KOCHI: The Covid-19 pandemic has changed the way we travel and live. The hospitality industry has been feeling the heat of this shift for a while. With the global tourism levels falling by 70 per cent, the World Trade Organization (WTO) has announced that the industry has plummeted to levels last witnessed in the 1990s.
Adeeb Ahamed, managing director of Twenty14 Holdings, which owns a portfolio of five ultra-luxury hotels under its belt and has four more in various stages of completion, is of the opinion that 2021 will see the hospitality sector retain the status quo. Adeeb recently became the only Indian to be featured in Forbes’ list of ‘World’s top heritage hotels with owners from the Middle East’. He owns some of the most iconic properties, including the Great Scotland Yard Hotel in London, Waldorf Astoria – The Caledonian in Edinburgh, and Port Muziris in Kochi. Here are the excerpts from the interview:
Could you tell us a little about Twenty14 Holdings? How has the pandemic affected your vision for your venture?
Since our inception in 2014, our mission at Twenty14 Holdings has been to create a portfolio of distinctly designed assets that can offer well curated experiences to guests. We believe that the demand for iconic properties will never diminish, and the present slump is only because of the restriction on travel and outdoor movement which has affected the sector as a whole. Further, operators are putting themselves in investors’ shoes and vice versa, and this is a good sign as it keeps the focus on developing great properties.
Even with the vaccine, the anxiety might remain to an extent. What do you think the travel and tourism industry’s focus should be during this time, in terms of making people more comfortable?
The mindset of people around safety and service are rapidly evolving, and the industry’s focus for now needs to be on observing consumer trends with the sole objective of delivering exceptional guest experiences. This is also a good time to sensitise staff, create training modules that are in sync with the digital-savvy generation and formulate SOPs around crisis preparedness and sanitization protocols. The industry should also explore ancillary hotel services.
Has the pandemic affected investment in the industry and market?
The pandemic has indeed affected the hospitality industry massively, especially in matters related to operational revenues. The resulting number of distressed properties will drive real estate prices lower and investors who are in this for the long run, will look to take advantage of this trend. The Covid-19 crisis has no precedent in recent history. We are witnessing a change in consumers’ willingness to spend money, or, to put it more accurately, their perception of value for money. That being said, we believe it highly unlikely to affect the very roots of human nature.
Travel and tourism is an industry that also employs many smaller sectors — taxi drivers to waiters. How is the industry currently dealing with the dilemma of sheltering its employees?
Following travel bans, border closures and quarantine measures, many employees were unable to travel to their places of work or carry out regular jobs. This global migration could have a severe impact on the talent pool and like always this phase too shall pass. It has thus become imperative for businesses and all interconnected stakeholders to take a compassionate approach until then, so that the workforce of the present and future, doesn’t become disillusioned.