EVALUATING THE EFFECTIVENESS OF DEVELOPING AND IMPLEMENTING INNOVATIVE PROJECTS IN THE HOTEL INDUSTRY: MANAGEMENT AND FINANCIAL-ECONOMIC ASPECTS
Abstract
This article presents a methodological approach to evaluating the effectiveness of developing and implementing innovative projects in the hotel industry. The aim of the study is to develop a methodology for evaluating the effectiveness of developing and implementing innovative projects in the hotel industry. The methodology is based on a systemic approach, comparative analysis, investment analysis, key performance indicators, scenario analysis, stakeholder logic and benefits realization. Such a combination of methods makes it possible to assess an innovation project not only as a technological or financial initiative, but also as a managerial decision that affects resources, processes, personnel, service quality, customer experience and long-term competitiveness. The results show that the effectiveness of hotel innovation projects cannot be measured only by payback period, initial investment or expected cost savings. Innovations create value through revenue growth, cost optimization, service quality improvement, process acceleration, customer loyalty, staff productivity, digital resilience, reputation effects and environmental impact. The proposed approach includes financial, operational, customer, marketing, human resource, environmental and risk blocks of indicators. It is argued that such indicators as Net Present Value, Internal Rate of Return, Return on Investment, Total Cost of Ownership, Revenue per Available Room, Total Revenue per Available Room, Gross Operating Profit per Available Room, Net Promoter Score, customer satisfaction, energy consumption, water use, waste generation and cybersecurity risks should be assessed in an integrated manner. The practical significance of the study lies in the possibility of using the proposed methodological approach as a template for a hotel innovation business case, for selecting alternative projects, setting target indicators, organizing pilot implementation, monitoring deviations and conducting post-audit. The approach can be adapted by chain hotels, independent hotels and small and medium-sized accommodation enterprises according to their strategy, market segment, financial capacity and availability of managerial data.
References
2. Tourism Trends and Policies 2024. OECD. URL: https://www.oecd.org/content/dam/oecd/en/publications/reports/2024/07/oecd-tourism-trends-and-policies-2024_17ff33a3/80885d8b-en.pdf (дата звернення: 13.05.2026).
3. The transition of EU tourism. Mobility and Transport. URL: https://transport.ec.europa.eu/tourism/transition-eu-tourism_en (дата звернення: 13.05.2026).
4. Global Sustainable Tourism Council. GSTC Standards. URL: https://www.gstc.org/gstc-criteria/ (дата звернення: 13.05.2026).
5. Hotel Sustainability Basics. World Travel & Tourism Council (WTTC). URL: https://wttc.org/initiatives/hotel-sustainability-basics (дата звернення: 13.05.2026).
6. The Alliance launches Universal Sustainability KPIs at COP29: marking a new era for climate action in hospitality – World Sustainable Hospitality Alliance. World Sustainable Hospitality Alliance. URL: https://sustainablehospitalityalliance.org/universal-sustainability-kpis-cop29/ (date of access: 13.05.2026).
7. Schumpeter J. A. The Theory of Economic Development. Cambridge : Harvard University Press, 1934. 255 p.
8. ISO 56000:2025. Innovation management – Fundamentals and vocabulary. 2nd ed. Geneva : ISO, 2025. 30 p. URL: https://www.iso.org/standard/84436.html (дата звернення: 13.05.2026).
9. ISO 56002:2019. Innovation management — Innovation management system – Guidance. Geneva : ISO, 2019. 26 p. URL: https://www.iso.org/standard/68221.html (дата звернення: 13.05.2026).
10. Kaplan R. S., Norton D. P. The Balanced Scorecard – Measures That Drive Performance. Harvard Business Review. 1992. Vol. 70, No. 1. P. 71–79.
11. Parasuraman A., Zeithaml V. A., Berry L. L. SERVQUAL: A Multiple-Item Scale for Measuring Consumer Perceptions of Service Quality. Journal of Retailing. 1988. Vol. 64, No. 1. P. 12 – 40.
12. Ayvaz-Çavdaroğlu N., Iyanna S., Foster M. Smart service quality in hospitality – A quantitative assessment using MCDM and clustering methods. International Journal of Hospitality Management. 2024. Vol. 123. P. 103931. URL: https://doi.org/10.1016/j.ijhm.2024.103931 (дата звернення: 13.05.2026).
13. How to read a hotel STAR report: Occupancy, ADR, RevPAR and index scores explained. Lighthouse Intelligence. URL: https://www.mylighthouse.com/resources/blog/star-report-hotels (дата звернення: 13.05.2026).
14. Kimes S. E. The Future of Hotel Revenue Management. Cornell Hospitality Report. 2017. Vol. 17, No. 1. URL: https://sha.cornell.edu/wp-content/uploads/sites/4/2019/03/sheryl-kimes-future-hotel-revenue-management-2017.pdf (дата звернення: 13.05.2026).
15. Chen J. RevPAR Explained: Calculate Hotel Revenue & Occupancy Metrics. Investopedia. URL: https://www.investopedia.com/terms/r/revpar.asp (дата звернення: 13.05.2026).
16. Project Management Institute. A Guide to the Project Management Body of Knowledge (PMBOK Guide). 7th ed. Newtown Square : PMI, 2021. 370 p.
