What's Trending in 2023
KSL Capital, Hersha Close $1.4B Deal To Take Hotel REIT Private Source CoStar
SEC Filings Show REIT Will Leave New York Stock Exchange Dec. 11Fed holds rates steady, continues to evaluate economy
The Federal Reserve has left its benchmark interest rate unchanged at a 22-year high after a two-day policy meeting while remaining open to further action in the future. "The good news is we're making progress," Chair Jerome Powell says. "The progress is going to come in lumps and be bumpy, but we are making progress."Over 50% of US holiday travelers plan to stay in hotels
Close to half of US travelers plan to take a trip between Thanksgiving and mid-January, with 56% of them intending to stay in a hotel, up from 35% last year, according to the 2023 Deloitte Holiday Travel Survey. Younger Americans are most likely to increase their travel budgets for the holiday season, with 22% of millennials and 25% of Gen Z planning to spend more this year.The 20 Most Future-Ready Large Cities in the U.S.
Although our world is more interconnected than ever, it’s nonetheless wise for advisors to set up shop where potential clients are. Historically, that’s meant major metropolises like New York, Chicago, Los Angeles, Boston and San Francisco. However, times are changing, and a new crop of cities are positioning themselves as attractive locales for advisor operations in the future.US Hotel Profitability Takes a Hit Due to Lower Occupancies
The latest U.S. hotel industry profit-and-loss data from CoStar shows that normalizing demand for hotels and declining occupancy are leading to a reduction in profitability.US Hotel Profitability Takes a Hit Due to Lower Occupancies
The latest U.S. hotel industry profit-and-loss data from CoStar shows that normalizing demand for hotels and declining occupancy are leading to a reduction in profitability.Loan Maturities Open Up Lending Opportunities in the Hotel Industry
Transaction activity in the hotel industry has largely been down in 2023, but lenders still have been able to get some deals over the finish line.Hotel project pipeline up 7% in Q3
The number of hotel projects and room counts in the 12-month pipeline rose 7% in the third quarter to reach a level only 3% short of second quarter's all-time record for projects, according to Lodging Econometrics. Separately, the project count of 1,063 hotels under construction at of the end of the quarter was up 10% from a year before while the room count rose 4%.Buyers Consider Changes to Mitigate 2024 Hotel Rate Hikes
Consensus says hotel rate increases will hover around 5 percent this year; buyers also see an increase in hotel nights on the horizon.Over 4 in 10 hospitality workers mulling career change
While job satisfaction has increased in the hospitality sector over the past year, 42% of workers are still thinking about changing careers, according to a survey from CGA. Two-thirds of respondents agree that hospitality is a "good and worthwhile career," but recruitment and retention remain major issues in the industry."Mansion Tax," strike stop L.A. hotel acquisitions
Hotel sales in Los Angeles have nearly come to a standstill, with only one trade happening so far in 2023, likely due to the Homelessness and Housing Solutions Tax or "Mansion Tax," which charges an additional tax rate of 5.5% for sales over $10 million. Other factors include the ongoing strike of hotel workers in Los Angeles and Orange County and potential legislation that would require hoteliers to fill vacant hotel rooms with people who are homeless.Hilton programs ease booking process for business travel
Hilton Hotels will introduce a new booking website early next year that offers room discounts, loyalty benefits and an easier set up for small to medium-sized businesses making travel reservations at its properties. The company has also added an enhancement that enables companies booking events for up to 35 attendees and up to 25 guestrooms to make reservations online without speaking to a representative or signing a separate contract.US Hotel Industry Sells Near-Peak Number of Rooms in September
The U.S. hotel industry finished the month of September strong, with preliminary results indicating room demand was the second-highest ever for the month.Could Discounted Loan Payoffs Be What Finally Restarts The CRE Debt Market?
