UAE Restaurant Diners Might Quickly Take pleasure in Meals Constructed from Lab-Grown Meat
Written by: Rochak Khandelwal
All of us love meat after we collect round barbecues and on the dinner desk. But when somebody would have mentioned a number of years in the past that the meat steak or the burger we’re consuming is developed in a laboratory, it could sound like science fiction.
Meals critics first tried a lab-grown burger in 2013, and your entire world watched. The tiny pink patty was used as proof that it was possible to generate protected and palatable meat with out butchering any animals. It was taken out of a petri dish and cooked in entrance of the press. There was just one difficulty: it had value greater than $300,000 and two years to fabricate the patties. However costs for making this high-tech steak have dropped since then. In 2016, Memphis Meat developed their first lab-grown beef meatball for roughly $1,000. Now, a number of startups and non-profit organizations have invested in growing varied different meats and animal merchandise like rooster, pig, milk, egg whites, fish, and even leather-based which is able to fully be grown in labs.
First, what’s cultured or lab-grown meat, and what’s the course of of constructing cultured meat? Cultured meats are actual meat grown immediately from the cells of animals. These should not the identical because the vegan, vegetarian, or plant-based meat already obtainable in supermarkets. In easy phrases, cultivated meat is just like brewing beer the place yeast or microbes are grown — the one distinction is that cells of actual livestock are grown in a sterile and managed setting. Scientists start the method by taking small cell samples from livestock (with no need to kill the animal) and figuring out the very best cells which may multiply. Mosa Meat, a meals expertise firm from The Netherlands, claims that by simply taking small-sized pattern of cells, they will develop beef of their labs and from that one cell pattern, 80,000 burger beef patties could be produced.
In Singapore, a restaurant named 1880 served the lab-grown meat and have become one of many first eating places to promote this meat commercially. The corporate GOOD Meat created the aesthetic meat. Authorised by the Singapore Meals Commonplace Company in December 2020, the aesthetic meat was bought commercially by GOOD Meat, the primary on this planet to take action. An 11-year-old boy sat on the first desk to serve cultured meat by the GOOD Meat model in Singapore on December 19, 2020. Collin Buchan, the top chef of 1880, had the pleasure to serve the primary cultured rooster grown in a lab by GOOD Meat.
The Dutch authorities has determined to speculate 60 million euros in mobile agriculture which is the biggest funding by any authorities. This has excited the businesses concerned within the enterprise and might help type an ecosystem round mobile agriculture. The suggestion was made by the lately established group Mobile Agriculture Netherlands, of which Mosa Meat is a founding member. Academia, NGOs, start-ups, and different key actors within the enterprise are among the many member organizations.
In UAE, plant-based meats are available in supermarkets and fast-food eating places by means of corporations like Unattainable Burgers and Past Meat. However mobile meat can change the market and permit diners in UAE to take pleasure in actual meat grown in a lab from the cells of animals. Israel-based start-up firm Aleph Farms is now in talks to supply lab-grown beef steaks in Dubai. If all goes to plan, Dubai residents would have the ability to take pleasure in a lab-grown beef burger made proper right here in Dubai. Whereas most labs make minced meat, Aleph Farms wish to develop muscle groups, opening the door to the chances of steaks, lamb shanks and extra cultivated meats grown within the Emirates. This future meals improvement is feasible by means of 3D bioprinting expertise. Quickly after the launch of this cultured meat in UAE, we may even see a number of fast-food chains and steak homes undertake the way forward for meat to spice up gross sales and enhance earnings. Lab-grown meat could turn out to be extra reasonably priced sooner or later in comparison with conventional meat, in addition to additionally being probably extra sustainable and more healthy.
The large query that involves thoughts when pondering of mobile meat: is it actually wholesome and fit for human consumption cultured meat? Is it sustainable; does it actually assist fight local weather change and save the setting? To reply that, corporations like GOOD Meat, Mosa Meat and Aleph Farms confer with cultured meat “the way forward for meat” and search to show on their platforms that cultured meat is way more healthy to eat than conventional meat. Their justification is that it comes from animals and developed in a sterile setting. Scientists can gather pattern cells from the healthiest animals to scale back transmission of assorted ailments unfold by animals. Billions of animals are slaughtered for consumption worldwide and with a rise in inhabitants, this meals expertise might help battle the related environmental challenges and in addition save the lives of animals. Cultivated meat may scale back animal killing, along with lowering greenhouse gasoline emissions like carbon dioxide and methane, that are the principle causes of local weather change. Twenty-five % of the world’s greenhouse gasoline emissions are associated to the meals system, primarily from animal agriculture.
The business is simply round 10 years outdated and nonetheless a number of years away from being commercially obtainable on a big scale in varied nations. Till then, the advantages of produced meat for the well being of animals, folks and the setting are extra hope than a promise.
Rochak Khandelwal is a analysis scholar with the HFTP Center East Analysis Middle and pupil on the Emirates Academy of Hospitality Administration in Dubai, UAE.