17. Project Management Institute. Benefits Realization Management: A Practice Guide. Newtown Square: PMI, 2019. 190 р. URL: https://www.pmi.org/standards/benefits-realization (дата звернення: 13.05.2026).
18. ISO 9001:2015. Quality management systems — Requirements. 5th ed. Geneva : ISO, 2015. 30 p. URL: https://www.iso.org/standard/62085.html (дата звернення: 13.05.2026).
19. CSWP 29, The NIST Cybersecurity Framework (CSF) 2.0. NIST Computer Security Resource Center. URL: https://csrc.nist.gov/pubs/cswp/29/the-nist-cybersecurity-framework-csf-20/final (дата звернення: 13.05.2026).
20. HFTP. Uniform System of Accounts for the Lodging Industry. 12th rev. ed. Austin : HFTP, 2026. 310 р. URL: https://usali.hftp.org/ (дата звернення: 13.05.2026).
1. UN Tourism. (2024). International tourism recovers pre-pandemic levels in 2024. Available at: https://www.untourism.int/news/international-tourism-recovers-pre-pandemic-levels-in-2024 (accessed May 13, 2026).
2. OECD. (2024). Tourism trends and policies 2024. Available at: https://www.oecd.org/content/dam/oecd/en/publications/reports/2024/07/oecd-tourism-trends-and-policies-2024_17ff33a3/80885d8b-en.pdf (аccessed May 13, 2026).
3. European Commission. (n.d.). The transition of EU tourism. Mobility and Transport. Available at: https://transport.ec.europa.eu/tourism/transition-eu-tourism_en (accessed May 13, 2026).
4. Global Sustainable Tourism Council. (n.d.). GSTC standards. Available at: https://www.gstc.org/gstc-criteria/ (accessed May 13, 2026).
5. World Travel & Tourism Council. (n.d.). Hotel sustainability basics. Available at: https://wttc.org/initiatives/hotel-sustainability-basics (accessed May 13, 2026).
6. World Sustainable Hospitality Alliance. (2024). The Alliance launches universal sustainability KPIs at COP29: Marking a new era for climate action in hospitality. Available at: https://sustainablehospitalityalliance.org/universal-sustainability-kpis-cop29/ (accessed May 13, 2026).
7. Schumpeter, J. A. (1934). The theory of economic development. Cambridge, MA: Harvard University Press.
8. ISO. (2025). Innovation management – Fundamentals and vocabulary (ISO 56000:2025, 2nd ed.). Geneva: ISO. Available at: https://www.iso.org/standard/84436.html (accessed May 13, 2026).
9. ISO. (2019). Innovation management –Innovation management system – Guidance (ISO 56002:2019). Geneva: ISO. Available at: https://www.iso.org/standard/68221.html (accessed May 13, 2026).
10. Kaplan, R. S. & Norton, D. P. (1992). The balanced scorecard – Measures that drive performance. Harvard Business Review, 70(1), pp. 71–79.
11. Parasuraman, A., Zeithaml, V. A. & Berry, L. L. (1988). SERVQUAL: A multiple-item scale for measuring consumer perceptions of service quality. Journal of Retailing, 64(1), pp. 12–40.
12. Ayvaz-Çavdaroğlu, N., Iyanna, S. & Foster, M. (2024). Smart service quality in hospitality – A quantitative assessment using MCDM and clustering methods. International Journal of Hospitality Management, 123, 103931. https://doi.org/10.1016/j.ijhm.2024.103931
13. Lighthouse Intelligence. (n.d.). How to read a hotel STAR report: Occupancy, ADR, RevPAR and index scores explained. Available at: https://www.mylighthouse.com/resources/blog/star-report-hotels (accessed May 13, 2026).
14. Kimes, S. E. (2017). The future of hotel revenue management. Cornell Hospitality Report, 17(1). Available at: https://sha.cornell.edu/wp-content/uploads/sites/4/2019/03/sheryl-kimes-future-hotel-revenue-management-2017.pdf (accessed May 13, 2026).
15. Chen, J. (n.d.). RevPAR explained: Calculate hotel revenue & occupancy metrics. Investopedia. Available at: https://www.investopedia.com/terms/r/revpar.asp (accessed May 13, 2026).
16. Project Management Institute. (2021). A guide to the project management body of knowledge (PMBOK guide) (7th ed.). Newtown Square, PA: PMI.
17. Project Management Institute. (2019). Benefits realization management: A practice guide. Newtown Square, PA: PMI. Available at: https://www.pmi.org/standards/benefits-realization (accessed May 13, 2026).
18. ISO. (2015). Quality management systems – Requirements (ISO 9001:2015, 5th ed.). Geneva: ISO. Available at: https://www.iso.org/standard/62085.html (accessed May 13, 2026).
19. National Institute of Standards and Technology. (2024). The NIST cybersecurity framework (CSF) 2.0 (CSWP 29). Available at: https://csrc.nist.gov/pubs/cswp/29/the-nist-cybersecurity-framework-csf-20/final (accessed May 13, 2026).
20. Hospitality Financial and Technology Professionals. (2026). Uniform system of accounts for the lodging industry (12th rev. ed.). Austin, TX: HFTP. Available at: https://usali.hftp.org/ (accessed May 13, 2026).
Copyright (c) 2026 Тетяна Капліна, Микола Рогоза, Оксана Бондар-Підгурська
This work is licensed under a Creative Commons Attribution 4.0 International License.
