Bright Spots from 2023
We’re happy to report that many good things happened in 2023. To close out the year, we’d like to highlight a few of our favorites—at Innvision and in the hospitality industry:
Innvision Bright Spots
- At Innvision, we are coming up on our 20th anniversary as a company! We started in early 2004.
- Hilton announced their 2022 Development Awards earlier this year, and two of our projects (interior design by ID Studio and FF&E procurement by Innvision) were on their list. Hilton Garden Inn Haymarket (VA) and Homewood Suites Destin (FL) both won New Build of the Year for their brands.
- Innvision and Guest Supply completed the first full year within our announced 10-year partnership that extends Innvision’s interior design and procurement capabilities to help serve Guest Supply’s customers with FF&E project needs.
- We completed renovations to our ID Studio space in Alpharetta, GA and to our Griffin, GA Innvision headquarters.
Hospitality Industry Bright Spots
- Hotels are taking steps to reduce their carbon footprint. They are leaning towards more sustainable practices by utilizing solar power and other renewable energy sources, LED lighting, and energy-efficient appliances.
- Work-from-home culture evolved more into “work-while-traveling.” Hoteliers have started offering unique office setups to tap into this expanding section of travelers.
- Business travel showed further signs of recovery this year with a continued rise and normalization of travel rates.
- Taylor Swift and Beyonce’s concert tours across the U.S. created a huge wave of hotel demand.
- AI and automation entered the mainstream, and overall hotel technology continued its advance with better hotel management solutions, more keyless entry, chatbots, and other high-tech applications.
- The construction pipeline grew. In Lodging Econometrics’ latest Construction Pipeline Trend Report, the total U.S. construction pipeline was up 7% Year-Over-Year (YOY) by projects and rooms.
- The focus on health and well-being continued to trend within hospitality, with guests increasingly interested in hotel amenities and services that promote wellness, such as healthy food options, fitness centers, and spa services.
- A recession in the U.S. never materialized, and we saw increased consumer confidence and sentiment. Among other things, this helped keep demand for hotel stays stronger.
- Core Personal Consumption Expenditures (PCE) Inflation fell significantly to just over 3% by year-end, which will make the costs of construction materials and labor more affordable in the new year.
- The Federal Reserve signaled this month that they are at the end of their interest rate tightening cycle. This, along with the possibility of interest rate cuts in 2024, has increased optimism among hotel owners, developers, and investors with floating rate debt, loans reaching maturity, and/or plans for new constructions.
- Contactless payments are on the rise and have continued to simplify guest payment transactions in the hospitality industry.
- Smart Room Controls, powered by the Internet of Things (IoT), Smart Sensors, and Voice-activated assistants, make guests’ stay more comfortable and efficient. These technologies assist guests by allowing them to control room lighting, temperature, and entertainment with simple voice commands or through a smartphone app.
- Research shows that travelers are buying less and doing more; instead of buying a new car or an expensive TV, they’re opting for longer or pricier trips, tours, or dining experiences.