References:
How The Industries Of Journey & Meals Can Profit One One other In A Submit-Pandemic World
Tim Hentschel, Co-Founder & CEO of HotelPlanner
Tim Hentschel, Co-Founder & CEO of HotelPlanner, is somebody who lives and breathes journey. He launched HotelPlanner.com in 2003, on the peak of the dot-com period after an informal dialog over beer on what the largest problem to reserving resorts was for vacationers on the time.
Quick ahead to in the present day, the journey expertise firm is among the world’s high facilitators of particular person, group and company bookings, specializing in negotiated group lodge charges, prolonged stays and extra for every little thing from weddings to sporting occasions. This reserving empire gives a world portfolio of over 50,000 resorts, and continues to thrive, regardless of large setbacks within the journey house as a consequence of Covid.
Although the world noticed a lower in journey, HotelPlanner surprisingly not solely continued to obtain buyer calls, however extra so than in years prior. In response, Hentschel determined to launch a world gig-based journey agent reservations platform the place distant brokers can take buyer calls from wherever, at any time. Thus permitting prospects the flexibility to talk with precise folks, reasonably than chatbots or pre-recordings.
Hentschel at present lives in Singapore, however has traveled extensively the previous a number of months together with prolonged stays in Manila for the World Journey & Tourism Council International Summit and New York Metropolis for the NYU Hospitality Funding Convention, the place he was a speaker.
“As we come out of the pandemic, the largest barrier to journey now stays the ever-changing, complicated and complicated Covid testing, vaccine documentation, and quarantine necessities between nations, particularly within the Asia-Pacific,” explains Hentschel.
The brand new journey norm.
“With regards to culinary journey, in Asia-Pacific, Covid remains to be negatively affecting eating places and bars probably the most, provided that they’re a couple of 12 months behind of their restoration in contrast with remainder of the world. Nevertheless, in Europe and the Americas, most individuals have returned to crowded bars and eating places with out masks. In a room of 100 folks, you may even see just some nonetheless carrying masks.”
Based mostly on all of his latest journeys, we chatted with Tim Hentschel, Co-Founder & CEO of HotelPlanner, on all issues journey, together with the way it’s been affected by Covid and sensible recommendation for the typical traveler; how the journey and meals industries can strengthen each other in a recovering post-pandemic world; silver linings and extra. This is what he needed to say.
Do you suppose that variances in Covid restrictions is a deterrent? What do you see as discouraging for the typical traveler to journey overseas proper now?
. . . There are various residents in Asia-Pacific who merely aren’t touring till it turns into a lot simpler between nations. Europe is now beginning to actually take off with EU journey, and is prone to have a powerful summer season journey and August vacation season. Along with 40-year excessive inflation and about 20% larger prices for flights and resorts, the #1 disincentive for inbound vacationers to the US is the 24-hour Covid testing requirement that the US authorities nonetheless has in impact.
The US service trade is dropping hundreds of thousands a day in unrealized income from inbound vacationers who’re nonetheless holding off on their US journeys. Hopefully the US authorities will take away that testing requirement. After they do, will probably be an enormous catalyst for inbound journey to American shores.
Now that we’re getting previous the worst of the pandemic (hopefully), what do you see as the brand new norm of worldwide journey?
The brand new norm for worldwide journey will in all probability embrace having to obtain numerous apps to add your vaccine documentation and Covid take a look at, and the complicated and complicated means of touring nation to nation with disparate insurance policies. I believe issues will easy out so there’s parity and predictability between nations, however in all probability not till 2025.
Cellular app in telephone to indicate covid-19 take a look at outcomes for journey.
My recommendation is to analysis the most recent Covid insurance policies for every nation alongside your itinerary. Work out what documentation or app it’s worthwhile to use. Get your paperwork so as. Apart from Covid, with a lot pent-up demand, I counsel all vacationers to e book their journeys as far upfront as doable to make sure availability, but in addition to lock in a decrease price.
When it comes to planning a serious journey my high three suggestions embrace reserving early, researching every nation’s Covid protocols (however checking for any last-minute modifications) and contemplating journey insurance coverage, however learn the advantageous print.
Do you discover that Covid restrictions and protocol have put a damper on leisurely actions for the traveler?
The reply relies on what nation you are speaking about, however normally, the final two years have been very powerful on leisure journey. Most every little thing within the leisure house was canceled or made digital. The excellent news is that leisure journey is main the globe’s restoration as hundreds of thousands at the moment are touring to go on that epic or unique trip they’ve all the time dreamed about, or to get married or attend a marriage, or simply to attend a stay occasion like a Broadway present in NYC, or to lastly take their youngsters to Disney World.
With regards to ingesting and eating particularly, what are the variations amongst numerous nations and cities you see?
Individuals nonetheless need to drink and dine in teams, not alone. We’re social beings. However what I’ve seen alongside my worldwide travels is an absence of transparency and consistency with Covid protocols. For instance, masks could also be optionally available within the lodge foyer, however you continue to have to indicate proof of vaccine to get into the lodge restaurant. That does not make sense. Or perhaps it is a hospitality convention I am attending and the town has already eliminated its indoor masks or vaccination coverage, however the convention organizers or the convention venue are nonetheless requiring proof of vaccine.
Culinary journey.
Has culinary journey taken successful?
