Podcasts about RevPAR

To ease us into the holiday weekend, here's one of my favorite chats from the year: Starwood Hotels operates 1 Hotels, Treehouse Hotels and Baccarat Hotels & Resorts around one idea: products need emotion and soul, not templates. While hosting Starwood's annual conference, I talked with Raul Leal, CEO of Starwood Hotels, about differentiation through nature-led design, human experience, and AI-driven personalization that stays human.

Special guest and familiar face, Charles Oswald joins the Suite Spot in his return to the TMG Hospitality Trailblazers series. As CEO & President of Aperture Hotels, Charles shares his insights on AI & technology in hospitality, capital investment challenges, and his vision for the Aperture Hotels brand.  Tune in now to the full conversation. Ryan Embree: Welcome to Suite Spot, where hoteliers check in and we check out what’s trending in hotel marketing. I’m your host, Ryan Embree. Hello, everyone. Welcome to another episode of The Suite Spot. This is your host, Ryan Embree, here for another edition of our TMG Hospitality Trailblazers. Technically, a look back on a few years back when we visited with this particular individual and company trailblazing and paving the way forward in hospitality. That is Charles Oswald, president and CEO of Aperture Hotels. Charles, thank you so much for being back here on The Suite Spot. Charles Oswald: Oh, it’s good to be back. Thank you. Ryan Embree: Yeah. You’ve been busy. It’s been a long time. I had to look back and see the last time we visited here on The Suite Spot. We did our original hospitality trailblazers, really in the infancy of Aperture Hotels back in December 2023. A lot’s changed on that since then, right? So catch us up a little bit. What have you been working on? There’s been some incredible growth that we’ve seen with your company. Congratulations on that. But catch us up since we last visited. Charles Oswald: First off, so at that time when we had launched Aperture Hotels, we were coming out in the, in the wake of the pandemic. So if you kind of think back where we were three and four years ago versus today, there were a lot of properties that had gone through this economic shock, and there were owners who were reeling from that experience, especially those that had corporate business travel hotels as opposed to those leisure destinations that benefited from the pandemic. And so during that time, Aperture actually went on and took on almost 30 different properties that we added to the portfolio, that were, driven by those owners who needed a new management company to come and take a look at their, their with fresh eyes and take a look at their top line strategies, their expense controls. And so we had a lot of properties, and they were 100% of those properties were not through acquisitions, but were actually just performance turnaround assignments where they were switching management companies, to somebody to take a fresh look. So, with all that said, we found ourselves, walking into properties that were on, like, the sixth or seventh year of a five-year hold strategy for private equity firms or high net worth individuals and so on. And that quickly turned into turnarounds, which the story from us lately has actually been sales, a lot of sales, 20 plus sales over the course of this last year. And so today, as we stand here, I’m actually more rebuilding the pipeline with a mix of more management change assignments, plus a few pipeline of new developments. And those new developments are mostly, like, 100 or 300 room soft brand properties across the country. So yeah a lot’s changed for sure. Really rapid growth, really rapid sales, and now more sort of measured one at a time growth. Ryan Embree: Yeah, and I wanna talk about that, because I’ve had the privilege to talk to some management company owners and leaders, and they’ve kind of echoed that same sentiment of not just growth, but strategic growth. And that seems to be where you are right now, too. So when you kind of take a look at. I know you mentioned that particular segment, but when you take a look at the hospitality landscape right now, what makes the right strategic partner for Aperture Hotels right now as you kind of enter this cycle where you’re trying to build back up a little bit? Charles Oswald: You’re right. The right partner, it’s about fit. And when you look at the experience of our leadership team, we’re really engineered towards compact, full service hotels, lifestyle, premium select service brands. They can be brand or independent. We’d like to partner with owners that have some portfolio stable scalability. Preferably they own by that, I mean, they own more than one hotel, and there might be more than one opportunity there. You know, we wanna