This International Women’s Day, Hospitality Investor speaks to women operating across the sector to explore what must change to ensure that capable women aren’t excluded from leadership roles.
Eu Chin Fen, CEO of Frasers Hospitality
Tell us about your journey so far.
I started my career in the finance sector and spent close to two decades in the capital markets within investment banking, where I structured real estate investment trusts for primary listings and secondary fund raisings. After many years of working on transactions, I wanted to move from advising on deals to building a business. An opportunity came up for me to join a real estate group, specifically within hospitality real estate, which had previously been my client and I decided to take the leap. That transition marked a shift from structuring capital externally to deploying it internally, focusing on building and sharpening our hospitality platform as the CIO at Frasers Hospitality, and later on, balancing investment and operational strategies with public market expectations as the CEO of Frasers Hospitality Trust. I currently oversee the international hospitality and lodging business as the CEO of Frasers Hospitality, which is part of the listed Frasers Property Limited in Singapore.
Why do you think we still see fewer women in leadership roles?
Hospitality is powered by a large female workforce, and it remains one of the few industries where upward mobility into senior leadership is possible. However, the representation narrows because of a few key reasons. One is that senior roles often demand constant availability, geographic mobility and crisis responsiveness -because caregiving responsibilities still fall disproportionately on women in most societies, this structure can create higher attrition at the step-up-to-leadership stage. Second is that women are often overrepresented in front-of-house, HR or administrative functions and underrepresented in operations-heavy or ownership-track roles. Senior hospitality leadership is closely linked to ownership, real estate and investment decision-making. These areas, particularly private equity and development, have traditionally been male-dominated, which influences who ultimately holds executive power.
Finally, leadership in hospitality has historically been associated with traits culturally coded as “masculine” (decisiveness, authority in high-pressure environments). Subtle bias in performance evaluation, promotion readiness, or assumptions about mobility can accumulate over time. While women are well represented across corporate and operational functions, fewer are channelled early into the capital-focused areas, which are the very roles that traditionally feed into CEO and board positions. The imbalance is less about capability but more about access, exposure and design of the leadership pipeline.
What are the fixes? How do we ensure women are not concentrated in support functions? What must change inside companies, not just in the broader industry?
I believe that the change needs to be intentional. High-potential women should be given early opportunities to be rotated into core business functions and succession planning should be transparent and measured. Senior leaders need to be accountable and be advocates for high-potential women to take on stretch assignments tied to revenue and investment outcomes.
What would you change if you had unilateral power to reform the industry?
Reforming the hospitality industry to enable more women leaders requires structural change across the full talent lifecycle, not just mentoring initiatives. The sector’s 24/7 operating model, informal promotion networks, and heavy reliance on profit and loss operational experience have historically limited women’s progression into general manager, regional and C-suite roles. Meaningful reforms would involve redesigning leadership pathways to ensure early exposure to revenue-critical roles. Succession planning should be formalised with balanced shortlists and transparent evaluation criteria. The industry also needs to shift from mentorship to sponsorship and redefine “leadership readiness” to focus on outcomes rather than constant physical presence. Greater flexibility at senior levels, structured re-entry pathways, and transparent promotion metrics would help to prevent mid-career attrition.
At the same time, we should increase female representation in asset management, development, and ownership-track roles to strengthen the long-term executive pipeline. Boards should also institutionalise accountability through disclosure, diverse candidate slates, and linking executive compensation to measurable diversity outcomes. In a volatile, capital-intensive environment where risk management and stakeholder credibility are critical, gender-diverse leadership is not a social objective but a strategic advantage that enhances decision quality, resilience, and investor confidence.
Carine Bonnejean, managing director – hotels & international at Christie & Co
Tell us about your journey so far
When I was younger, I had so many ideas about what I wanted to do, and the hotel industry was one option, as my family owned a hotel. Out of many possibilities including becoming a Japanese translator, garden designer, architect or doctor, I chose hotels and went to hotel school for three years, where I learned a great deal about operations. I then completed an MBA, moved to London and worked for HVS for four years. The financial side of real estate was of great interest to me, and I thoroughly enjoyed developing a deep understanding of the hotel sector and carrying out valuation work across various European markets.