It's one of the toughest questions plaguing commercial real estate today: What is to be done with a pileup of maturing — or past-due — loans worth hundreds of billions of dollars when refinancing is all but impossible?STR: July U.S. Hotel Rates Rise, Occupancy Slips Again
Average daily rates and revenue per available room for U.S. hotels in July increased slightly year over year while occupancy slipped again, according to hospitality analytics firm STR.Central Florida tourism industry an $87.6B economic impact engine, study says
Central Florida's juggernaut tourism industry hit an all-time high in 2022, generating $87.6 billion in economic impact, said a new study.Property Loans Are So Unappealing That Banks Want to Dump Them
Property Loans Are So Unappealing That Banks Want to Dump Them “Banks seeking to sell commercial-property loans are encountering a dried-up market with few options for an easy exit. Lenders including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have been trying to sell debt backed by offices, hotels and even apartments in recent months, but many are finding that tidying up loan books is no easy feat when concerns about commercial real estate have surged.”New Lending by Mortgage REITs Has Dried Up
Some of the biggest names in commercial real-estate lending have all but turned off the spigot. Blackstone Mortgage Trust and KKR Real Estate Finance Trust, two of the biggest mortgage real-estate investment trusts, have halted loans to any new borrowers. While these firms continued to provide financing related to existing loans, they didn’t originate any new loans during the first half of this year, according to the companies. Starwood Property Trust, another lender in the sector, has greatly decreased its appetite for new lending in recent quarters, securities filings show.Investors Looking To Seize On Depressed Property Valuations Create New Crop Of REITs
It may seem like an odd time to launch a new commercial property venture, with interest rates at a 22-year high and valuations of basically every property type dropping, but a fresh wave of nontraded REITs has arrived to take advantage of those very same conditions.Opportunity Zone Fund Raising Improves Quarter-Over-Quarter, But Still Sluggish
Novogradac announced that qualified opportunity funds tracked by the consulting firm reported raising $2.01 billion in equity over the first six months of 2023, including $1.33 billion during the second quarter of the year, the lowest half-year total for any period since Novogradac began tracking qualified opportunity fund equity data. (The DI Wire)Big Brokerages Increase Cuts, Lower Forecasts For Rest Of 2023
Cushman & Wakefield, Newmark, JLL, CBRE, Colliers and Marcus & Millichap reported drops in revenues in their second-quarter results. Profits all but disappeared relative to the second quarter of 2022, additional cuts were announced, and many firms lowered their outlooks for the rest of 2023.Markets React to US Sovereign Credit Downgrade
Stock and bond markets saw heavy selling on Wednesday as investors digested Fitch's credit downgrade on US government debt. The S&P 500 and Nasdaq Composite lost 1.4% and 2.2%, respectively, and the 10-year Treasury yield jumped to its highest level since November. Fitch Ratings co-head of Americas sovereign ratings Richard Francis defended the move, stating "we don't think the underlying fiscal story and the governance [in the US] is compatible with AAA anymore." Meanwhile, Biden administration officials and Wall Street executives alike criticized the downgrade. JPMorgan Chase CEO Jamie Dimon called it "ridiculous" and stated "it doesn't really matter that much."Bank of America no longer forecasting recession in 2024
Bank of America has reassessed its prediction that the US would be entering into a recession next year based on low unemployment rates, growth in economic activity over the past three quarters and moderation of inflation. The bank also adjusted its estimate for when the Fed will cut rates, forecasting that it would begin in June 2024 and continue at a slower pace.CMBS Loans Give Insight Into Ongoing CRE Credit Crunch
The current CRE market seems to be a whiplash land as owners, operators, and investors get pulled to look at the state of the economy, then resulting interest rates and the implications for refis, over to rising expenses of operations, then back to the economy, starting another round.Fed: Banks to further tighten credit standards
Fitch's credit downgrade on US government debt, with the S&P 500 and Nasdaq Composite losing 1.4% and 2.2%, respectively, and the 10-year Treasury yield jumping to its highest level since November. Fitch Ratings co-head of Americas sovereign ratings Richard Francis defended the move, saying "we don't think the underlying fiscal story and the governance [in the US] is compatible with AAA anymore." Meanwhile, Biden administration officials and Wall Street executives alike criticized the downgrade, with JPMorgan Chase CEO Jamie Dimon calling it "ridiculous" and saying "it doesn't really matter that much."Markets react to US sovereign credit downgrade
Fitch's credit downgrade on US government debt, with the S&P 500 and Nasdaq Composite losing 1.4% and 2.2%, respectively, and the 10-year Treasury yield jumping to its highest level since November. Fitch Ratings co-head of Americas sovereign ratings Richard Francis defended the move, saying "we don't think the underlying fiscal story and the governance [in the US] is compatible with AAA anymore." Meanwhile, Biden administration officials and Wall Street executives alike criticized the downgrade, with JPMorgan Chase CEO Jamie Dimon calling it "ridiculous" and saying "it doesn't really matter that much."Markets react to US sovereign credit downgrade
