Just as another case of Sustainable development, sustainable hotel development also needs a responsible use of productive resources in a development project or undertaking to safeguard long-term environmental, social, and economic sustainability. It’s adapted to provide lasting socio-economic benefits to all project stakeholders without compromising the ability of future generations to meet their own needs.
The development of Sustainability and sustainability strategies depend on local socio-cultural, economic, and environmental factors. The project stakeholders benefit differently along the different stages of its life cycle. In a business case, sustainability establishes its benefits to sustainable development and the greening of hotel operations. These will help them in cost savings, competitive advantage, employee loyalty, customer retention, regulatory compliance, and risk management.
According to Hospitalitynet.org Sustainability in business is commonly justified in terms of:
- Increased profit margins through utility savings;
- Increased revenue through meeting consumer preference and reduced reputational risk;
- Future-oriented investment strategies;
- Protection against regulatory risk and benefit from regulatory incentives;
- Increased validation and value through sustainable building certification; and
- Long-term energy supply.
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Sources: Hospitality Net (https://www.hospitalitynet.org/)
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