work with those owners that know what they’re doing, right? They’ve got some, some governance, sophistication, some decision speed. Hopefully, they’ve not just made bad investments when they’re turning over these properties, but really, they’re looking for some performance turnaround in a good investment. And preferably those are longer term holds. As you can tell, we did a lot of hard work for some turnarounds and watched them sell. And they sold largely to owners who had their own management. So that’s tricky for us, right? That leads us looking for more opportunities. So in terms of us in aperture and how we see ourselves in competitive points of difference is we’ve got a group that has hundreds of hotels of experiments. Myself, I’ve managed about 300 hotels now over the years, and they’ve ranged from little 60-room properties up to a thousand plus room convention hotels and resorts. And so what we bring is, we’ve got big experience in our leadership team, but we’re in a small package, right? A boutique-sized company that can give more corporate support to property ratio. And we’re very data-driven in how we use our decision-making tools to uncover those hidden business opportunities and the potential to drive market share and outperform GOP. Big experience, I’d say that corporate support, the data-driven decision-making process and tools, I think is really what sets us aside. And by the way, I’ll just mention that our average RGI that we’ve achieved in the first 18 months when you put us in place after another management company, the average RGI growth or repar index gains is actually just over 10%. So we’ve had, like, incredible turnarounds at the top line, which leads them to great bottom line improvements as well. Ryan Embree: Which makes it so much more impressive, too, with the climate right now. And these events that we go to would talk about operating and margins right now, and trying to be just efficient as possible, because costs are, are rising right now. It is certainly difficult to navigate, and I’m sure that experience that you’ve had has certainly lended itself to some great stories that you can then share to help grow that portfolio. And the other part of the experience that you were talking about is you have the data and the insights. And one of the places you find that data and insights is obviously hospitality events that are going on. I’ve had the pleasure of running into you at quite a number of these. If I’m not running into you, Charles, I’m seeing you up on stage conducting interviews or, or sharing some of your takeaways on LinkedIn after the event. You got a busy second half of the year. I wanna talk about these events, though, and how you kind of leverage them, right? So, why do you think these events, especially now, are so important? And then, how do you measure success of an event once it’s completed, whether that be a lodging conference, an investment conference, or whether it be, just an educational data event? Charles Oswald: Look, that’s a really good question. When you consider the time, travel budget, and the opportunity costs on an executive’s busy calendar to get out to these conferences and spend three, four days between the travel and the time out there, we’ve gotta be, we’ve gotta be very intentional, right, about how we approach it. So, I see value in going to these conferences because of deal sourcing and the relationship capital that we pick up. Also, I think there’s that market intelligence and the pricing signals that we get from those from this conference. There’s the access to capital markets. That was particularly important for me here recently as I was looking to as I’m in the process of acquiring a property right now in Phoenix, and when we needed to raise LP capital and we had those relationships these are people, again, we met at conferences. I think talent reputation, right, it’s important to get out there and continue to manage that. So those, those are a number of the reasons why we wanna get out to these conferences and why we think they’re important. But the measure of success, you’re right, for a data-driven guy, I wish I could put a specific number to it. Like, here’s the ROI from each of these conferences. It’s really difficult to. It’s really difficult to do, but I can tell you that, I do look back and, and aggregate those. I look at the management contracts we picked up, and I think of, “Okay, well, where did I meet these folks? And so what’s the average return?” And I can put a number to that. And I would tell you that in terms of the immediate return, what I’m looking for is if I can have three to five specific follow-up conversations, a result of that conference, then the trip was worth the cost. Ryan Embree: That’s great advice for young hospitality