Fitch's credit downgrade on US government debt, with the S&P 500 and Nasdaq Composite losing 1.4% and 2.2%, respectively, and the 10-year Treasury yield jumping to its highest level since November. Fitch Ratings co-head of Americas sovereign ratings Richard Francis defended the move, saying "we don't think the underlying fiscal story and the governance [in the US] is compatible with AAA anymore." Meanwhile, Biden administration officials and Wall Street executives alike criticized the downgrade, with JPMorgan Chase CEO Jamie Dimon calling it "ridiculous" and saying "it doesn't really matter that much."STR: June Reports Higher U.S. Hotel Performance Than May
The U.S. hotel industry reported higher performance from the month prior but lower year-over-year percentage changes, according to June 2023 data from STR. New York City experienced the highest occupancy level of the Top 25 Markets.100K hotel positions remain open in US despite higher pay
Staffing shortages remain a serious issue at US hotels, with 87% of owners and operators having difficulty filling the 100,000 positions available nationwide, according to a study by the American Hotel and Lodging Association. To recruit workers, 75% of the hotels surveyed say they are increasing wages, 64% are providing more flexibility with hours and 36% are offering better benefits.STR: U.S. Hotel RevPAR Gains Running Out of Steam
U.S. hotel revenue per available room in 2023 through June 24 is up year over year and "well above" pre-pandemic levels, but those gains are decelerating thanks to slowing shoulder nights on Sundays and Thursdays, STR managing director of international business Robin Rossmann said during the 2023 Accor Global Meeting Exchange in ParisMoney Isn’t Everything: The Dos and Don’ts of Motivating Employees
Dangling bonuses to checked-out employees might only be a Band-Aid solution. Brian Hall shares four research-based incentive strategies—and three perils to avoid—for leaders trying to engage the post-pandemic workforce.STR: Weekly US Hotel Performance Improves Year Over Year
St. Louis Hotels Achieve Highest Occupancy GainsHow Lenders are Dealing with Distressed Commercial Real Estate So Far
As the amount of troubled loans mounts, real estate lenders are revisiting strategies from the Great Recession to avoid taking back the keys on some assets.Despite battle over politics, Florida tourism rolls on…
Florida is a tourism juggernaut. In 2022, it had 137.6 million visitors, the most in its history, according to Visit Florida, the state tourism organization, and in May the governor’s office proudly shared that Florida welcomed 37.9 million people in the first three months of this year. While many Floridians said that travel warnings from civil rights organizations have symbolic meaning, few said they were concerned that people would stop visiting the state altogether.The 20 States With the Most Investment Fraud
In 2022, Americans lost more money to investment fraud than any other type. According to the Federal Trade Commission, there was a record $3.82 billion stolen through investment fraud in 2022, a 128% increase from $1.67 billion in 2021.More Than $1 Trillion in Debt Maturities Loom. These Metros Have the Most Exposure.
“All eyes are on mounting debt in the commercial real estate world, which continues to struggle with higher interest rates, a more cautious lending environment and muted return-to-office and leasing activity in the wake of the Covid-19 pandemic.” (Boston Business Journal)Commercial Property Fears Create Opportunities, Blackstone Real Estate Co-Head Says
“Fears over turbulence in commercial real estate are creating opportunities for well-capitalized investors, according to Blackstone Inc. co-head of global real estate Kathleen McCarthy.” (themiddlemarket.com)U.S. Regulators Tell Lenders To Work With Stressed CRE Borrowers
The top regulators of the U.S. banking system are asking lenders to take it easy on commercial real estate owners who are faced with their most difficult environment in over a decade.Destination Florida: IRS data says it's a top choice of Americans on the move
New federal data says Florida is one of the most desired destinations for Americans wanting to move and continues to be the fastest growing state in the country. According to IRS migration data, Florida has gained more people than any other state in the U.S since the COVID-19 pandemic began. The Sunshine State's government continues to add more employment opportunities and tax breaks, enhancing the chances migration to Florida could continue on the same trend. The IRS data is derived from income tax filings.STR: U.S. Hotel Pipeline Suggests Confidence in Corp. Travel
The growing presence of upper-upscale properties in the current U.S. hotel development pipeline suggests increasing developer confidence in business travel demand, hotel analytics firm STR said Tuesday.Report: Travel spending in US has fully rebounded
Travel spending in the US last year reached $1.2 trillion, which is equivalent to pre-pandemic figures and is largely due to surging demand for leisure travel, according to a report from the US Travel Association. US travel supported almost 15 million workers in 2022, including approximately 8 million who were directly working in the hospitality industry.Florida imposes emergency fee on insurance policies
