Insightful quotes from some of our biggest stories of the past week, including one about the PIP pendulum swinging back in favor of brands.
QUOTE OF THE WEEK
“Brands are getting hammered on guest satisfaction. Guests
are paying more even if occupancies are not all the way back – and they’re not
happy. Guests are seeing staffing shortages, deteriorating product, you name
it. This is one of the areas where the brands are starting to push back saying,
‘we were nice for a bit, but it’s time for the pendulum to swing back a little
bit the other way.’” – Larry Trabulsi, CHMWarnick Read story
“I think those dynamics [building hotels] are going force
people to look inward to their own their existing assets to consider how they
can expand. It’s a big exercise to build from the ground up. If you have
something existing that you can expand, it's quicker and a less-risky payback.”
– John Hamilton, Pyramid Global Hospitality
Read story
“I think we’re not talking enough about climate change and
the resiliency of the buildings. I think resiliency needs to be part of the
conversation as we design buildings… not just imposed by the insurance or the
zoning codes, but just by common sense. I want this building to stand.” –
Jan Frietag, CoStar Read story
“We will allow useful life of case goods and soft goods if
they are in good condition. This allows for the scope of the PIP to vary as
needed while still providing the Garner brand-defining hallmarks and experience.
With our flexible conversion approach, we will work with each owner and
property site to determine whether they are a good fit for the Garner brand.” –
Karen Gilbride, IHG Hotels & Resorts, on the launch of their midmarket
conversion brand Read story
“Take the time to review with counsel the major risks that
are shifted between owner and contractor and ensure that the contractor fully
understands those differences, even when utilizing common construction industry
agreement templates.” – Brent Hardy, The Hardy Group Read story
“When we set out to establish our strategy, we said we
wanted to go into the markets that are growing… where we saw tailwinds
pre-COVID. And (properties) we thought would accelerate coming out of COVID and
outperform. These are not older, traditional U.S. cities like Boston, New York,
DC or San Francisco, but instead are what we would call the younger, growing
U.S. hotel markets.” – Nolan Hecht, New York City-based investment firm
Certares Read story
“Over the next year, there’s going to be an all-out brawl
between an economic downtown and a return to normal for travel. All I want to
say is, let’s put all of our money on normal.” – Adam Sacks, Tourism Economics Read story