Awards are a great way to gain recognition and elevate those who are excellent in their field, but they also come with challenges. The World’s 50 Best Hotels list, compiled by an anonymous panel of industry leaders, showcases some of the top hotels around the world. While these lists may not always be entirely objective, they do help to highlight exceptional establishments. However, with increased attention and accolades comes a series of unintended consequences that must be managed by these award-winning hotels. These “million-dollar problems” include a shift in their guest base from loyal fans to trendy visitors looking to check off the latest hot spots.
The surge of interest in award-winning hotels can also lead to increased costs and challenges for the establishments. Winning prestigious awards can raise expectations and attract tourists from farther away, leading to a need to meet higher demands and potentially driving up costs. Employees may also become more susceptible to poaching by competitors who see the increased value in working for a top-rated hotel. Managing success after receiving an award is crucial for these hotels, as it requires maintaining integrity and core values while navigating the challenges that come with newfound popularity.
One case study example is Passalacqua, a hotel on Lake Como, which took a strategic approach to managing its success after receiving a top prize. The hotel avoided the limelight by ignoring requests from celebrities and the wealthy, focusing instead on preserving its internal core and values. It is important for award-winning hotels to play the long game and figure out how to broaden their guest base while retaining the elements that loyal guests love. Maintaining internal core values and self-respect is key when managing success and handling new and outlandish requests that may come after receiving an award.
While winning awards can bring commercial and reputational gains, the true measure of excellence lies in the internal culture that leaders set and the self-discipline and motivation of the hotel’s staff. Consistent excellence and a focus on the unseen, non-flashy aspects of a hotel are what truly make a great establishment. While awards are a nice recognition of craftsmanship, they also require hard work and dedication to maintain that level of excellence over time. Managing the strategic, cost, and human resource challenges that come with winning awards will ultimately be the test of a hotel’s success in the long run.
