Among the noteworthy quotes from stories this week was CoStar's Jan Freitag talking about their being "nowhere to hide" to avoid extended construction times.
QUOTE OF THE WEEK
“There are no places to hide. This elongation of the
construction cycle hits all hotel classes, not evenly in terms of months, but
evenly in terms of impact. It all takes longer than it used to.” – Jan Freitag,
CoStar Read story
“Sotherly has developed a distinctive portfolio of hotels
across the Southeast. KWHP has a long history in investing in hospitality,
particularly in the Southeast, and will bring additional resources to
Sotherly’s unique and compelling portfolio of high-quality hotels to position
them for continued success over the long term.” – Webb Wilson, Kemmons Wilson
Hospitality Partners Read story
“Lifestyle provides a custom experience and, as you know,
many of the lifestyle brands have been taken by large, international hotel
companies. Seibu Prince didn’t have a lifestyle brand. Ace Hotel and Seibu
Prince Hotel have the same vision and we both respect our local communities. –
Yoshiki Kaneda, Seibu Prince Hotels Worldwide
Read story
“It’s so challenging to develop and operate in these
markets. You have to have a big balance sheet. You have to know the lodging
business inside and out because there’s a lot of nuances to working in these
types of environments. No, I don’t think it’s getting overdone by any means at
this point.” – Matthew Mering, Outbound Hotels, Waterton Read story
“Our booking lead times are up 2% over the prior year; our
lengths of stay are consistent with last year; our cancelation rates have
actually improved over last year, 160 basis points in Q3 versus prior year.” –
Geoff Ballotti, Wyndham Hotels & Resorts
Read story
“I don’t think we’re different. What is different is some of
the inputs that we put into our business that deliver the value are slightly
different.” – Chris Penn, Ace Hotel
Read story
“Lodging Econometrics notes that although the new
construction pipeline continues to see more new announcements the pace of
construction starts have slowed and we continue to see construction timelines
lengthen. We have seen a marked shift to investing in existing hotels as
renovation and repositioning will continue to be a large part of the market
dynamics for the next several quarters.” – Bruce Ford, Lodging
Econometrics Read story