After that, a friend recommended I try private equity. The role involved asset management for offices. I did that for less than a year before deciding that the advisory side was where I felt most comfortable. I joined Christie & Co as a senior consultant, later becoming an associate director. I took over the UK consultancy team and began integrating the consultancy teams in other countries. At that point, I became managing director for consultancy in Europe, joined the company’s executive committee and became president of our French offices. In 2020, I was put in charge of the entire hotels division, and six weeks ago my role expanded to full responsibility for the international business. I now wear two hats: overseeing our hotels division across brokerage, consultancy and investment, and ensuring the continued development of Christie & Co’s international operations.
What have you seen around the presence of decisionmakers in hotel transactions?
It is still a very male-dominated space but we are seeing more of the new generation coming through. There are now quite a few companies where women are represented among shareholders and decision-makers and it is certainly more mixed than when I started. The challenge is that change takes time. My generation is one of the first where we are seeing meaningful diversity in leadership positions. Progress is happening from one generation to the next but we are still in the minority when it comes to women chairing investment committees. That said, I am convinced we will see further change in the coming years. The conversation now is about how we continue and accelerate that journey.
If you had unilateral power to reform the industry in relation to the diversity conversation, what would you change?
It starts with teaching the coming generations the power of partnership and compromise, particularly in supporting women at the point in their lives when they are making decisions about having children and navigating how that may affect their career progression. Women currently in their late 20s and early 30s are the future leaders of our industry and we need to think carefully about how we encourage and support them at this stage. It’s about nurturing that fresh pool of talent because they will become the C-suite of tomorrow. It is also important that we share positive stories about diversity and highlight female role models who have successfully challenged the status quo.
Aoife Roche, regional vice president, sales – EMEA at STR, a CoStar Group Company
Tell us about your journey so far.
My journey to STR started during my university years well before I knew about hotel performance data. One of my two mandatory semesters abroad saw me step into the role of sales assistant for the Hilton Opera Paris, formerly owned by the Taittinger family. I immediately fell in love with hotel life. I climbed the ladder quickly there, going from sales assistant to sales manager and then director of sales before my friend and mentor, Iain Ainsworth, CEO & founder of The Aficionados gave me my first opportunity in London in 2002. My tour of boutique hotel chains continued until 2016 when I joined STR as Director of Account Management. I was ready for a new challenge – one that supported my new role as mother to two boys, and one that allowed me to grow professionally. Fast forward ten years, I’ve cemented my expertise in the hospitality sector, worked alongside a passionate and resilient team, and embarked on an executive MBA programme as I set out to fill my knowledge gaps, to address any perceived limitations and to bring more to the table in my current and future roles. I still can’t decide whether I slept more as a new mum than I did over those 2 years as a I juggled endless assignments with family commitments and a new role leading STR’s EMEA sales division. Who knows what 2026 will bring but I do know that competence and humility are values that will hold me in good stead as I continue on my journey.
What’s your view on female representation in analytics and advisory roles as well as in ownership and fund management?
According to Savills (2025), less than one-third of executive teams in UK real estate include women. Going on this, I can only assume that we have less female representation in these roles, no matter the level. This points to systemic failures from a societal and educational perspective.
At the most senior investment committee level, do you still see a gender imbalance?
Although there are some industry and geographical variations, the number of women on boards has grown. This is driven by ESG targets but also by mandates. For example, an EU Directive sets a target (for EU large, listed companies) of 40 per cent of the underrepresented sex among their non-executive directors and 33 per cent among all directors by July 2026. This is great progress. However, going back to the systemic and structural limitations, there is a ‘leaky pipeline’ as many of these women are in supportive roles with no oversight over the P&L, and therefore less likely to be used as a stepping stone to a CEO role. I don’t know for a fact that the investment community is any better or worse but I can make my own assumptions based on my network.
Beyond just representation, what do you think needs fixing? And what are the fixes?
According to the World Bank’s report (2023), only 5 per cent of all CEO positions are held by women. However, going beyond representation through quota achievement, to optimise the true value of diversity, the key is to ensure that women have a voice and equal agency once in a senior role. This means that companies must truly invest in women. This may require significant cultural change, building a people-oriented culture that challenges systemic and structural limitations. Access to training and mentoring programs will assure that there is a pipeline of future CEOs.
Are you seeing differences in how diverse leadership teams interpret risk and performance trends?