professionals out there. I mean, we have a great industry, and one of the coolest parts of it is you get to rub shoulders sometimes with those executives. So even those younger hospitality professionals that might be tuning in here, it’s a great piece of advice to when you can, obviously, try to get that exposure of networking and get out there because hospitality is certainly a big world, but it’s also a very small world, and you run into a lot of the same people. And again, this, just like you said, Charles, a lot of the stories, success stories, whether it be business relationships, some of those transactions could stem from sitting next to somebody at breakfast – Absolutely. On day two of a conference. Love to hear that advice, love to hear that those stay beneficial, because we love those. We’re hospitality people, right? We’re in that industry. Now, another thing you become kinda famous for your takeaways articles on LinkedIn. My advice would be to encourage anyone, definitely give Charles if you’re not already a follow, because you have some great insights and takeaways from some of the events that he goes to. So I’m gonna kind of put you on the spot here. If you had to do a takeaways article for the first half of 2026, maybe give us a couple points, and then if you could, maybe share some predictions. We’re hospitality people. We love to kind of predict, try to predict the future a little bit, so. Charles Oswald: Yeah. Well, maybe, maybe the biggest takeaway from the first half is that we’re not great in hospitality about predicting future. Ryan Embree: That’s a good one. Charles Oswald: So, as we rolled into 2026, there were a lot of folks that were saying it was gonna be, like, Groundhog Day, that we’re looking at flat, very modest, RevPar growth and expenses that, outpace, the top line. And I think what nobody saw coming was US demand growth in the first half of the year. Now part of this, I will tell you, if we look back in some panels, a year ago, I called part of this, which is I asked why is no one talking about the impact of the $30 billion increase in tax refunds that we’ll see, plus the real wage growth that’s happening, and what impact that could have on our industry? And, and a lot of people kind of poo-pooed and they said, “Well, you know, we don’t really know that the tax refunds are gonna be there. We don’t really know how those are gonna hit.” Okay. But we do. There was some, some mirroring it kinda like during the pandemic when you put money in people’s pockets, there were a lot of people that just went out and spent it. And so I did, I think that had a real impact on the, on the first half of the year. And then the other part that none of us saw coming, and I didn’t, was certainly there’d be a war in Iran and how the general global conflict can would affect the outbound travel case for the American traveler. So, that outbound travel, international outbound decelerated, right, while domestic leisure demand, stayed strong. So, that helped prop up the first half of the year. So there are some trends from the first half that I think will carry out to the second half. So for not getting in looking forward, I’d say that second half of the year, there’ll be more bifurcation. You know, we’re gonna see a continuing challenge to new supply growth, and we’re gonna continue to see labor costs rising, but at a bit of a decelerating rate. So if I were to expand a little bit on that, on the bifurcation, we’ve heard a lot of talk about the K-shaped economy. And really in that bifurcation, there’s some people talking about this hollowing in the middle class, and, and, and I think that’s actually very, very misrepresented. What’s actually happened is we’ve seen a growth generational wealth, over the course of the last 10, 20, 30, 40, 50 years. And this is a long-term macro trend, okay? The fact is that there are fewer poor today, about a third less than there were, you know, 40, 50 years ago. There are few, fewer lower middle class, and no longer is the core middle class the largest classification of income in America. But according to the BLS, Bureau of Labor Statistics, it is actually now the upper middle class is the largest class, right? So people are moving up on this continuum, and they’re more wealthy. So when you start thinking about that, what does that affect on our industry? That’s why we’re seeing this interest in, towards experiential travel, towards the soft brands, towards luxury, and why upper upscale and luxury tiers have been outperforming. So I think we’ll continue to see that as we go through the end of the year. And the other story I think we’ll continue to see is that new supply, right? Man, the plan, I mean, there’s, like, you know, 10% supply growth planned. But what actually happens, is