The tourism industry accounts for approximately 5 percent of global greenhouse gas (GHG) emissions, and emissions are expected to grow 135 percent by 2035 under a business-as-usual scenario. Additionally, hotels account for 21 percent of all emissions from tourism, primarily from activities such as heating and cooling, cooking, cleaning, and lighting. Hotels can minimize the emissions impact of these activities through energy efficiency initiatives.i
KKR engaged Chartres Lodging Group, LLC (Chartres Lodging) on a portfolio of lodging properties across the United States. Chartres Lodging is an advisory and investment firm focused on the property management, asset management, renovation, and development of lodging assets.
In 2015, Chartres Lodging began partnering with the Green Solutions Platform (GSP) team to evaluate potential energy efficiency projects including lighting upgrades, HVAC equipment and control solutions, and kitchen exhaust retrofits at a number of properties. These projects, if implemented, are projected to save approximately $140,000 and reduce energy consumption by 800,000 kWh and 32,000 therms of natural gas, while avoiding more than 500 metric tons of greenhouse gas emissions per year. In addition to this work, the Chartres Lodging team is implementing significant energy efficiency and green building practices during renovation of a number of properties.