Diverse teams introduce cognitive friction, thus improving risk awareness and challenges overly optimistic forecasts before a downturn hits. The glass ceiling still exists. Invisible it may be, but it exists because of personality attributes, social conditioning and learned management styles. Despite the transparency yielded from public reporting, leadership development initiatives, improved board representation quotas and reducing gender pay gaps, there remain structural, cultural and psychological dynamics that maintain subtle biases and leadership stereotypes that limit promotional opportunity and drive occupational segmentation, keeping women in supportive roles.
What would you change if you had unilateral power to reform the industry?
If I could reform the industry, I would mandate more on the job cross-functional training for women and allow them the chance for promotion based on their potential, not just on their performance. Female leaders have the power to transform this industry. The industry is unique in that every day’s performance matters and every day has the potential to be challenged by external factors – that could be the weather, politics or government mandates. Women leaders have unique strengths that make them more resilient. They are agile, collaborative, purpose driven and great problem solvers… so give them a chance!
Naureen Ahmed, founder of Inspiring Women in Hospitality
Tell us about your journey so far.
I’m Bangladeshi-Swiss. The first 20 years of my life were spent in Asia - across Hong Kong, Bangkok, Japan and Bangladesh - and the second 20 years in Europe between Switzerland and the UK. Luckily, I’ve always had global roles throughout both my personal and professional life, which has allowed me to see the industry from a very macro perspective. Coming into hospitality was a no-brainer for me. However, when I arrived at hotel school, I noticed differences when it came to gender. Guest speakers were mostly men, all the general managers I saw were white men. I never thought a mixed-race woman like me could achieve that kind of senior role. That definitely had an impact as I entered the workforce. I moved to London, worked in hotel operations for a few years, then in revenue. I was introduced to STR and ended up staying there for 12 years, working across research, data, product marketing and branding. During that time, particularly attending conferences, I noticed it was mostly men on stage and mostly men in the room. It felt like a shock to the system. I would think “Why am I here?” I often felt out of place. And it’s not that hospitality lacks women. Women are in the industry, yet we didn’t have the same visibility or representation. Many of the leaders we interacted with in hospitality and real estate were men. So I decided to do something about it. During Covid, as a passion project, I launched a podcast called Inspiring Women in Hospitality to create a platform for female voices. I wanted to build a databank of role models showcasing the wide variety of careers across hospitality, real estate and travel.
What are the invisible rules of advancement in hospitality real estate that people don’t talk about?
Informal deal networks. Advancement often comes down to relationships, trust and credibility. You need to put yourself out there and actively build those relationships. Find allies. Find sponsors. Be vocal about your ambitions. Say yes to opportunities. Make people aware of what you want to achieve and don’t feel guilty about ambition. Women often struggle with that. Make sure that people know what your interests are and make it meaningful so that you can build those connections.
Is mentorship enough or do we need formal sponsorship tied to capital roles?
Mentorship alone is not enough. It can be incredibly valuable - I’ve participated in and run both formal and informal programmes. It provides a safe space for guidance and reflection. But it doesn’t necessarily drive career advancement. This is where sponsorship becomes more important. It means having those allies - male or female - who advocates for you, puts your name forward for opportunities and speaks about you in decision-making rooms. Ultimately, it’s less about rigid structures and more about ensuring equal access to opportunities. But you can only be advocated for if you’re visible and if people understand your ambitions and capabilities.
What is one structural change the industry could implement tomorrow that would materially shift leadership balance?
It’s difficult to pinpoint a single change because context matters. One size doesn’t fit all. Solutions need to be tailored to company culture, national culture and social norms. Family structures play a significant role. Practically speaking, if working hours are nine to five and school hours are nine to five, how are parents expected to manage without support? In many countries, unless you have extended family support, balancing career and family is extremely challenging, and traditionally that burden falls on women. Historically, women have sacrificed career for family and the the expectation of being “always on” is unsustainable. Perhaps one of the most impactful structural shifts would be redefining availability and flexibility. Creating environments where both women and men can balance leadership roles with family life without penalty. That shift alone could materially change leadership balance over time.
Hilda Alisandratou, director - investment promotion at Enterprise Greece
Tell us about your journey so far
I hold an MA in Hospitality & Tourism Management from Middlesex University, a BA in European Tourism from the University of Lincoln and completed an Erasmus program in International Tourism at Hochschule für angewandte Wissenschaften in Kempten Germany. These experiences gave me a global perspective on tourism dynamics and the analytical foundation to understand investment trends. Professionally, I have dedicated over seventeen years to Enterprise Greece, the country’s investment promotion agency, where I lead initiatives that position Greece as a highly competitive destination for hospitality, real estate, and creative industry investments. In my role, I design and implement strategies that attract international investors, facilitate public-private partnerships and unlock opportunities for high-impact projects. What has guided me throughout this journey is a philosophy I call “strategic curiosity”: understanding not just the financial logic of investment, but the human, cultural, and societal dimensions that make projects succeed.
