Our objective is to highlightwhat performance means across the hospitality industry and which KPIs help toillustrate this. To us, the successful performance of a business is not purelyfinancial, but also related to sustainability in terms of the overall impact ithas on people (both directly and indirectly), the planet (environmentally), andof course profit because ultimately survival and success comes down to yourbottom line.
When focusing on performanceoptimization, there are the standard metrics that must be considered (AverageDaily Rates, Occupancy Rates, Revenue Per Available Room, Average Length ofStay etc.) but post pandemic we have seen many hospitality businesses suffer asconsumers become ever-more demanding with a clear shift of preferences. As aresult, we believe that companies must now delve deeper into these metrics toseek out specific areas that they could capitalize on, while ensuringprivileged customer data is still respected.
For example, instead of a hotelsimply looking at their compset’s occupancy rates, we would aim to providethem with a breakdown of each others’ occupancy segments (guest nationality,business or leisure clients etc.) Hotels can use this to their advantage byidentifying segments that they could potentially prioritise when it comes to marketing strategies oreven adjusting their current offerings for example. By analysingthe USPs of each property within the compset, hotels can understand where they standso that they can further strengthen their current position, or even tap intonew opportunities as this industry continuously evolves. Taking initiative toregularly assess competitive standing and uncover potential growth is key forhotels to maintain the lead amongst their compset.
Participants must be of legal age (18 or older) and either a student or under 26 years old. Participation is free of charge.
Not necessarly. However, each member must be eligible to the competition by respecting the age limit and status.
No! All students, regardless of their school, or people under the age of 26 are welcome to take part in the competition.
Yes. You can apply to multiple projects if several appeal to you and you can't decide!
All documents (audio included) and communication are in English only.
Results will be shared with you by the latest on April 10th, 2024. Finalist groups will all compete in the final in Paris and receive diplomas. Once the finalists are announced, you can book your tickets to attend the Grand Finale on May 29th, 2024, in Paris in the InterContinental Paris Le Grand 5* hotel.
Finalist teams will present their project in a 15-minute video meeting to the Challenger Jury, followed by a 10-minute Q&A session.
Results will be announced live during the Young Talent Awards Big Finale ceremony in Paris on the 29 May, 2024.