just a, you know, a fraction of a percent. And so, in there, the challenge, you know, debt isn’t the problem anymore. It’s more about equity and construction cost relative to the commercial real estate valuations,in interest rate market environment that we’re in today. Ryan Embree: Yeah, so you have a little bit tampered demand, or tampered, building construction because of those construction costs. And do not underestimate, again, the willingness and ability for people and wanting to travel and have experiences. I still think they even the younger generation, they’re getting some more money in their pockets, and the first thing that they’re wanting to do is plan a nice trip, right, before they go out and, and buy those expensive things that, which was, was typically would happen. Charles Oswald: Yeah, and I wanna just comment one thing though is we’ve talked a lot about economic resilience, and that resiliency definitely exists in the US, and it’s more resilient than a lot of folks probably though it was when you look back in time. However, some of that does seem to be breaking here, right? You know, you are seeing rise of credit card debt. You are seeing some increases in folks, particularly at the mid-scale and, and, and lower income classes defaulting on car payments and things like that. And so if you start to make a decision about, you know, do I travel or do I pay my, my car, that is going to affect the industry, you know, as we go forward. And, and that’s gonna play a little bit in that bifurcation that we were talking about. Those who are on the upper end have watched unreal growth for the last few years in their stock market portfolios. You know, they, they feel a little bit more free and, and open travel. Ryan Embree: Yeah, it’s interesting. You’re right. You know, we always talk about still prioritizing travel, but travel over things. But when tho- those things become, like you said, payments or car payments, then all of a sudden the priorities start to shift a little bit. So it’d be interesting to see how that continues in the second half of this year. Now, another topic we that you’re gonna hear at every single hospitality show, it’s a bingo card, is AI and technology. And you, and you actually speak a lot. I’ve seen you on panels speak a lot to it in, in your interviews. Where do you think the hospitality industry, which we’ve said typically is one to slowly adopt technology? Where do you think we are in this cycle of AI adoption? And then maybe you could zoom in a little bit into your organization and, and where you’ve prioritized that, or maybe stayed away from it. Charles Oswald: Maybe we kind of break that down into sounds like three or four areas, right? I think, yeah, it’s what’s the biggest impact today? What’s kinda happening now? And maybe where’s it going? Sure. And, uh, and how do we play into that as a management company, right? Yeah. So I guess there’s four ways. In terms of the biggest impact today, it’s for sure it’s been, it, it, it’s been in distribution, right? Uh, GEO and AEO are the new SEO. And so, um, uh, maybe what’s accelerated hospitality is entrance into AI because the customer was using it to search for hospitality, and then all of a sudden we woke up and said what – Ryan Embree: Great point. Charles Oswald: It’s not just about keywords, but how, how do we become the answer to the question they’re asking? And so that’s, uh, that’s certainly the biggest impact today is on the distribution side. I think what’s happening in progress, we’re starting to see more in the areas of revenue optimization and design, right? Like on, you know, when it comes to new hotel renovations and they and developments. And then the future, where’s it going? I think we’re gonna see AI more in our, more closely integrated into our business analytics, like and that’s gonna extend into labor scheduling and productivity. I think we’ll see it help us in energy management and procurement. Things like F&B menu engineering both from the creative standpoint and kinda marrying that with the math, right? Like, what the cost of plate is and what the customer’s actually buying. And and that’s really important. IAnd by the way, that’s a weak spot, I think in the industry. There are an awful lot of management companies that are not very good on food and beverage side. So at Aperture, what are we doing? First off, I would say we lean really heavily on our tech partners to adapt, adopt AI for their analytics or reporting insights. And today insights has become the real opportunity, right? I mean, if you ask your BI system, you know, it’s one thing for them to be able to pull a report or show you some side-by-side comparisons, but the insights, like, why is this happening? You know, you can tell me, me what my flow-through