Culinary journey was impacted simply as a lot as some other leisure exercise. Throughout Covid, if a foodie wished to expertise unique delicacies, they in all probability needed to order it for native supply or cook dinner it themselves at dwelling.
Within the US, I’ve seen a major uptick in advertising and marketing and occasions for Brewery and Vineyard excursions, Meals excursions, and Meals and Wine and Beer Festivals. Culinary occasions are all returning robust. Each the restaurant and journey industries have actually been disrupted with Covid.
Is there a silver lining wherever?
If there’s any silver lining with Covid, it compelled eating places and journey firms to innovate and evolve, work with skeleton crews, and rent and fireplace extra rapidly and neatly. Hopefully, the everlasting change is far cleaner eating places, resorts and occasion areas. The everlasting modifications are: Enhanced cleansing, higher air filtration methods, and hand sanitizer stations all over the place.
What are some methods you see the 2 industries of meals and journey coming collectively in new, fruitful methods due to what has occurred?
Eating places and resorts and stay occasions are three pillars of the service trade, the fourth pillar of being the airways. They should work extra intently collectively now as a result of they depend upon one another for survival. For instance, a lodge or restaurant might must hire out its occasion house extra typically to stay worthwhile. And the occasion organizers want extra distinctive and versatile resorts and eating places to host their occasions. It is a symbiotic, mutually helpful, interdependent relationship.
Has Covid turn into a catalyst for optimistic change in any means that you simply see?
The optimistic change for the whole service trade, which was hit the toughest, is that they’re now main the globe’s post-pandemic restoration. And I believe plenty of trade executives are realizing that ‘we’re all on this collectively.’ I believe it will lead to extra firm partnerships that the world has by no means seen earlier than. Motels partnering with eating places. Eating places partnering with airways. Stay occasion organizers partnering with resorts, and many others.
Meal served on board of airplane.
What have been a few of your favourite eating experiences across the globe?
The delicacies in Singapore is famous and my household and I’ve actually loved increasing our culinary palettes the previous two years whereas we lived there. Now that I’ve relocated my household again to London, I am wanting ahead to genuine British pub fare like Fish & Chips; Bangers N’ Mash, or Sheperd’s Pie. And the Indian delicacies in London is world well-known too. However to reply your query immediately, a few of my favourite eating experiences across the globe had nothing to do with the meals, and had extra to do with the chums or household or enterprise companions I used to be with. Who you dine with could make all of the distinction.
What are your present favourite eating places?
Present favourite restaurant for date evening is the Quilon on the Taj Buckingham Gate in London and with the children, it is Benihana’s.
Total Revenue Management and the Mi$$ed Opportunities
Written by: Katerina Papadima
Total revenue management is not a new concept, but it is one that hoteliers will embrace more for the years to come. To implement it, though, we first need to define it. What is total revenue management?
Extending Revenue Strategy Across All Departments and Guest Journeys
Revenue managers have been focused on maximizing room revenue, and for a good reason: it is the highest contributing revenue stream. In the post-pandemic era, as travel levels surged and properties were running below full capacity given the staff shortages, we saw hoteliers pushing rates. As the effect of revenge travel wears out, business travel is yet to recover and inflation is rising, revenue leaders need to seek new ways to maximize revenue other than just pushing room rates.
Revenue managers should seek customer data to yield insights into the organization’s most valuable customers in terms of profitability and lifetime value (CLV) with an end goal of developing a profitable customer base for many years to come. Hoteliers tend to be myopic, focusing on room bookings and measuring the short-term transactional value of a guest. Wrong! A traveler’s relative worth to the hotel goes beyond the price they are willing to pay for a room night stay and includes ancillary purchases on property, long-term loyalty relationships, and in today’s digital world, their ability to influence other potential guests through social media platforms and guest ratings.
Hotels should provide options for guests to customize their stay throughout the guest journey. What do guests want? When? The time to sell is important for conversion. Hotels that are relevant win. Every touch point in the guest journey provides an opportunity to provide something relevant, gather important insights for guests, and improve revenue strategies.
Take the first stage, for example: Inspiration/Research/Shopping. Data regarding property-related search frequencies by region or time of year can help revenue leaders answer the questions of “who” and “when” to target, respectively. Having access to related queries can also help hoteliers understand what guests are looking for in relation to the subject property. Are they searching for other competitor hotels? If so, who are those, and do they match the ones already in the compset? Are guests searching for the hotel’s amenities or F&B establishments? Hotels should update their online descriptions and seasonal offerings to align with the keywords guests search for. SEO is instrumental to driving bookings, and accordingly revenue, to the hotel.
Let’s look at another stage: Review/Post Stay. In today’s digital ecosystem, travelers are becoming more accustomed to reading reviews or relying on recommendations from KOLs on where to stay. Since customers’ choices are impacted by social media sentiment, the latter should be incorporated into the demand forecasting models used for pricing decisions. Moreover, a good social media presence can give hotels the opportunity to request premium rates. Social media and guest ratings could also help hotels do a better job defining their comp-set based on how they are positioned on a reputation level.
These are some examples of how and why hoteliers need to evolve away from siloed business models and extend their revenue strategy beyond the booking stage and encompass the whole guest journey.
