Article of The Week:
HM on Location: CEOs talk challenges, trends at AAHOACON
By?Jena Tesse Fox |?hotelmanagement.net?| Apr 5, 2024
ORLANDO — C-level representatives from six major hotel companies took to the stage at the 2024 AAHOACON to discuss industry challenges, the need for advocacy and what disruptors are shaking up the industry.
Moderator Sarah Dandashy, creator of Ask A Concierge, kicked off the conversation by asking the panelists to discuss both the challenges and opportunities facing hoteliers today. Rajiv Trivedi, a member of the board of directors for Red Roof, lamented the tight profit margins hoteliers face after paying for insurance, labor, supplies and construction costs. A brand, he argued, is responsible for finding ways for hoteliers to improve margins for owners. “And that's the difference that our industry needs to make and focus on over the next 10 years.”
Greg Juceam, president and CEO of Extended Stay America, noted the prohibitive costs of renovating, refinancing or even buying a hotel. High rates and loan-to-value ratios, he said, are keeping deal volume down. While larger banks may be more willing to make deals with hoteliers, regional banks are still cautious.
“It's really important that we really listen to our owners,” said Julie Arrowsmith, president and CEO of G6 Hospitality, noting that the cost of insurance is a pain point for many of them. Training employees is another challenge for hoteliers, she said, and praised AAHOA for providing training resources to the owners.
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Head of Hospitality Design Development
8 个月Hi Naomi, i'd love to hear more about this role!