State insurance regulators have signed off on a plan that will lead to policyholders throughout Florida paying extra on their bills because of property-insurer insolvencies.Mortgage Rates Drop After Bank Failures In Moment Of Opportunity For Homebuyers
The swift closure of two major banks sent shockwaves through the financial system, pushing mortgage rates down enough to potentially lure buyers back to the housing market.‘No Good Choices’: Owners Of Maturing CMBS Loans Scramble To Find New Debt
A large batch of multifamily CMBS debt is coming due in Dallas-Fort Worth this year, leaving owners grappling with the challenge of securing new loans amid higher interest rates and a scarcity of capital.Failed Silicon Valley Bank Had $2.6B In CRE Loans On Its Books
The fallout around Friday morning's closure of Silicon Valley Bank — one of the largest bank failures in history — isn’t limited to the tech sector. The institution, a lender favored by startups that went under abruptly after a surprise wave of deposit outflows this week, has approximately $2.6B of CRE loans on its books, according to its latest 10-K filing with the Securities and Exchange Commission.What The Historic Collapses Of SVB, Signature Bank Mean For Commercial Real Estate Investors
Until late last week, the biggest concern for most commercial real estate investors was the prospect of a higher-than-expected interest rate hike. That changed in the blink of an eye when two of the 30 largest U.S. banks collapsed in a 72-hour window, triggering extraordinary steps by the federal government and the Federal Reserve to stabilize the financial system.Hotel Executives Unrattled By Bank Collapses
Lending Uncertainty Remains, but Concerns at Hunter Conference Are Centered on What’s To ComeSTR: February U.S. Hotel Rates and Occupancy Climb
Average U.S. hotel revenue per available room and daily rates in February 2023 again topped pre-pandemic benchmarks, while occupancy saw a slight month-over-month increase, according to hospitality analytics firm STRDistressed and Opportunistic CRE Funds: Explained
What’s the difference between the two types of funds in terms of strategy, targeted returns and investment horizons.Six Reasons 2023 Is the Year of the 1031 Exchange
Many long-term owners are starting to recognize their upside in the near future is gone, yet their management headaches and expenses remain.Hotel REIT Executives Poised for Deals When Debt Markets Open Up
Several major hotel deals closed in 2022, and hospitality-focused real estate investment trust companies could be even more active in 2023. During fourth-quarter and full-year earnings conference calls, REIT executives shared highlights of recent deals and their appetites for investment going forward.Tax Considerations Relating to Debt for Distressed CRE Owners
In addition to analyzing the economics of a distressed position, real estate owners must consider the tax implications of the various outcomes surrounding debt. In the worst-case scenario of a foreclosure, not only can an owner lose a property, but also be subject to income tax on phantom income.CRE Prices Slide at a Rate Not Seen Since 2010
January was a bad month for commercial property prices, which fell ‘at an annual pace of decline not seen since late 2010 after the Global Financial Crisis,’ according to an MSCI report. ‘The RCA CPPI National All-Property index dropped 4.8% from a year ago and 2.7% from December. The monthly decrease represents an annualized decline of 27.9%.Report: Hotel-generated tax revenue to hit new highs in ’23
Hotel-generated state and local tax revenue will reach new heights nationally ($46.71 billion) and in states across the nation this year, according to state-by-state projections from the American Hotel & Lodging Association (AHLA) and Oxford Economics.Florida's population is estimated at 22.6 million
Florida is projected to have a population of 22.6 million on April 1 and could top 25 million in 2032, a report released Thursday shows. The population is projected to hit 22.9 million in April 2024, 23.2 million in April 2025 and continue increasing until topping 25 million in April 2032. The report by the state’s Demographic Estimating Conference, however, said growth is expected to slow “modestly each year.Are You Ready? How to Protect Your Hotel Before a Crisis Hits
In December, a 52-foot high cylindrical aquarium, the largest of its kind, burst—sending millions of gallons of water flooding into the lobby of Berlin’s Radisson Blu hotel. It left 1,500 tropical fish dead, two guests injured, and devastating damage. The scene proved irresistible to international media that streamed the images almost instantly across nearly every media outlet from BBC to CNN. The visuals portrayed the empty, damaged tank with water pouring into the lobby and debris that had washed out in front of the hotel. The scene looked more akin to a tsunami washing across Berlin than a hotel. This creates a stark reminder for the industry and begs the question: Is your organization prepared for a crisis?U.S. credit card debt jumps 18.5% and hits a record $930.6 billion
For most Americans, inflation and rising interest rates are a one-two punch. On the heels of another rate hike this week by the Federal Reserve, credit card annual percentage rates are already near 20%, on average, and set to climb even higher. At the same time, more consumers are leaning on credit to afford increasingly expensive necessities, like food and rent.Hotel renovation and conversion activity soars in the U.S.