is, it’s great, but, like, what should it be if we had run according to all the budget metrics that, like, that we put out there? They’re, they’re weak on that side, at least to date. So I think that’s gonna be the next step is that is conveying those analytics and reports to insights. And so, we’re keenly working with technology solutions that they can implement in those ways, and digital marketing efforts that help us improve the distribution that we were talking about earlier, GEO and AEO. And from a practical day-to-day standpoint, you know, we’ve incorporated, cloud enterprise solutions in our daily work and our applications, like, you know, Excel and SharePoint, et cetera, like a lot of other companies have. But we got plenty of room, plenty of runway there when it comes to AI. Ryan Embree: Absolutely. Yeah, 100%. So, uh, every day, yeah. every hour, it feels like sometimes with these announcements. Um, but yeah, you, you mentioned something really, really fascinating at the top of that, the answer of, you know, I think the adoption cycle sometimes with technology and hospitality has been slow because we’ve tried to, sometime, “Hey, download our app,” right? We’re, we’re trying to get the customer to move with the technology that we want them to move into, and the ecosystem that, that, “Hey, you know, do this.” And now, what’s happening is we’re seeing the consumer move into these LLMs and, and AI search, and now hospitality’s kind of been like, “We have to catch up because this is where our customer is,” right? So maybe that does cause a little bit of, uh, acceleration. So, because that is the biggest thing that we’ve been hearing as well, is just AI visibility. There is just this, this fear of a couple years ago, it was the fear of doing anything and being like, “I’m not doing anything with AI and technology. Now it’s like, now I have. My biggest fear is keeping me up, is I’m not being found on AI, uh, search engines and LLMs.” Charles Oswald: Yeah, let me tell you, like, just a great example, I was traveling not long ago, to Chicago, and I had a trip to Nashville, and I was just curious. I just, I went to Google – Yeah. And said, “Hey, what are the, what’s the best hotel in Chicago?” And it gave me a list of sponsored results. So it was like, I don’t know, half a dozen or so hotels there. And it gave me a list of, like, you know, here’s what says, and there’s like 20 properties there, and there is, AAA and Forbes, and there was the map and so all this stuff, and I’m like, “Wow, there, there’s, like, you know, 60 best hotels in Chicago.” And so then I moved over, just out of curiosity, I asked, uh, Claude, “What’s the best hotel in Chicago?” Gave me one answer, named one hotel, this is the best. And it gave me a little honorable mention list of three properties underneath it. I thought, oh, my gosh. And then I did the same thing with Nashville. I get one answer – Yeah. And it’s honorable mentions. And it really started making me think, oh my gosh, like, like, if, if only one hotel is gonna come up with that, how do I make that money? And, uh, and who is this, who is this, um, generative AI trusting? And so, so, so we began to dive really deeply in that conversation about, like, when, where are these trusted resort returns coming from, and how do we influence that, right? How do we make sure we appear there? Ryan Embree: 100%. Yeah, that’s the, the next race right now is to try to figure that out. And that’s difficult. Charles Oswald: Kind of back up and just elaborate, just one more comment – Yeah. Is just that, that, like, in Google, I mean, it’s, sure, it’s trusted. I don’t think anybody says that you don’t, you don’t trust Google on those returns and the 60 properties that it’s sent, but – Right. It’s returning the results that it wants you to see, the search engine. Whereas Claude, ChatGPT, Grock, others, they’re returning the results that, as the consumer, I wanted to see. Ryan Embree: And that’s, and that’s the, I think that’s the difficult because it almost changes into a little bit 40 chess, because I might ask the same question, and based on my search experience, it could look at a different best hotel in Chicago than could be your best hotel in Chicago. Once you go down that. Yeah. Charles Oswald: Are you Going there for business, or is it a wedding, or is the soccer team? Yeah, right. And it, it might know the purpose. It might know lis – a little something about you. You’re exactly right. Ryan Embree: Well, uh, uh, listen, I’m gonna take us back before we get to, into that to rabbit hole and, and lose everybody there, because one of my, uh, one of the favorite parts of the conversation, and we’ve done, you know, now this, I think we’re, we’re over 200 episodes here, but one of the, one of my favorite