New Key Performance Indicators
As hoteliers adopt a more holistic approach to driving bottom-line revenue for the whole asset, momentum should be given towards driving new, more applicable performance indicators. The traditional RevPAR-focused approach will become obsolete, and revenue leaders should look toward driving TRevPAR, ProfPAR, and RevPAG (Revenue Per Available Guest) instead. Most notably, RevPAG measures a hotel’s revenue performance in conjunction with guests’ total spending. As revenue management is transitioning away from the traditional inventory-centric approach to a more customer-centric orientation, it’s not just about filling up rooms anymore. Shifting the attention towards RevPAG will ensure hoteliers change their focus away from selling rooms to targeting the right guests and maximizing spending per guest.
A Single Interconnected System
Unfortunately, many hotels do not have their tech stack aligned in a manner allowing them to reach their total revenue potential. As some put it, we have an “infrastructure problem.” The core challenge facing Revenue managers today is fragmented data across countless disconnected systems including PMS, CRS, RMS, DCs, F&B reservations systems, spa software, reputational management systems (ie, Revinate, ReviewPro, TrustYou, etc.), group management systems ( ie, CVENT, Event Planner, etc.) — the list is endless. Taking complete control of revenue management strategies across all commercial functions and the whole guest journey requires a single interconnected system with a holistic view across a hotel’s entire ecosystem. Whoever is next to design such a system will change the industry.
This blog post was awarded First Place in the Spring 2023 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. Participants are students participating in the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL. The blog posts that received the top scores will be published on HFTP Connect through July 2023. Learn more at HFTP News.
Katerina Papadima joined the Master of Science in Global Hospitality Business program with more than three years of experience in revenue management. She holds a Bachelor’s degree from the Cornell University School of Hotel Administration; during her time there, she held multiple hotel revenue management internships, including Preferred Hotels & Resorts, First Hospitality Group and Starwood Hotels. She has also worked as a revenue management analyst/revenue manager with Choice Hotels in Washington, DC and was part of the Marriott APEC Revenue Management team based in Singapore.
Bryant, J., & Rubinacci, A. (2023, March 22). Automation and AI in Hospitality – where are we, and what’s next? A conversation between a hotelier and an entrepreneur. Hospitality Net. https://www.hospitalitynet.org/news/4115533.html
Crowley, C. (2023, February 23). Six Revenue Management Trends to Watch | By Chris Crowley. Hospitality Net. https://www.hospitalitynet.org/opinion/4115109.html
Duetto. (2023). Targeting Greater Profitability in 2023 Special Report Trends & Predictions to Boost Your Revenue. https://www.duettocloud.com/hubfs/2023/Special%20Reports/Targeting%20Greater%20Profitability%20in%202023.pdf?_hsmi=250511826&_hsenc=p2ANqtz-9uywj0RzRiroGHeyO4eO3nBT9NnTOlGWaxix5FaMJGz82l0 G0NpP4wwRtjGBDAoh8TokfZs-FaLeFm0GjKA9l5ef8hl_CbUuSQxLRit4XuxfoFy6s
Duncan, K. (2023). Who owns your rates Rethinking the hotel tech stack for optimal revenue optimization — By Kevin Duncan. Hotel Yearbook. https://www.hotelyearbook.com/article/122000234.html
Stanziale, R. (2023). Rethinking Revenue Management for 2025 and beyond — By Russ Stanziale. Hotel Yearbook. https://www.hotelyearbook.com/article/122000215.html
Stephens, K. (2023). 3 Changes That Are Shaping The Future Of Digital And Revenue Management — By Karen Stephens. Hotel Yearbook. https://www.hotelyearbook.com/article/122000195.html
Low Development Costs, High ADRs and Incredible Valuations
Written by: Jay Bhakta
Glamping has taken the hospitality industry by storm over the last few years with developments occurring overnight. These remote-style stays became especially popular over the course of the Covid pandemic, as they offered the distanced retreats and vacation getaways that many craved after lockdowns. Due to the lack of physical structures required, development is rapid and far less costly. However, with the unique service proposition provided, glamping properties are able to charge high ADRs. And, as these properties are valued based on the income approach, their valuations are derived from their cash flow — resulting in incredible returns.
With varying startup costs through different business models, these high returns can be further extended. By making decisions such as buying or leasing land, startup costs can be further mitigated, allowing for a low barrier of entry for new competition to join. With the growth in popularity of online travel agencies, new and existing companies are able to compete in the marketplace without the need for previous brand presence or awareness, further lowering the hurdles of entry. Because of these factors, glamping properties are quickly profitable and scalable.
Innovative hoteliers within the industry are beginning to transform traditional hospitality by better understanding the relationship between investment costs and ADR. Traditional hospitality used to state that investment costs would correlate with the ADR you were able to charge. However, with the newer generation of travelers willing to spend more on experiences rather than materialism, development has been flipped on its head and is rapidly changing, allowing for many new creative opportunities and solutions.
In addition, to the financial incentives provided from lower investment costs and higher returns, the unique selling proposition of glamping includes sustainability, eco-friendliness and an escape from the hustle and bustle of everyday life, while still providing the luxury of comfort. These are just a few of the many reasons people are choosing glamping as their next travel experience rather than a trip overseas. It is important to note that it is not only campers who are choosing glamping, but also travelers who are typically interested in taking vacations in other countries and staying in hotels.
