As professionals immersed within the hospitality sector – with a strong passion for sustainability – we like to stay engaged in relevant news and were eager to read Cornell University’s recent ‘Hotel Sustainability: Financial Analysis Shines a Cautious Green Light’ study.
In this study of 9,000 hotel sales and rates, professors Howard G. Chong and Rohit Verma ultimately found that eco-friendly, energy-conserving and sustainable practices, processes and development had a neutral effect on revenue – essentially, that sustainability practices will not boost sales, nor deter them.
Much of the discussion surrounding the study has focused on the lack of profits made by going green. However, one aspect of the study, which we’ve witness throughout our experience providing furniture asset management services to hotels for more than 35 years, has proved just the opposite – implementing sustainable and eco-friendly initiatives does not result in a financial deficit, and in fact ends up saving hoteliers tens of thousands of dollars on average in the long run.
The misconception that going green is too expensive is one that The Refinishing Touch and thousands of other service providers, environmental professionals and activists have been attempting to dispel for years. And while these commitments to environmentalism may not directly boost revenue, green accolades bring better community relations, global reputations, guest satisfaction and often-times, improved business efficiency.
When planning for routine maintenance – such as upgrading a guest room, lobby or event space – it is important that facilities professionals be mindful of sustainable options. Repurposing and refreshing existing furniture assets, rather than replacing, can cut the cost of your renovation by as much as 82%. With the reallocation of this budget, you just may be able to boost revenues – whether (whether it be directly, or indirectly).
For the full ‘Hotel Sustainability: Financial Analysis Shines a Cautious Green Light’ report, please click here. To learn more about furniture asset management and how it can boost your green ratings, contact us today at firstname.lastname@example.org.