Insightful quotes from some of our top stories of the past week, including a comment about corporate culture from a leader at The Ascott Ltd., Singapore.
“Expect a shift in New York City’s short-term rental demand, resulting in hotels gaining up to 2.2 million room nights in 2024. This increase is in addition to the projected growth forecasted for hotels, which would lead to an additional 4.3 percentage point in occupancy.” – JLL reporting on the impact of the enforcement of short-term rental bans in New York City Read story
“All the hotel brand companies are fighting for more dots on the map via conversions, and Marriott's balance sheet at just ~3.0x net leverage supports additional key money investments (if needed) to win conversion deals.” – Michael Bellisario, R.W. Baird, writing about Marriott International’s investor day presentations Read story
“What is quite common within the three companies [I’ve worked for that were based in the U.S., U.K. and Singapore], they want to embrace diversity, embrace differences, and embrace disruption, and all three have this sort of sub-mentality as they move forward with growth ambitions. But how it’s manifested in the three companies is very different… From my personal experience, I think for the U.S., you just have to talk louder. For the U.K. companies, you have to do a bit more socializing. For Singapore, it’s show me the numbers. It’s the data… I think that’s the underlying principles of the three companies in terms of how you do it, what the whole mindset is, and how you bring that to life.” – Serena Lim, The Ascott Ltd., talking about corporate culture at HICAP ANZ Read story
“It’s not so much an issue around the quality of the asset
but the nature of the financial structure in which it sits. The distress is
financial rather than operational.” – Ascan Kókai, ECE Real Estate Partners, on
the lack of deals transacting in Europe
Read story
“APAC remains our fastest growing market.. growth in India
is top of mind.” – Ron Pohl, BWH Hotel Group
Read story
“I do see [transparency] becoming the norm, and effectively
it’s just putting a fixed component into your ADR. But at the same time, it
forces many of these properties, which have added them hastily, to rethink what
they offer. I think there’s a lot of junky junk fees out there, to be honest.” –
Lily Sanders, The Ascott Ltd., on the potential impact of legislation to transparently
reveal all hotel fees Read story
“We are committed to evolving access to the type of accommodations World of Hyatt members are seeking that go beyond our hotels – from a large family who travels together or guests looking to work from anywhere for an extended period of time. Homes & Hideaways by World of Hyatt brings a unique collection of curated homes which increases Hyatt's home offerings and expands new ways and new places where we can extend care to members.” Amy Weinberg, Hyatt Hotels Corp., on the launch of their new vacation rental brand Read story
“You cannot have a full-employment recession.” – Economist
Bernard Baumohl, speaking at The Lodging Conference Read story