Glamping provides tech and business savvy property managers with many possibilities for creative solutions to improve upon the blank slate due to the lack of proprietary burdens of the traditional hospitality business. Glamping is truly a creative outlet and unencumbered in its naivety. This space is growing rapidly and will see many further innovations that will continue to shape the future. However, it is currently in need of entrepreneurs who will provide centralization and standards to further grow the market, as the current state of decentralization can provide a shattered and messy booking experience.
Stay-tuned to the fine, glamping options that develop over the next several years; or consider an entrée yourself and make it your next business endeavor.
This blog post tied for First Place in the Fall 2022 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. Participants are students participating in the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL. The blog posts that received the top scores will be published on HFTP Connect through March 2023. Learn more at HFTP News.
Jay Bhakta is a recent graduate with a Master’s in Global Hospitality Business from EHL Business School with an interest in hospitality asset management, development and operations.
Resources:
BLLA. (2022, August 3). How boutique brands are leveraging strategies to revolutionize the hospitality industry. Hospitality Net. Retrieved October 29, 2022, from: https://www.hospitalitynet.org/news/4111821.html
How the Hotel and Travel Industry Can Monetize Non-Fungible Tokens
Written by: Dominika Duziak
Editor’s Note: This blog post will feature podcast episodes from the HospitalityVerse Podcast, a new series that discusses the latest trends in hospitality technology, including discussions on the Metaverse, blockchain, NFTS and more.
Remember NFT: one of the hottest buzzwords of 2021? Looks like last year’s hype died down — impacted by the “crypto winter” and the FTX meltdown.
Just to recap: non-fungible tokens (NFTs) represent unique digital assets recorded on a blockchain that certifies their authenticity and ownership. Typically, when we talk about NFTs, we think of digital art and collectibles. Christie’s, one of the most renowned auction houses, sold an NFT image for 69.3 million dollars in an online auction. Since then, the NFT market exploded. Projects like Bored Apes Yacht Club and CryptoPunks made millions in a very short time. Big names from sports to fashion such as the NFL, F1, Adidas, Nike, Prada, McDonald’s and Tiffany’s jumped on the NFT bandwagon. At the same time, it has also drawn a lot of criticism.
Some experts have compared the NFT market to an economic bubble or a Ponzi scheme — and in the second quarter of 2022, the market started collapsing, reacting to crypto market volatility and lack of confidence and trust.
So, does that mean the NFTs are over? Not at all. In fact, the value of the NFTs extends way beyond just a trendy or rare image. This value should be derived from the utility associated with the NFT. While most NFT projects in the hotel industry today focus on art and collectibles (see Marriott, InterContinental and Pullman), we can also see some market players experimenting with other creative use cases.
NFTs have been quickly adopted in the sports industry, and the concept of digitizing the access right or a membership card is currently being explored in travel, as well. Air Europa, for instance, announced their ticketing platform will support traditional and NFT reservation processes. NFT ticket holders will be granted more flexibility and allowed to trade their tickets up to 72 hours before departure. Air Baltic decided to link their “Planies” NFTs with their frequent flyer program as the first step of a bigger loyalty program transformation. Companies like Takyon or Pinktada develop online marketplaces with NFT-based tradeable bookings that allow hotel guests to enjoy lower prices on non-refundable rooms with the flexibility to sell the reservation in case plans change.
NFTs offer an opportunity to reimagine loyalty and rewards programs and boost brand engagement. In this scenario, NFT acts as a gateway to additional perks in both the virtual and physical worlds. SEM9 eSports hotel issued a collection of NFTs dedicated to gamers. Aside from a cool collectible, the token unlocked access to a free hotel night, limited merchandise, invitations to physical and digital events, and other benefits.
Based on my MBA research and interviews with hoteliers in Dubai, I have found that NFT-redesigned customer loyalty programs resonate well with hospitality managers. But there are other ways NFTs can support the business.
In the Hospitality and NFTs episode of the HospitalityVerse Podcast, we dig deeper into the uses of NFTs, exploring the concept of fractional ownership and cause-driven NFT projects that marry innovation with CSR.
These may seem to be very different, but ultimately both have a positive impact on the triple bottom line. “CSR NFTs” can attract millennials and Gen Z, who expect travel and hotel providers to be more sustainable and authentic. Projects like Unchained Elephants support regenerative and responsible tourism, give back to the community, educate and promote a sustainable brand image of participating entities.
While the digitization of a physical property may still be challenging and subject to unclear rules in many geographies (although there are already NFT platforms like Aqarchain in Middle East facilitating individual investments in hotel properties), memberships, loyalty and rewards or cause-driven projects are easier than you would think.
In this interview with Arek Kwoska, the CEO of NFT start-up Collectico Labs, we bust some myths about the complexity and high costs of NFT implementations. Arek says that in a few years NFTs will become as popular and common as emails — and I agree with this statement. With the evolution of blockchain and transition to Web3, we’ll see more real NFT applications driving value to all stakeholders of the hospitality and travel ecosystem.
