Nic Mayer, Partner, PwC Global Tourism Industry Leader

This pre-FHS World 2025 interview features Nic Mayer, Partner and PwC Global Tourism Industry Leader, who shares his perspective on the evolution of hospitality investment. He discusses how the sector has become an institutionalised asset class and outlines the key forces shaping its future—destination activation, technology, and sustainability—ahead of his session in Dubai.

BTN - What do you see as the biggest change in the hospitality investment industry over the past two decades?

Hospitality has evolved from a real-estate transaction into a fully institutionalised investment class. Investors today view hotels as operating platforms and experience ecosystems rather than simple physical assets. At the same time, we have seen the emergence of destination-scale investments, particularly in the Middle East, where tourism has become a defining pillar of economic diversification and national identity.

BTN -  What key trends or challenges will shape the industry in 2026 and beyond?

Three themes stand out.
First, destination activation, where hospitality, culture, retail, and sports converge to create longer stays and higher visitor spending.
Second, technology and personalisation, with data and AI transforming how investors and operators deliver value.
Third, sustainability and talent, as the next growth cycle depends on decarbonisation, inclusion, and re-skilling.

The real challenge will be sustaining attractive returns while meeting the rising expectations around ESG performance and guest experience.

BTN - How many AHIC/FHS events have you attended, and what is your fondest memory?

I have been part of almost every edition since the event’s inception. My fondest memory is the first edition after COVID, when we welcomed the global industry back to Dubai. It felt like a reunion and a renewal at the same time, marking the beginning of a new era for hospitality and tourism worldwide.

BTN -  What will you be speaking about at FHS World 2025 in Dubai?

My session, “Building Tomorrow: The Geographies and Segments Defining Growth,” looks at where the next wave of hospitality investment will come from, both geographically and across new asset classes. I will explore how investors can anticipate shifting demand patterns, align with national tourism strategies, and tap into emerging areas such as branded residences, wellness, and entertainment-driven hospitality. The focus is on identifying where growth is truly scalable, sustainable, and long-term.

BTN -  What are you most looking forward to at FHS World 2025?

FHS World has become the global meeting place for hospitality leadership. I am most looking forward to reconnecting with peers and clients who are shaping the future of destinations, and to hearing the perspectives of new markets that are redefining what sustainable growth means for our industry