Hotel renovation and conversion pipeline activity, at the end of the fourth quarter of 2022, is at the highest totals Lodging Econometrics (LE) has ever recorded.Tourism hits record number in 2022
Bolstered by travelers from other states, Florida had a record 137.6 million visitors in 2022, Gov. Ron DeSantis’ office said Wednesday. People from other states accounted for just under 93 percent of Florida’s tourists. The overall visitor total was 12.9 percent higher than in 2021 and 5 percent higher than in 2019, the last full year before the COVID-19 pandemic hit the state.Hilton focuses on new economy brand in Q4, FY 2022 results
During Hilton’s fourth-quarter and full-year 2022 earnings call with investors, a sizable portion of the conversation focused on a development only announced in January of this year: Hilton’s new premium economy Spark brand.STR: U.S. hotel revenues, profits break records in 2022
Total U.S. hotel revenues, profits and labor costs reached an all-time high, according to STR's P&L data for 2022. With more supply in the market, the key profitability metrics each came in lower than their prepandemic comparable on a per-available-room basis.Hotel Financing Still in a Deep Freeze Amid Pandemic Fallout
Many U.S. hotels are recovering from the COVID-19 pandemic that first hit them in 2020 and slammed the brakes on hotel investment. But the pace of hotel acquisitions remains slow, despite the industry’s improved health, because rising interest rates have made hotel acquisitions so much harder to finance.Most employees using ChatGPT, other AI tools for work aren’t telling their bosses
Amid growing public interest in artificial intelligence tools thanks to technologies like chatbot ChatGPT, more than one-third of workers in a recent Fishbowl survey said they had used AI tools for work-related tasks.Understanding ChatGPT and its Implications for Hotels
You’ve seen the news. ChatGPT has been lauded and also scolded as a groundbreaking artificial intelligence chatbot that is the most adept to date at intimating human conversational versatility when delivering answers to any number of questions or creative requests. Compounding this is the news that Microsoft – an investor in OpenAI, the company behind ChatGPT – may be looking to incorporate this chatbot into its search engine, Bing, as a means of gaining market share versus the Google juggernaut.STR: US Hotel Revenues, Profits and Labor Costs Reached Record Highs in 2022
Total U.S. hotel revenues, profits and labor costs reached an all-time high, according to STR‘s P&L data for 2022. With more supply in the market, the key profitability metrics each came in lower than their pre-pandemic comparable on a per-available-room basis.Disney faces losing control of its Florida kingdom
Disney’s government in Florida has been the envy of any private business, with its unprecedented powers in deciding what to build and how to build it at the Walt Disney World Resort, issuing bonds and holding the ability to build its own nuclear plant if it wanted.Florida Grapples With International Tourism Lag
Florida tourism leaders continue to fret over a lag in international visitors as the industry anticipates tourism numbers for the final three months of 2022.Blackstone Outlines Plans For Real Estate Investment In Turbulent Market
On the heels of Blackstone’s Wednesday announcement that the University of California system would invest an additional $500M in Blackstone Real Estate Income Trust on top of the $4B it committed to earlier this month, Blackstone pulled back the curtain on its plans for the coming year.Over $10B in hotel sales, with more to come across Australia and Asia Pacific
2022 was the year of recovery for the Asia Pacific hotel sector, with some US$8.4 billion (A$12 billion) in hotel transactions recorded between Q1 and Q3, according to a JLL report; expectations were that 2022 would close out with well over US$10 billion in hotel transactions.U.S. Travel: Visa Wait Times Remain High Despite 'Measurable Progress'
The U.S. State Department has made "substantive progress" in helping to reduce visitor visa wait times, though long waits remain the norm in key markets, according to the U.S. Travel Association.JLL: First-time hotel buyers invested heavily in ’22
According to JLL Hotels & Hospitality Group’s latest Global Hotels Investment Outlook, even with global inflation and geopolitical tensions, expectations are that investors will deploy capital across a range of lodging verticals to capture an increased share of a traveler’s experience this year.Hotel Industry Must Put Best Foot Forward With Sales and Marketing
