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THE NEED FOR TRANSFORMATION It’s time for Hotel Industry to adopt Facilities Management to address their needed transformation, says Tariq Chauhan, Group CEO of EFS Facilities Services Group
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n the current state of the world economy, there is an endless list of industries in distress. Some of them are in deep turmoil, especially Aviation and Hotel. These are going through callous times, and going is getting more and more difficult. The pandemic and its aftereffects have put their business model under intense scrutiny. It is time for them to introspect how to manage this torrent state of the industry and contemplate their next moves to stay afloat. Their losses are running into trillions, and the very survival is at stake. So instead of waiting for a miracle to happen, it is high time that the industry takes a giant leap to transform. The hotel industry in this turbulence is amongst the worst affected. It is time for the sector to tweak its business model that is lean, agile, tactical, and transformative. These need to align with the evolving market needs and trends; landscape demands path-breaking changes. The Hotel industry, even in the Pre pandemic stage, was already under pressure due to many factors, namely, Airbnb, real estate costs, and ever-changing consumer needs in terms of the guest experience. The pandemic has brought the Hotel industry on its knees, with occupancy levels plummeting and bottom lines in red with accumulated losses. It is time to introspect now and transform to overcome the worries. The recipe of recovery herein calls for a complete overhaul. Bring change in every context, from the hotelier’s business model. From revenue to cost to design to resourcing, each aspect would need a revisit.
16 | CONSTRUCTION BUSINESS NEWS ME | JANUARY - FEBRUARY 2022
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