Quotes of the Week: Marriott, Beaumier, Pontiac Land, JLL

QUOTE OF THE WEEK
“There’s lots of equity in the market, but varying degrees of conviction. That’s really the question for us: how does that conviction evolve and start to lean in?” – Dan Peek, JLL Hotels & Hospitality   Read story

“My priority this year is for us to kick ass with our 11 hotels. So, I won’t be excited or disappointed no matter what our conversion rate in pipeline looks like this year. But, you know, obviously, it’d be disappointing to go through the year without having some portfolio growth and something next to look forward on.” – Billy Skelli-Cohen, Beaumier   Read story

“Business transient has recovered to 2019 levels, just in a little bit different form. The small- and medium-sized businesses came back faster than the largest corporates… You still see their nights meaningfully behind 2019 levels, although some other of those large corporates, like in the financing sector of the economy, are actually back to more than recovered.” – Leeny Oberg, Marriott International   Read story

“By investing in holistic community development, we’ve created a thriving ecosystem where employees and the local community can flourish together. Fari Islands has further crystalized our approach to property development, prioritizing holistic planning and long-term value creation.” – David Tsang, Pontiac Land Group   Read story

“Our team’s focus on expanding into higher FeePAR markets, growing our extended-stay footprint and unlocking new ancillary revenue streams underscore the diverse growth opportunities inherent in our asset-light, resilient business model. What excites us most about our future is the developer interest in, and demand for, our brands both here and overseas, reflected in a pipeline that grew another 5% to a record quarter-of-a-million rooms that will open in the coming years with significant FeePAR premiums compared to our existing system.” – Geoff Ballotti, Wyndham Hotels & Resorts   Read story

“Woodspring has three things any developer is looking for: a proven prototype, a proven operating model that generates 60% margins on average, and it has a proven exit. Woodsprings have traded at very attractive cap rates.” – David Pepper, Choice Hotels   Read story

“We think that we could easily get to over 100-plus [properties]… in the next few years just because there are a lot of multifamily properties coming online. We see an increasing demand for this type of product and we’ve had lots of conversations with different types of folks.” – Christian Lee, Mint House   Read story