Quotes of the Week: Hyatt, JLL, Smith Hill Capital

QUOTE OF THE WEEK
“Bill Gates got it wrong when he said business travel would drop 50% long-term [due to COVID]. Business travel has New York City booming, while our leisure travel is still growing (despite softening as revenge leisure travel fades). Our corporate business is up 12% year-to-date and our business transient is up 6%.” – Mark Hoplamazian, Hyatt Hotels Corp.   Read story

“We think it’s a very compelling financial offering to franchisees. That’s where we see a competitive advantage from a franchising perspective.” – Noah Silverman, Marriott International, on the launch of Project Mid-T by Marriott   Read story

“We have seen a bifurcation in hotel performance over the first four months of the year, which we don’t believe will abate soon. The increased cost of living is affecting lower-to-middle income households and their ability to travel, thus lessening demand for hotels in the lower price tier.” – Amanda Hite, STR/CoStar   Read story

“Our team’s deep understanding of the hospitality industry, combined with our partnership with Bain Capital, allowed us to structure a deal that met the needs of our borrower.” – Brendan McCormick, Smith Hill Capital   Read story

“This is what Choice does. We grow brands and get them to perform. So, there is a bit of a marriage in what they’ve historically needed and what we do as a company.” – Indy Adenaw, Choice Hotels   Read story

“Expectation earlier were that we’d see five to six rate cuts. Now I think there’s an expectation that it’s anywhere from zero to two cuts. So, as a general matter, I think the markets are assuming status quo from a rate perspective and people are making investment, acquisition and sale decisions based on status quo from a rate perspective.” – Kevin Davis, JLL Hotels & Hospitality   Read story

“Your property's taxable value is the one place you have a measure of control over your expenses, and the outcome of exerting that control can be very significant.” – David Wilkes, Cullen and Dykman   Read story

“We’ve been growing and getting our systems in place and right-sizing our organization for the tremendous growth that’s already occurred. We’ve been franchising, but we’ve been waiting until we felt like we had all our ducks in a row to take on third-party management.” – John Murray, Sonesta International Hotels Corp.   Read story

“Hilton’s lifestyle brands are aspirational, design-led, and experiential with authentic points of view reflected in every aspect of the stay. I look forward to building on the category’s success and continuing Hilton’s commitment to pushing the boundaries of what it means to be a lifestyle brand.” – Kevin Osterhaus, Hilton   Read story

“Having established our first locations in Montreux and Detroit, we're steadfast in our commitment to meeting the evolving desires of upcoming generations. This marks the genesis of Project HQ, and we eagerly anticipate unveiling more exciting initiatives in the months ahead, alongside Geoff Ballotti and his tremendous Wyndham team. With our sights set on the future, we aim to build tremendous momentum as we continue to innovate and inspire.” – Sam Nazarian, sbe   Read story

“The trend thus far has skewed towards trophy assets but we’re starting to hear more about foreign investors looking for possible distress opportunities which thus far have been somewhat limited. Our view, though, is that luxury will remain the most in favor and we expect to see more of a push towards must-have urban assets, particularly across Europe.” – Zach Demuth, JLL Hotels & Hospitality   Read story