Quotes of the Week: CoStar, Seibu Prince, Outbound, Wyndham

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