HSMAI convened commercial executives from 11 brands, 20 management companies and 10 ownership groups to discuss evolving trends in revenue generation, commercial strategy and consumer behavior, as well as the opportunities to envision a different future to optimize profitability, at an executive roundtable in Dallas on Sept. 30 as part of HSMAI’s Commercial Strategy Week.
Adam Sacks, president, Tourism Economics, gave an opening presentation on the economic outlook for hospitality and travel, expanding on his keynote presentation at HSMAI’s ROC Americas event on Sept. 29. In a follow-up discussion focused on hospitality lessons learned from the pandemic and prospects for recovery, roundtable attendees offered insights that Sacks grouped into three major takeaways:
- We benefited from better technology and the fact that fewer people were employed who could potentially override revenue management systems.
- We had the confidence to hold rates because everyone understood the significant and real increased costs of operations.
- When cash flow is challenged, everyone focuses on profit metrics and not just revenue-centric metrics.
“For years, the industry has blamed the fragmentation of our structure of brands, management companies and ownership groups as the reason for many challenges,” said Robert A. Gilbert, president/CEO, HSMAI. “By bringing these groups together, HSMAI has provided a forum for discussion between commercial leaders of the three company types that can bridge better understanding and alignment.”
In concurrent breakout sessions for brand revenue executives, hotel management company revenue executives and ownership group commercial executives, attendees discussed recovery strategies and talent solutions unique to each company type.
Companies represented included Aimbridge Hospitality, Apple REIT, Ashford Hospitality Trust, Best Western Hotels and Resorts, BRE Hotels and Resorts, Chesapeake Hospitality, Concord Hospitality Enterprises, Crescent Hotels & Resorts, G6 Hospitality, Highgate Hotels, Host Hotels and Resorts, Hotel Investment Services, HRI Lodging LLC, HVS Asset Management, IHG, Kessler Collection, Las Vegas Sands Corp. (Venetian/Palazzo), Marcus Hotels & Resorts, Margaritaville, McNeill Hotels, NCG Hotels, Noble Investment Group, Ohana Real Estate Group, Omni Hotels & Resorts, Outrigger Hotel Group, Pebblebrook Hotel Trust, Playa Hotels and Resorts, Preferred Hotel Group/PHG Consulting, Prism Hotels & Resorts, Red Roof Inn, Regency Hotel Management, Roch Capital, Rosewood Hotels & Resorts, SBE Lifestyle Hospitality, Shaner Hotel Corporation, Sonesta+RLHC, Stonebridge Companies, Summit Hotel Properties, Vail Resorts, VRI Americas and Wyndham Hotels and Resorts.
The group will convene again at HSMAI’s Commercial Strategy Week in Orlando in June 2022.