Sustainability Strategy Project
Project: Sustainability was becoming a more salient issue for the hospitality industry, and while most brands had sustainability guidelines, there was great variation between and among them. It was not uncommon for there to be a large gap between stated guidelines and actual implementation. Few hoteliers had thought deeply about the revenue generation opportunities that might emanate from a more nuanced understanding of sustainability as a driver of innovation and competitive advantage. Hersha wanted to develop a more comprehensive sustainability strategy that would not only benchmark industry best practices, but would also begin to identify potential revenue generation opportunities for the company. The SGE Immersion team developed a strategy by benchmarking existing guidelines and standards across the industry and major brands, identifying short and mid-term investment opportunities, crafting a strategic marketing strategy for the company’s sustainability activities, and identifying emerging trends within the industry that could present Hersha with opportunities for competitive advantage in the marketplace.