parts, uh, places of our conversation, Charles, back when we first spoke, was hearing the origin story of aperture hotels and, and the name for it. And so, uh, I wanted just to revisit that for those who may have missed that episode. Can you share that story again and why this whole shift your perspective, which you can find on your LinkedIn, your website, everywhere, that mindset has really resonated, uh, with, so well with, um, hotel owners, investors, and has, has been an important part of your s – your company’s success. Charles Oswald: Oh, wow. Um, you know, thank you for, uh, for asking that question, uh, and, uh, and it’s a reminder and the flashback. You know, so, uh, so what is an aperture, first off, right? It’s, it, it’s, it’s in that, you know, that, that, that camera lens that allows light, right, to, to, to pass through, right? So, so it creates a clear, well-composed image. And so I think from a hospitality brand, um, that maps into some of our values. Um, you know, we talk about transparency and accountability. We talk about clarity and vision, right? Like, an owner sees a, a hotel’s position, um, uh, potential, and we can help capture it, right? We help focus, bring focus. Precision and control, you know, I, I think that helps, uh, convey into our views on process orientation across the enterprise and, you know, and consistent execution. One of our core values is about being actively curious, right? Like, how do you scratch beneath the, the surface and shine a light on, on what that is, right? And, you know, what can we do to, to make, you know, to reveal those, those, the, the hidden business potential? We think about, you know, when we’re walking into the hotel and, and, and we’re touring our, our properties and, and, and looking for those, um, those guest experience improvements, it’s like, how do we make this, uh, picture perfect for the customer who arrives, right? What that arrival experience, what are the first moments of truth? And so I think all of those things, that, that transparency of clarity, vision, precision control, uh, you know, picture perfect, uh, all these things, um, sort of play into that aperture name. But I’ll be honest, there was another part of this, uh, which is that, you know, there’s, like, 400 hotel management companies out there, uh, and there’s hundreds more that used to be. Finding an original name is admittedly difficult. Every name you can think of has been, uh, used. Sure. Uh, we, we were fortunate, uh, to be able to find something that was original that didn’t, you know, pigeonhole us into something like, you know, calling ourselves, uh, Sunbelt Management or something like that. So, so, so that did work out well for us. Ryan Embree: Yeah. Well, I love it because, you know, you, you mentioned at the top that this was, you know, Aperture Hotels was really their origin story started during and during that COVID time, right? During and after that COVID time. And I think it was in those conversations, the companies and organizations that I spoke to that had a very clear North Star, a very clear direction of who they are and their culture during that time, because it was such a difficult time. So to have such a strong kind of name and you have all of those things, I’m sure that is, has been so beneficial for you as you continue to grow and scale, because you need that, right? You need something to kind of lean back onto and be kind of your Compass North, your North Star, however you wanna to phrase it. But I love to hear that. And like I said, it, it stuck with me all these years afterwards, so I wanted to touch on it again. And, um, I saw recently on LinkedIn that, uh, you and your team wrapped up a leadership conference in, uh, New Orleans. Tell us a little bit about that event and how, how instrumental the team has been, and also your, your success over at Aperture Hotels. Charles Oswald: Oh, that is. Well, yeah, that, that, that was a fun time. Uh, first off, getting together, getting our team together – Yeah. For that annual conference is my favorite part of the year really energizes me. Um, you know, I’m so grateful for, for, for, for the team that’s doing this work on the ground and, and the leadersh – uh, we have out there in the field. You know, I think often we talk about performance. We send around our balanced scorecard. We measure and we rank people and, and, uh, you know, we talk about process and so on. And that, and that’s, that’s an important part of the, uh, uh, of what we cover in the, uh, in, in our annual leadership co – uh, conference as well. But, um, but I think when you’re rubbing elbows, uh, you know, you’re in the same room with everybody. Uh, there’s, there’s a different level of, you know, preparation, focus, and curiosity, you know, team