What is your view on female visibility and influence in public sector investment promotion compared to private capital?
At Enterprise Greece, female leadership is not only visible but instrumental in the agency’s mission. For example, the General Director for Communications, Marketing, and Stakeholder Relations and the General Director for Administrative and Financial Services are both women, demonstrating that influence extends across strategic, operational and policy-making functions. These leaders contribute to shaping how Greece is perceived by global investors, ensuring that messaging, partnerships, and investment facilitation are both effective and inclusive. By having women in these high-level roles, Enterprise Greece signals that diversity is central to decision-making, rather than peripheral. This visibility, coupled with decision-making authority, allows female leaders to influence not only institutional priorities but also investor confidence and market perception, showing that gender equity and strategic impact go hand in hand. Private capital, on the other hand, has historically been slower to elevate women into visible leadership roles. Networks are often entrenched, and decision-making processes opaque. Visibility alone is not enough. True influence comes when women are shaping capital allocation, defining strategic priorities, and making governance decisions that impact real assets and long-term projects. Bridging this gap is a key challenge - and opportunity - for the industry.
What are you seeing around sovereign funds or institutional investors in terms of whether they are increasingly scrutinising board composition and executive diversity?
Institutional investors are increasingly tying governance and diversity to performance metrics. Boards and leadership teams are being evaluated not only for their expertise and track record, but also for their capacity to incorporate diverse perspectives. In hospitality and real estate, this is critical. Projects are evaluated not just on return on investment but also on resilience, stakeholder engagement, and sustainability. At Enterprise Greece, we see firsthand how international investors - sovereign wealth funds and large institutional players - are more inclined to partner with projects that demonstrate inclusive leadership. Diversity is no longer a “nice-to-have”; it is a core pillar of ESG excellence and a strategic advantage that strengthens investment decisions and long-term project outcomes
Do you see female founders or sponsors facing greater difficulty raising hospitality capital? If so, why? And how can this problem be solved?
Yes, female founders often face higher hurdles due to historical underrepresentation, narrower access to high-level investor networks and implicit bias in risk evaluation. Hospitality, being capital-intensive and relationship-driven, amplifies these challenges. Women often have to prove themselves repeatedly to earn credibility in environments where male counterparts are assumed competent by default. To address this, we need structural solutions: expanding mentorship and sponsorship programs, ensuring female founders have direct access to investors and implementing data-driven evaluation frameworks that minimize bias. Visibility is also critical: highlighting successful female-led projects not only demonstrates capability but also shifts market perception. Beyond mentorship, we must ensure female founders have equal access to high-quality deal flow and the same level of institutional support as their male counterparts.
Is regulatory pressure required to increase female representation or does change need to be market-led?
Both forces are essential. Regulation creates accountability and sets minimum standards, while market-led initiatives cultivate cultural change and opportunity. When public policy, institutional frameworks and market incentives align, diversity becomes strategic. Women are empowered, networks expand and decision-making is enriched. The combination of regulation and voluntary inclusion ensures sustainable progress rather than superficial compliance.
If we look ahead 10 years, what would true equality in hospitality investment look like?
True equality would mean women are equally represented across all layers of investment: sovereign and institutional funds, development companies, founders, and executive leadership. Leadership diversity would shape not just boards but the projects themselves: hotels, resorts, and urban developments that are inclusive, innovative, and socially responsible. At that point, gender equality becomes not an aspiration but a structural norm in the industry. And when diverse voices lead, the assets themselves change. We will see hotels, resorts and urban developments that are inherently more inclusive, innovative and socially resilient.
What would you change if you had unilateral power to reform the industry?
If I could enact reforms unilaterally, I would focus on access, accountability and empowerment. I would create structured pathways for underrepresented founders and sponsors to secure capital, mentorship, and advisory support. I would also implement standardized reporting on board composition, leadership diversity and ESG integration. Finally, I would elevate successful female-led projects as exemplars, incentivize inclusive partnerships and provide capacity-building for emerging leaders.
By Ife Taiwo-Newman
