ATLANTA—Steve Joyce, president and CEO, Choice Hotels International, addressed a number of key industry topics from tax reform to the opportunity now present in Cuba during the keynote session at the Hunter Hotel Conference here earlier today.
Joyce commented on the importance of hoteliers enjoying what they do, particularly in light of the industry’s current robust performance: “If you’re not having fun now, you ought to get out of the business.” Furthermore, he also encouraged the industry to continue to push the envelope on rates. “There is demand pressure that allows us to raise rates. Now is the time,” said Joyce.
In addition, he referenced the flurry of activity that current conditions have created. “New construction, rebranding and renovations are all taking place across the country. The time is now for owners to reach for the stars,” said Joyce.
In light of the positive performance metrics, he acknowledged the need for large franchisors to examine existing brands. “Brand identity continues to be a key topic for the industry. We need to revisit our house brands and confirm that our values for them resonate with guests,” said Joyce.
Tax reform is a hotly debated issue these days, and Joyce also offered his thoughts on the matter. “We need comprehensive tax reform for all businesses,” he said, further noting that “unbalanced tax reform is not real change. The goal should be a tax code that is fair and not a burden to small business owners.”
Joyce also addressed the opportunity resulting from improved diplomatic relations with Cuba. “U.S. hotel companies have been unfairly locked out of Cuba for decades. The Caribbean market is one we [Choice] will want to pursue,” he said.