Among the more noteworthy quotes from this week was Parks Hospitality's Charles El-Mann talking about the importance of controlling development to create the right hotels for the right markets.
QUOTE OF THE WEEK
“Today is day zero, and the antitrust review period is 30 days. A ‘second
request’ could occur, which would take another 30 days. Clarity on the
regulatory front is what Choice is in search of, and if successful, Choice
would hold significantly more negotiating power.” – Michael Bellisario, R.W.
Baird, on the latest maneuver by Choice Hotels to acquire Wyndham Hotels &
Resorts Read story
“We don’t build hotels for the brands, we build hotels for
ourselves. We need to know what product is the right one for the market and the
location. Then we put the brand on top of it and make some choices on the DNA.
We can’t miss on the kind of product for the market. That’s kind of the way we
see it.” – Charles El-Mann, Parks Hospitality Holdings Read story
“We’ve never really had a luxury tier here in Dallas… Now we
have the entrance of some great high-end lifestyle hotels. There is this band
of luxury that just didn’t exist here. Developers have taken the opportunity to
recognize from significant relocations on the corporate side, but also very
wealthy individuals relocating here from California and other places that will
patronize these properties, both for the food and beverage and everything
else.” – Brian Nordahl, CBRE Hotels Read
story
“We’re going to change the way people visit the vineyard,
for instance. To begin with, the transportation will be different from what the
other hotels are providing. Then, we are going to do private visits, so people
won't be standing in a group of 30 to 40. They will have a private sommelier
with them to explain everything.” – Deepak Ohri, LAMH, on his plans to develop
in California wine country Read story
“Over the last decade, we have enhanced the resiliency of
our model with the spin-offs of our timeshare business and the majority of our
real estate, creating a capital-light, fee-based business. We have also
continued to strengthen our balance sheet and the power of our network effect.
Our award-winning brands, satisfied owners, loyal guests, and a leading
development pipeline continue to power Hilton’s performance.” – Kevin Jacobs,
Hilton Read story
“A misconception [about third-party operators] is that it’s
just about cost cutting, but that is a lazy solution. A good third-party player
must focus on the top line as well.” – Jerry Xu, La Vie Hospitality Group, on
third-party management growth in Asia Pacific
Read story
“Today, the traveler has exceedingly high expectations and a
critical eye fueled by social media posts and viral comments. This is
potentially accelerating the CapEx cycle beyond the industry’s standard
timeline milestones. With record-level demand for CapEx expected to be stronger
than ever after the pandemic, it is crucial to assemble the project team early
and to plan way ahead on all projects.” – Alan Benjamin and Sarah Churchill,
Benjamin West, on the latest ISHC capex study Read story