Ushering a Renaissance in Hospitality

What is the primary obstacle facing the hospitality industry at present, and what factors contribute to it?

In my opinion, the biggest challenge would be inadequate human resource development and training. While it’s relatively easy to secure a job, many individuals tend to take their roles for granted. The adoption of technology from first-world countries often lags by a decade or more in our context, which puts us at risk of falling behind in today’s globalized world. Moreover, there’s a reluctance to step out of our comfort zones, compounded by a dearth of leadership and guidance for recent graduates. When hiring, we often favor young, energetic individuals eager to learn, but the direction we provide them significantly impacts their performance. While newer entrants may bring fresh ideas, longevity in customer retention is the true measure of success for any business. Thus, having a well-trained workforce is crucial in ensuring that customers return, as exemplified by the personalization and attention to detail offered by establishments like ours. Many legacy brands, despite their historic charm, retain customers not solely due to aesthetics but because of their exemplary service and customer value.

How competitive is the market given the saturation of hotels in this limited area of Gulshan-Banani-Baridhara?

Our organization views the current competition within the saturated hotel market as a healthy dynamic. Customers are presented with a plethora of choices, thereby placing an onus upon us to deliver services that not only meet but exceed their expectations, emphasizing value over mere pricing considerations. This places notable pressure on our establishment to consistently provide exemplary service. From an employment standpoint, the prevalence of numerous career opportunities within the industry serves as a benefit to prospective employees. Furthermore, the competitive landscape contributes to the overall economic development of our nation.

What is the current occupancy rate at your establishment?

Approximately running over 65%+ occupancy primarily driven by business travelers where USA, China, India, and Singapore being major geo-sources of Dhaka market. The occupancy curve going down during weekends is a trend that Dhaka has been carrying for a long time as we lack leisure travelers due to being unable to offer tourist attractions or activities. The food & Beverage scene plays an important role in contributing to hotel revenue.

Is it accurate to say that Dhaka lacks vibrant nightlife?

While Dhaka primarily caters to business travelers, there is indeed a demand for post-work entertainment among international business travelers. Additionally, the city hosts a significant expatriate community, whose nightlife options often revolve around social clubs and similar venues.

Do you believe hotels have the potential to play a more active role in engaging with the expatriate community?

While Dhaka may not boast a significant nightlife scene, the city’s food and beverage sector thrives. To cater to diverse tastes and preferences, we offer special events such as “staycation” or brunch, which provide opportunities for family engagement. Recognizing the cultural distinctions between Dhaka and Western locales, we continually innovate within our food and beverage offerings. However, it’s worth noting that international hotels face higher operational costs, including increased incentives and taxes, which can impact product pricing compared to local clubs. Additionally, customers often distinguish between the experiences offered by hotels and traditional club settings.

Could you provide further detail on whether your hotel encounters navigate competitive pricing strategy particularly given the perpetual competition from neighboring hotels?

Developing a pricing strategy is a multifaceted endeavor. As evident, the rates for hotel rooms in Gulshan are comparable to, if not higher than, those in Manhattan, New York. Initially, securing a tax waiver from the government poses a formidable hurdle, underscoring the significance of aligning with global standards to attract investors. Providing facilities that cater to international expectations becomes imperative to instill investor confidence, thus facilitating financial backing for our establishment. Despite the potentially higher returns from converting a building in Gulshan into an office space, investing in a hotel promises long-term profitability, making it an attractive venture for both domestic and international investors seeking diversification. However, our reliance on raw materials subject to syndication necessitates price markups to recuperate costs, potentially deterring some customers. Implementing a rational pricing policy would greatly benefit our business operations. Additionally, the unpredictability of natural disasters, pandemics, and geopolitical factors underscores the volatility inherent in hospitality management.

What milestones do you aspire to achieve within the upcoming year?

In the foreseeable future, my objective is to assume the role of General Manager for a JW Marriott, W, or Ritz Carlton property. While currently serving as the property head, this ambition reflects a culmination of efforts invested in meeting requisite qualifications, and I take pride in being a contributing member of our esteemed team. Notably, from 2022 to 2023, we have realized a commendable growth rate nearing 50%.

Do you have any final remarks you would like to convey to our readers?

As a brand, Renaissance is deeply committed to fostering a lifestyle-oriented experience, championing our culture and community. With pride, I can assert that our customer service standards currently stand as unparalleled in the market. Our foremost objective is to accommodate the diverse needs of our clientele and revolutionize the food and beverage landscape. Distinguishing ourselves, we proudly boast the distinction of being the sole hotel in the country to enlist the expertise of an international mixologist. Additionally, we host lifestyle events every Thursday, aimed at showcasing our culinary offerings and cultural heritage. It is essential to note that our unwavering commitment to quality, while advantageous, also presents its share of challenges and opportunities.