Dominika Duziak is a host of the HospitalityVerse podcast. She combines product development and product management skills acquired in banking with a passion for new tech to uncover innovation opportunities. During her MBA program in International Hospitality Management at the Emirates Academy of Hospitality Management in Dubai, UAE, Duziak focused on business applications of Blockchain technology in the hotel industry. This research led to the creation of the HospitalityVerse, where hospitality professionals can learn about the latest trends and developments in hospitality technology effortlessly. Head over to https://hospitalityverse.io/ or listen on Spotify or Apple Podcasts. Follow HospitalityVerse on LinkedIn for daily updates from the hospitality tech world.
The Fall of the Traditional Dining Experience?
Written by: Ricardo Tellez
The hospitality and, more specifically, the food and beverage (F&B) industry are two that live by the motto: “if it ain’t broke, don’t fix it.” Unlike almost every other industry, the F&B industry prefers to stick to tradition; despite the incredible leaps in technology made in the past decades, many restaurants have stuck to using pen and paper. However, in recent years there have been glimpses of a shift in this mentality. Instead of uniformity and conformity, people have begun to seek new and unique experiences. Additionally, with the rise of social media platforms, celebrity chefs have boomed, allowing them to unleash their creativity and curate dishes few could ever dream of. Unfortunately, the restaurant venues themselves have seldom changed, as most venues consist of the same formula: four walls, tables and chairs.
Astonishingly, a single computer used to occupy an entire room, but now it fits in the palm of our hand. During that time, the evolution of restaurant venues has remained stagnant. Luckily, there are several companies that have been experimenting with augmented reality (AR) and 3D modeling that aim to revolutionize the traditional dining experience. These technologies can transcend the gap between the things we see on a screen and what we see in real life.
Whenever a restaurant implements AR, they allow customers to experience a new dimension through their phones. The restaurant group Vino Levantino partnered with the technology company Kabaq in an effort to modernize the traditional static menu – allowing customers an unprecedented view of their dishes. Utilizing their smartphones, customers can load the restaurant menu and see a list of dishes offered by the venue. Unlike traditional menus, customers can select any dish, and a 3D representation of it will appear on their table, which they can see on their phone screen. This allows the guest to visualize the dish from multiple angles before they place an order, with the ability to see its texture, presentation, and how each ingredient is used in the dish. Not only is this technological application beneficial for the customer who gets to experience the restaurant menu in a unique way, but it also brings benefits to the owner. A study conducted by Kabaq found that since the implementation of AR in the menu, dessert sales have increased by 25 percent. This proves that not only can technological innovations elevate a traditional dining experience – they can also reward its adopters.
Even though this partnership between Kabaq and Vino Levantino showcased the power of AR for restaurant menus, its application does not need to be limited to that sole aspect of the restaurant industry. In fact, the company Le Petite Chef has created an entire dining experience around the use of AR and 3D modeling. Le Petite Chef is a two-hour dining experience in which screen projectors display a virtual film on the tables. Upon arrival, customers select dishes from a set menu of at least four courses. Shortly thereafter, the restaurant’s lights will dim, and the show will begin. The customers will witness a cartoon chef walking around their table and interacting with virtual elements that he will use to prepare the customer’s selected dish. Once the cartoon chef has finished the dish, the restaurant’s lights will brighten, and the real dish will be brought to the table. Le Petite Chef has become a worldwide sensation, and this experience can be found in over 30 countries, in luxury cruises and hotels such as the Ritz Carlton in Los Angeles. This is a one-of-a-kind experience that customers are clamoring to witness, as many locations are fully booked months in advance. Furthermore, it can potentially bring enticing profits to its owners as the Ritz Carlton location charges $145 USD per person.
Today’s customers are tired of the traditional restaurant experience; they want something new and fresh. Fortunately, social media platforms allow restaurants all around the world to receive worldwide exposure. However, the restaurants that can harness innovative technology and implement it in their venues to create unique experiences will be the ones that gain the most notoriety and, potentially, profits. Thus, it is imperative that restaurant owners and managers seek ways to use these technologies to gain market share and avoid the risk of becoming obsolete.
This blog post received Second Place in the Fall 2022 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. Participants are students participating in the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL. The blog posts that received the top scores will be published on HFTP Connect through March 2023. Learn more at HFTP News.
Ricardo Tellez is is a student in the Master of Science in Global Hospitality Business with a passion for the food and beverage (F&B) industry. He enjoys learning about how restaurants are evolving to modern-day consumers and researching strategies for restaurant owners to increase profitability with new technology solutions. When possible, he travels throughout the world to visit and experience renowned chefs and famous culinary venues.
