T
he 9th Hospitality Finance & Economics (HFE) Conference took place on July 7-8, 2025, at EHL Hospitality Business School's Lausanne campus. The event was organized in collaboration with the Center for Urban and Real Estate Studies at Hitotsubashi University and the NUS Institute of Real Estate & Urban Studies. Seventeen researchers from four continents participated, engaging in dynamic discussions on topics such as climate risk, affordability, and digital real-estate markets.

    Achim Schmitt, EHL's Dean, welcomed attendees by highlighting the school's evolution from its founding in 1893 to its current status as a comprehensive university and global leader in hospitality management education. He emphasized EHL's expanded scope, which now encompasses the intersection of hospitality, finance, and technology, making it an ideal host for the conference.

    The conference featured structured dialogue sessions, where each research presentation was enriched by thorough analysis from dedicated discussants. This approach fostered deep academic exchange and was praised by participants for enhancing the quality and depth of discussions. Several compelling research themes emerged, including studies on climate-related risks influencing mortgage pricing and regional planning policies, and an entropy-based measure to explain discrepancies between tokenized real-estate markets and traditional valuations.

    Dr. Nikodem Szumilo delivered a keynote titled "What AI Can Do for Us: Hype versus Reality." He argued that AI won't displace humans but rather those who use it well. Szumilo presented the concept of "VIBE" working, an intent-driven workflow where experts describe outcomes and let AI do the first build, then review, test, and iterate. This approach can accelerate market research and underwriting without skipping scepticism.

    Dr. David H. Downs delivered a keynote titled "The Hospitalier Effect: Living, Learning, and Investment Vehicles." He began with the origin story of the Michelin Guide, illustrating creative thinking that adds value to an organization. Downs then traced the evolution of real-estate investment vehicles, from single-asset syndications to REITs, listed funds, and private equity. He introduced the concept of "The Hospitalier Effect," which highlights the profound impact a skilled manager can bring to an investment.

    The conference concluded with a relaxed tasting menu at Restaurant 1893, where guests enjoyed seasonal dishes paired with local Swiss and French wines. The event was a testament to EHL's commitment to its founding principles of hospitality, fostering meaningful connections in a warm and convivial setting.