in the future, this could be the right time to reduce the risk in your portfolio. Is your current exposure to the stock beneficial for your total portfolio? And is the opportunity cost of holding a negative-outlook stock too high? Before you make a decision on the stock, take a look at whether its fundamentals have changed.
Are you a potential investor? If you’ve been keeping tabs on H for a while, now may not be the most advantageous time to buy, given it is trading around its fair value. The stock appears to be trading at fair value, which means there’s less benefit from mispricing. Furthermore, the negative growth outlook increases the risk of holding the stock. However, there are also other important factors we haven’t considered today, which can help gel your views on H should the price fluctuate below its true value.
So if you’d like to dive deeper into this stock, it’s crucial to consider any risks it’s facing. In terms of investment risks, we’ve identified 3 warning signs with Hyatt Hotels, and this understanding should be part of your investment process.
If you are no longer interested in Hyatt Hotels, you can use our free platform to see our list of over 50 other stocks with a high growth potential.
Have feedback on this article? Concerned about the content? get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Join A Paid User Research Session
You’ll receive a US$30 Amazon Gift Card for 1 hour of your time while helping us build better investing tools for the individual investors like yourself. Sign up here
Reusable milk kegs launched today will eliminate thousands of single-use bottles –
An innovative reusable milk keg could see the average New Zealand café eliminate up to 10,000 single-use milk bottles a year.
The Udder Way officially launched in New Zealand today, ahead of World Milk Day – June 1, which this year focuses on how the dairy industry is reducing its environmental footprint.
The Tasmanian company has joined forces with Waikato owned and operated Green Valley Dairies, which is filling the reusable milk kegs in New Zealand with organic and non-organic milk.
Each The Udder Way keg holds 18 liters of milk and has a lifespan of at least eight years before being recycled and turned back into kegs. This allows the average café to eliminate 7000 to 10,000 milk bottles a year.
Green Valley Dairies general manager Mark Pulman says that the innovative milk kegs are unlike anything he has seen before and are a big win for the dairy industry, hospitality sector and the environment.
“This is the most exciting reusable packaging solution we have come across. It’s great to have an alternative option that’s specifically designed for both the dairy and food service industries, with all the relevant certifications. We’re also proud to be playing our part in helping our customers reduce their environmental footprint,” says Pulman.
The idea for the reusable milk kegs came to The Udder Way founder Ed Crick while he was running three cafes in Tasmania.
“We were going though almost 30,000 plastic milk bottles a year, which really concerned me. We were making the effort to use things like sustainable coffee cups and henceforth our bins were overflowing with plastic bottles,” says Crick.
So, the former tradition started dreaming up ways to eliminate the need for single-use plastic milk bottles. In 2021, he launched The Udder Way in Australia, with the mission to eliminate 100 million single-use plastic milk bottles globally, per year.
“Two years on from launching our kegs in Australia, we’re now removing around 1.6 million milk bottles from waste a year. With more and more businesses coming on board every day on both sides of the Tasman, we anticipate that number to triple by the end of 2023,” said Crick.
Daily Bread is one New Zealand business which has signed on to use The Udder Way milk kegs.
“We’re always looking for ways to reduce our environmental footprint, so the decision to change to The Udder Way milk kegs was a no brainer. It’s actually amazing! The kegs are easy to use, take up less space than milk bottles and create much less waste at the end of each day,” says Daily Bread manager Emily Hancock.
The Udder Way kegs can be connected to existing milk dispensing units or a simple tap system can be provided, allowing baristas to easily pour milk without the waste and clutter of plastic milk bottles.
For more information or to order milk in kegs, visit www.theudderway.com or www.gvd.co.nz