Resources:
- Ferrandez, C. (2022, June 16). Augmented reality restaurant experiences: 5 examples. Poplar Studios. Retrieved October 28, 2022, from https://poplar.studio/blog/augmented-reality-restaurant-experiences-5-examples/
- Kavanaugh, M. (2019, February 23). Augmented reality allows restaurants to serve up 3-D dishes. Restaurant Insiders. Retrieved October 28, 2022, from https://upserve.com/restaurant-insider/the-future-of-restaurant-menus-augmented-reality/
- Le Petite Chef. (2021). Exciting adventures await you! Le Petit Chef – The smallest chef in the World! Retrieved October 28, 2022, from https://lepetitchef.com/
- Trinh, T. (2017, November 25). What’s on the menu? augmented reality and 3-D food models. VOA. Retrieved October 28, 2022, from https://www.voanews.com/a/augmented-reality-3-d-food-models-on-the-menu/4136235.html
- Yeo, PK (2022, March 11). The uncomplicated, Ig-friendly delights of downtown’s Le petit chef. Time Out Los Angeles. Retrieved October 28, 2022, from https://www.timeout.com/los-angeles/news/the-uncomplicated-social-media-friendly-delights-of-le-petit-chef-at-the-ritz-carlton -030222
International Travel Tips Ahead of HITEC Toronto 2023
Last year, hospitality professionals from 46 countries across the globe traveled to Orlando, Florida USA for HITEC North America. Will your HITEC journey be transnational in 2023? Here are some valuable travel tips to help non-Canadian attendees prepare for the upcoming trip to HITEC Toronto, taking place June 26-29 at the Metro Toronto Convention Centre. You can also visit cbsa.gc.ca and cic.gc.ca for more information on traveling to Canada.
ENSURE YOU HAVE THE REQUIRED DOCUMENTS IN ADVANCE.
Make sure you have all proper, up-to-date travel documents to enter Canada as a visitor. According to the Government of Canada, international visitors to the country require acceptable identification and possibly a valid visa or eTA. A passport is recommended “because it is the only reliable and universally-accepted travel and identification document for the purpose of international travel” (CBSA Travel Tips).
Passport Tips
If you are bringing your passport as identification, verify that it is valid and in good physical condition. If you do not have a passport already, it is advised that you start the application process now, as it can take several weeks or months to receive your final document. For more passport information, visit the following informational websites: United States; europe; United Arab Emirates.
Do you need an eTA?
Some visa-exempt foreign nationals who fly to or transit through Canada will need an Electronic Travel Authorization (eTA). Exceptions include US citizens and travelers with a valid Canadian visa. Canadian citizens, including dual citizens, and Canadian permanent residents cannot apply for an eTA. Learn more and find out if you need an eTA by visiting the official Government of Canada website.
It is important to have the proper documentation so that you are not delayed or refused entry into Canada. Click here to learn more about travel documentation and entry requirements by country.
HITEC Supporting Documents
If you require additional support to travel to HITEC, HFTP (the event producer) has provided the following documentation:
Do you have any questions regarding these documents? Please email [email protected] for more information.
Additional Travel Tips: Make two photocopies of all your travel documents in case of emergency. Leave one copy with a trusted friend or relative at home and carry the other separately from your original documents in case of loss or theft. (Travel.State.Gov Traveler’s Checklist)
GET TO KNOW THE LOCAL CURRENCY.
The Canadian dollar (CAD) is the official currency of Canada. It is sometimes listed as CAN$ or C$. There are 100 cents to every Canadian dollar. Canadian coins come in all different sizes, shapes and colors. They include the nickel (five cents), dime (10 cents), quarter (25 cents) and dollar or “loonie” ($1). Paper money includes the blue $5 bill, the purple $10 bill, the green $20 bill, the red $50 bill, and the brown $100 bill. Learn more facts about Canadian currency online.
Monetary Conversion
You can use this currency converter through the Bank of Canada to determine current exchange rates. Do the math before you make the trip so you can be prepared financially for expenditures in the local currency.
Make sure to notify your bank and credit card companies in advance of your upcoming travels, so that their fraud alerts are not triggered by the unusual geographical activity.
Tipping in Canada
According to the Government of Canada website, the standard tip is usually 15 percent of the total bill in exchange for good service provided in places such as restaurants, hotels, bars, taxis, etc.
Additional Travel Tips: When traveling in new countries, it is wise to carry local cash, as not every place will accept credit cards – especially important for situations where public transportation is required. Also, use the bank or local automated banking machines (ABMs) to withdraw cash, if necessary; conversion centers around the city or in the airport may be overpriced. It is advised to change money into Canadian dollars before you depart for your trip.
ENSURE YOUR SAFETY WHILE ABROAD.
As you should with any travel to a foreign country, get to know the entry/exit requirements, local laws, customs and medical care system in advance. While Canada is generally considered a safe place to both live and visit, you should always exercise routine precautions to ensure your personal safety while traveling. Did you know? 911 is the emergency telephone number in Canada.
Additional Travel Tips: US citizens and nationals can enroll in the Smart Traveler Enrollment Program (STEP) and receive important information from the US Embassy about safety conditions in the destination country and provide contact with the US Embassy in the case of an emergency. You can also monitor US travel advisories by destination (currently, Canada is listed as “level 1: exercise normal precautions.”)
MAKE APPROPRIATE HEALTH/MEDICAL CONSIDERATIONS.
Find a complete list here of current Covid-19 travel, testing and border requirements for travel to Canada. To date, travelers entering Canada are not required to provide proof of Covid-19 vaccination or pre-board testing. There is an exception: Covid-19 pre-boarding test is now required for air travel from China, Hong Kong and Macao (as of January 5, 2023). Click here to learn more about these special pre-boarding test requirements.
