Quotes of the week: Rocco Forte Hotels, Choice Hotels, Standard International

QUOTE OF THE WEEK
“I wanted to make sure that I had a long-term partner, someone with a new strategic and long-term view to help take the company forward over the next 5 to 10 years. I think I have a very good partner. They are strategic and will let management get on with things…They will help us to move forward much more quickly than I could have done in the old situation.” — Sir Rocco Forte, Rocco Forte Hotels Read story

“Texas is seen as virgin land for the gaming industry. They say everything’s bigger in Texas, and the gambling industry would be bigger there, too. It’s an incredible market.” — Joe Weinert, Spectrum Gaming Group Read story

“The magnitude of loan maturities combined with record amounts of past-due renovations have created a generational investment opportunity for Noble to acquire income-producing hotels, recapitalize owners, and add value both operationally and physically. Over multiple cycles, we have demonstrated that our experience, patience, and discipline allow us to deploy capital opportunistically.” — Ben Brunt, Noble Investment Group Read story

“We are disappointed Wyndham is pushing this disinformation campaign. Their take on the antitrust risk on our proposed combination is misleading and further reflects the board’s apparent entrenchment. Wyndham’s characterization of the lodging industry’s competitive landscape and relevant regulatory criteria is incorrect. Our pro-competitive combination is well positioned to obtain approval, and we remain committed to completing it for the benefit of both companies’ franchisees, shareholders and guests.” — Patrick Pacious, Choice Hotels International Read story

“The goal is to open in locations that are not quite CBD. Additionally, in the next 15 months, we’re opening The Standard in Singapore, as well as a significant European push with Lisbon and Brussels. So, we’re keeping very busy.” — Amber Asher, Standard International, on the launch of the StandardX brand Read story

“We have a pipeline that’s under construction, but it’s been going slow over the past 18 months as a result of financing conditions, inflation conditions, and overall shortfalls in funding to get the projects done… In the past six to nine months, there has been a shortfall in starts because financing costs have gone up so dramatically. So, as a result, we have a pipeline that will open up throughout 2024 and 2025. But we don’t have a clear path for when it will start new construction projects again. Because, as of right now, starts are not at historical lows, but they’re pretty darn close.” — Bruce Ford, Lodging Econometrics Read story

“Our investors expect a payback period of seven to eight years. If you add a branded residential component to it, the period is reduced to four to five years.” —Chris Nader, ENVI Lodges  Read story

“We are looking for some great rebranded properties. We do bring capital to the table to do renovation. We’re usually looking for joint ventures and an owner who has a property and would like to rebrand or reposition this property. We can bring key money to the table to help reposition the property.” — Chris Schroeder, Experiential Ventures Hospitality, on the development of SI Resorts  Read story