As a result of its emergent hyper-personalization capabilities, artificial intelligence will soon recommend personalized services to hotel guests based on their previous stays and preferences, according to the CEO of a U.S.-based AI insights company.
Recently at the Future Hospitality Summit in Abu Dhabi, Cenk Sidar, CEO of Esquire AI, said technological advancements will enable market participants to offer customized solutions.
Sidar stated, “Hyper-personalization is an important subject for travel and would require millions of dollars of investment now that there are hundreds of large language models like ChatGPT,”
According to User Guest, an Amsterdam-based hospitality technology company, personalization improves client performance.
Faster-growing businesses generate 40 percent more revenue from personalization than their slower-growing competitors.
User guest’s tool employs sophisticated data analysis to identify visitor preferences and behavior patterns, enabling hotels to offer highly personalized experiences catered to each guest’s specific requirements.
For instance, if a guest is searching for a last-minute booking, the hotel can offer a special rate for those dates while optimizing its occupancy requirements.
Sidar added, “Any solution that would provide simplicity and convenience to the end user will have a competitive edge,”
He revealed that the more data that is collected, the better the comprehension and analysis will be, thereby aiding in the development of the optimal solution.
Sidar anticipated that this type of technology would become widespread in the future years.
Turab Saleem, head of hospitality, tourism, and leisure advisory services for Knight Frank in the Middle East and North Africa, cast light on the power of the brand during another panel on branded residences.
Saleem emphasized that transitioning from non-branded to branded products yields an average value increase of 18 to 25 percent.
He stated that despite the proximity of two developments, the branded one commands a 50 percent premium.
Centered around the theme “Focus on Investment,” the summit functions as a catalyst for change, facilitating interactions among over 1,000 hospitality leaders through debates, dialogues, initiatives and announcements.
The three-day event will be held at the Hilton Abu Dhabi Yas Island and will feature contributions from over 150 lecturers in the form of panel discussions, one-on-one interviews, roundtables, innovation pitches, and student-led sessions.