Vaccinations: It is recommended that you are up to date on all routine vaccinations before each trip. Visit the US CDC website for additional health-related information prior to your trip to Canada.
Medications: Ensure that you have renewed all your necessary prescriptions in advance and obtain an official letter from your doctor for any medications you plan to cross borders with. Please note that some countries have strict laws in place regarding prescription medications. You can contact Canada’s embassy to verify the legality of your prescriptions before you travel with them.
PERHAPS MOST IMPORTANTLY… ENJOY YOUR EXPERIENCE ABROAD IN THE THRIVING CITY OF TORONTO.
Destination Toronto has all the information you need to know about the city you’ll be visiting this summer when you attend HITEC North America 2023. Start planning your travel agenda today with a look at these must-see attractions. Housing for HITEC Toronto is now open, so you can also reserve your hotel room.
Then, stay tuned to HFTP Connect next month – when we take a much closer look at the city of Toronto and all that HITEC attendees have to offer.
Resources to Consider:
Here Is Why ESG Holds Significance in Asset Management
Written by Shivam Sharma
As an institutional investor, consider your investments — a hotel, club, restaurant, anything. Being an investor requires knowing how to allocate the appropriate funds to the right assets at the right time. But what if you have someone who can intricately manage that for you? This is where an asset manager would step in and decide what exactly investors should expect in returns from their assets. They define the metrics and targets to be achieved so that the entire asset is optimized to its maximum potential. Then, there is ESG: environmental, social and governance.
- Environment: issues related to the quality and function of the natural environment and systems around which the asset operates.
- Social: issues related to the rights, well-being and interests of the people and communities.
- Governance: issues related to the way companies are managed and overseen.
Investors have always been the key force for asset managers’ adoption of ESG strategy. About 85 percent of hedge fund managers have estimated that institutional investors are the biggest drivers of ESG funds, and the percentage of investors implementing ESG rose by 18 percent from 2019 to 2021.
With ever-increasing risks surrounding the environment, renewable energy, human rights, business ethics and labor standards —governments, companies, institutional investors and their asset managers are now questioning the extent to which their assets are responsible for the damage that has been caused. They are also exploring what can be done to mitigate these risks in the future, so that they are optimizing each asset to its best capacity. Investors and asset managers are smart enough to identify which assets show genuine ESG compatibility and, with the help of the regulators, provide oversight of green funds doing what they are intended to do and living up to their branding. To make the most of the funds and fulfill their purpose, asset managers are required to define the overview and context of what ESG means to them when identifying the metrics for their assets’ performance. It comes not only from the financial point of view; the ESG lens can be a solid risk-management tool with non-financial outcomes.
The non-financial factors that affect the performance of the assets must be managed well because they tend to be more efficient, aligned with the preferences of the investors, and generally less exposed to the risks by various regulators from different domains. But one may ask: what would be the non-financial ESG factors that asset managers may consider for their investment performance? Let us take a look:
- Environment: greenhouse gas emissions, climate change resilience and pollution control (water, water, noise and light).
- Social: workplace safety, cybersecurity and data protection, human rights and local stakeholder relations.
- Governance: fiduciary duty, board diversity, bribery and corruption, executive compensation and independence of chair and board.
Asset managers must work closely with investors to create their own policies and standards. Lack of standardization provides an operational burden on asset managers, thanks to additional due diligence requests and customized reporting for prospective investors. As asset managers begin to set their own ESG policies and/or offer ESG products, managers must consider their overall ESG investment strategy (ie, active versus passive ownership) and implement policies to support that chosen strategy. Lastly, the emphasis on ESG investment is picking up globally and regulatory bodies either already mandate how asset managers meet and disclose ESG objectives, or they are determining how they should bring forth regulations. For managers and investors who decide to set an ESG policy and offer responsible investment products, they must determine the regulatory requirements for each region and the legal jurisdiction in which they operate, as there is not yet alignment on global standards.
While it may come with operational challenges, asset managers must consider ESG across the whole office. Front office teams must ensure their investment screening and portfolio construction decisions align with ESG mandates and investors’ expectations, while compliance and regulatory teams in the middle and back offices have to provide a review function for adherence to mandates and regulations. Thus, asset managers will want to explore how to proactively include ESG mandates in the assets to help ease pressure and support the smooth transition of socially responsible investing.
An emphasis on ESG investing may be in the early stages in most regions of the world. Still, its impact will only advance as governments and society place more importance on managing climate risks and socially equitable business practices.
This blog post tied for First Place in the Fall 2022 HFTP/MS Global Hospitality Business Graduate Student Blog Competition presented by the HFTP Foundation. Participants are students participating in the Master of Science in Global Hospitality Business, a partnership between the Conrad N. Hilton College of Global Hospitality Leadership at the University of Houston, the School of Hotel and Tourism Management at Hong Kong Polytechnic University and EHL. The blog posts that received the top scores will be published on HFTP Connect through March 2023. Learn more at HFTP News.
Shivam Sharma is a student in the Master of Science in Global Hospitality Business with aspirations in asset management. He has four years of experience in the hospitality industry and has worked for Marriott International in their revenue management operations from 2019-2021.
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