This year marks a milestone for us at The Bench as we celebrate 20 years in the UAE. Over the past two decades, Future Hospitality Summit (FHS) has evolved into the region’s most influential hospitality and tourism investment event, serving as a vital platform for leaders, innovators, and investors to connect, collaborate, and shape the future of the industry.

To mark this special occasion, I asked six industry leaders and members of FHS Club, our exclusive community reserved for those who shape the future of hospitality, about the trajectory of the sector. Together, they represent a wealth of experience, diverse perspectives, and visionary leadership: Elie Milky, Chief Development Officer Middle East, Cyprus & Greece, Radisson Hotel Group; Hala Matar Choufany, President- Middle East and Africa, HVS; Duncan O’Rourke, CEO of Accor Premium, Midscale & Economy, MEA APAC; Guy Hutchinson, President Middle East & Africa, Hilton; Hassan Ahdab, Chief Hospitality Operations Officer, Taiba Investments, and Aboudi Asali, Executive Vice President – Head of Hotels Advisory MENA, JLL.

I asked each of them three questions about the past, present, and future of hospitality investment. Here’s what they had to say.

How has hospitality investment evolved over the past decade?

The consensus was clear: the industry has undergone a profound shift from traditional asset-heavy models toward more agile, diversified, and experience-led approaches.

For Elie Milky, Hospitality investment has become more agile, diversified, and data driven. Investors today seek value beyond location, prioritising adaptability, operational efficiency, and long-term sustainability over short-term gains. He pointed to the rise of alternative asset classes like resorts, serviced apartments, lifestyle hotels, and budget hotels, along with increasing partnerships between soft brands and boutique operators.

Hala Matar Choufany echoed the trend toward flexibility and integration: Investors increasingly favour experience-led, lifestyle-driven brands that cater to evolving guest expectations who are seeking authenticity, personalisation, and local relevance. She noted the shift from pure HMAs to franchise, lease, and white-label models, backed by more active private equity and institutional capital.

Duncan O’Rourke emphasised the role of governments in driving growth: Hospitality investment has shifted from traditional asset-heavy models to brand-led, experience-focused approaches driven by long-term partnerships. Governments like Saudi Arabia and Indonesia now actively support growth through national agendas. He also highlighted sustainability as essential, with eco-certifications and operational impact prioritised to build resilient, responsible growth.

Guy Hutchinson described a more diversified landscape: Hospitality investment has diversified significantly to meet evolving guest expectations and shifting demographics. He pointed to strong growth in lifestyle brands, mid-market demand, and mixed-use developments, noting that Hilton’s lifestyle portfolio in the Middle East is expected to more than double in the coming years.

Hassan Ahdab characterised the transformation as all about agility, tech integration, and catering to the new traveller, citing the Airbnb effect, AI, and sustainability as major drivers. Luxury got a reboot—instagrammable boutique hotels and wellness retreats now dominate high-end demand, he said.

Aboudi Asali summed it up as a move toward diversity: Hospitality investment evolved from traditional hotel models to diverse assets including serviced apartments, co-living spaces, and experiential venues, with ESG now essential and mixed-use developments on the rise.

What is the one element of hospitality investment that has changed the most?

For many, the change was as much about mindset as mechanics.

Elie Milky was direct: The mindset. Investor priorities have shifted from chasing luxury trophies to building resilient, performance-focused portfolios as well as different hospitality asset classes. Today’s investor is more rational, focusing on ROI, brand strength, and regional expertise rather than just brand prestige.

Hala Matar Choufany said the biggest shift is from commoditised room sales to delivering high-value, emotionally resonant experiences that drive both guest loyalty and diversified revenue streams. Flexible management structures have given owners greater control, cost-efficiency, and adaptability.

Duncan O’Rourke highlighted a new definition of value: Value is now defined by platform strength, brand trust, and long-term relevance rather than just financial returns. He sees branded residences thriving, especially when paired with lifestyle or wellness propositions.

For Guy Hutchinson, geography is the game-changer: Investment has expanded beyond traditional destinations like New York, Paris, and London, and is growing towards emerging markets, citing Hilton’s rapid growth in Saudi Arabia and Africa as prime examples.

Hassan Ahdab framed it in terms of guest expectations: Hospitality is no longer just about beds- it’s about owning the vibe travellers want. Investors are chasing unique, high-margin concepts fueled by tech and authenticity.

Aboudi Asali noted the changing investor profile: Previously dominated by specialised investors and hotel groups, the sector now attracts generalist property developers, sovereign wealth funds, private equity, institutional investors, and family offices.

What key trends, opportunities, or challenges do you foresee shaping the industry in 2026 and beyond?

Across the board, leaders expect the industry to be more tech-enabled, experience-led, and sustainability-focused.

Elie Milky predicted a continued rise in secondary cities, demand for experience-led travel, and sustainable development models alongside opportunities in serviced apartments and clustering strategies.

For Hala Matar Choufany, the next era will be defined by deeper experiential integration, stronger ESG alignment, and smarter operating models. She sees AI and data as central to guest engagement but warns of rising costs and a global talent shortage.

Duncan O’Rourke spoke of intentionality, integration, and innovation, identifying mixed-use projects, sustainability, conversions, and lifestyle brands as strategic growth drivers.

Guy Hutchinson kept the guest at the heart: At the heart of every great trip is a great stay and that is why the guest experience continues to be front-and-center. He highlighted sustainability, airline network expansion, and technology’s role in enhancing service without replacing the human touch.

Hassan Ahdab painted a bold tech-driven future: By 2026, hospitality investment will hinge on a tech-driven revolution where AI, IoT, and blockchain don’t just enhance operations but redefine them. The winners, he said, will be those who marry innovation with five-star soul.

Aboudi Asali pointed to technological integration, sustainability, and adaptive reuse as key trends, while warning of labor shortages and economic uncertainty.

Looking Ahead

The insights from these six leaders underscore the profound transformation of hospitality investment over the past decade, and the exciting and complex road ahead. From asset-light strategies and emerging markets to branded residences, experiential travel, and tech integration, the industry is evolving in ways that demand both agility and vision.

As we celebrate 20 years at FHS World in October, their perspectives remind us why this gathering matters so much: it is here that the ideas, partnerships, and innovations shaping the future of global hospitality come to life. And if there’s one thing all six agree on, it’s that the future is bright for those ready to embrace the change.

For more information and registration, please visit https://www.futurehospitality.com/world

Anne Bleeker
In2 Consulting
+971 56 603 0886
The Bench