Are we seeing double? No, that’s not a typo in our bios. We do each have the same title with our company as members of the executive team.Miami tourism glows as international arrivals soar
With a planned increased in seat capacity for international passengers coming to Miami and higher hotel occupancy and daily rate recorded in just the first two weeks of this year, the county’s tourism outlook glows brightly.SSTR: Most Global Regions Showed Full RevPAR Recovery in 2022
Among the global regions, Asia saw the only decline in revenue per available room (RevPAR) from 2019, according to 2022 data from STR.STR: U.S. hotels break ADR, RevPAR records in 2022
In 2022, the U.S. hotel industry reported average daily rate and revenue per available room that were the highest for any year on record, according to 2022 data from STR.Valor Hospitality Partners expands portfolio in Florida, Texas
Valor Hospitality Partners has added the DoubleTree Hilton Hotel St. Augustine in St. Augustine, Fla. and the Hilton College Station and Conference Center in College Station, Texas, to its property management portfolio.LE: U.S. hotel construction up in 2022
According to Lodging Econometrics’ most recent Construction Pipeline Trend Report for the United States, at the close of 2022’s fourth quarter, the U.S. construction pipeline stands at 5,465 hotels and 650,626 rooms, up 14 percent by projects and 12 percent rooms year over year.Interest Rate Hikes Vex Hotel Builders Banking on Lower Lumber, Steel Costs
With the price of materials such as lumber and steel falling from last year’s highs, U.S. hotel developers had been counting on a reprieve in building costs, which would allow them to add or update inventory as travel demand returns to and exceeds pre-pandemic levels.STR: Hotel Pipeline Activity Down Around the World, Except in Middle East and Africa
Saudi Arabia, United Arab Emirates Lead Region's Markets With Highest Construction ActivityRenovating The Right Way
A pair of industry experts—Greg Winey of NorthPointe Hospitality Management and Larry Spelts of Indigo Road Hospitality Group—offer some helpful tips on ensuring that renovation projects succeed without disrupting the guests. Winey and Spelts detail a number of successful projects, such as The Carlyle, a Rosewood Hotel, in New York City; North Carolina’s Skyline Lodge; and the conversion of the Jekyll Island Hotel to a Hilton Tapestry.CRE Conduit Lending Sector Braces for Challenges in 2023
Industry experts expect a difficult economic environment to keep CMBS issuance volume down while existing loans may see higher delinquency rates.Florida is the fastest-growing state in the nation, Census estimates show
It’s not your imagination: People really are flocking to Florida. The Sunshine State had the fastest-growing population in the country last year — the first time the state has taken the top spot since 1957, according to U.S. Census Bureau estimates released last week. The nation’s third-largest state grew by 1.9% from July 2021 to July 2022 — netting over 400,000 new residents to reach an estimated population of 22,244,823.A look back at the year in business in Central Florida
Tourist Development tax revenue in Orange County was up 46% in October 2022 compared to the last year. Tim Giuliani, CEO of Orlando Economic Partnership, said that signals the return of tourism which has led to more hiring. "Travel and Leisure, and hospitality has grown the most," he said. "But they were also set back the most by the pandemic." Also, since the beginning of the pandemic, Giuliania said there's more jobs in financial and professional services than in travel and hospitality.Risks Pay Off for Hotel Revenue Strategists
Hotel revenue strategists have learned to better adapt through the uneven recovery across the industry in 2022, which at times required being willing to take risks, reports Hotel News Now's Dana Miller.Cory Chambers, senior vice president and chief revenue officer at Hospitality Ventures Management Group, said the traits he looks for in revenue strategists are creativity, willingness to try new things, openness to outside ideas and leading with data.
"[They need to be able] to own a decision that didn't work and eliminate that, but now we know because we tried it and no one can say we didn't," he said. "We would far rather see a risk be taken and a negative outcome occur than no risk be taken and nothing changes."