member bonding and relationship that happens. And, you know, and I love how in the aftermath of these conferences, we, you know, we hear about how, you know, the general manager, you know, in, you know, in the US West, it’s called the general manager in the US East, and they’re – Sure. They’re getting together and collaborating now on, on, on best practices and, and how they dealt with certain challenges maybe that are shared experiences that they’re having. So that’s where it happens, right? I mean, you get out there in a conference together like this where I think i- ideas get sharpened, uh, perspectives broadened. People learn, you know, here’s some insights, and they, uh, you know, share in their experiences. They challenge each other. And, uh, we, and, and we come out of it just, uh, winning together. And by the way, I should mention also, there’s some really great food, uh, so – Oh, I know. Yeah, yeah. Sorry. New Orleans. Uh, I’m a big eater. Ryan Embree: Yeah, that, that helps too. Uh, Charles Oswald: A few extra, but I’ve never missed one. And, uh, New Orleans is a great place for someone to like me, that’s for sure. Ryan Embree: Yeah. We, well, we talked about how quickly things are moving right now in hospitality, and it’s so important to kinda get everybody together in one place. And we’ve seen how you prioritize, obviously, the, the bigger hospitality events across hospitality. So sometimes to get that dialed in with your team, just so important. And great to hear that that continues to be. ‘Cause if you remember back in the day, we were hearing that that was gonna be the end of this, by the way. Everybody was gonna have these leadership conferences on Zoom, and everyone was gonna love it, and nobody was going anywhere. So, uh, love to see that that, that prediction didn’t come to pass. Now, you’re – Charles Oswald: Yeah, you know, the funny thing about that, Ryan, is – Sure. Is that we’re out there in hospitality on the sales front. We were telling our companies, our clients, why they all need to get together. And hospitality companies are like, “Well, but, but we’re gonna do it on Zoom.” Ryan Embree: Right. Right, exactly. Right? We gotta practice what we preach a little bit Charles Oswald: Both Sides of our mouth, right? Yeah. Yeah. And, and enjoying some of the hospitality, uh, that we provide every single day, right? So, so you’re headquartered in Atlanta, Charles, you’ve got. But the portfolio spans across the country, you mentioned it. Are there any particular markets that you’re seeing strong opportunities and maybe some that you’re cautiously maybe staying away from for a bit right now? Charles Oswald: Well, uh, first off, the Atlanta part. Um, right? I mean, we’re, we’re the transportation hub of the Southeast, but, uh, arguably the country and the world with the world’s biggest and busiest airport. So when we talk about, like, w- where we’re willing to go, we’ve got a competitive advantage from here in the, uh, in that we have more direct flights to more cities across the country and the globe than any other, an- anybody. Else, right? Uh, coming out of, uh, the world’s biggest and busiest airport. So, so that’s, uh, that’s, that’s really nice and not to mention there’s a, there’s certainly a lot of drive markets, uh, that are within four, four hours of, uh, of Atlanta. So, um, so yeah, that makes us pretty opportunistic when it comes to, uh, uh, hotel management assignments. You know, ideally, uh, you know, we’re looking, ideally we’re, we’re looking at, you know, those top 100 or so cities. Ideally, you know, we, we, we certainly have better presence in the eastern half of the US, but we do span from Florida beaches to coastal California. In terms of the type of markets that are, that are more ideal and better fit for us, you know, generally speaking, they’re, you know, a lot of the, the southern markets are, uh, you know, certainly performing well. They’re business friendly. We avoid union hostility, uh, where, whenever possible, right? Sure. And, um, you know, th- those are the type of markets where we’d wanna go. And in terms of, of the type of hotels, you know, again, I think leaning towards the bifurcation that we know exists in, uh, in the industry that kinda says, you know, you gotta be great at, uh, soft branding experiential properties, right? And some lifestyle assets. And, and so that we’re, we’re, we’re leaning that direction. And you see it in our pipeline. You know, so, so our pipeline includes, you know, includes today, uh, multiple Marriott, Hilton, soft branded assets, like, like Tribute and, you know, and Tapestry Autographs. We also have, uh, some brands like Compass by Margaritaville sitting in the pipeline, right? And, and independent. Um, so, so really cool, exciting places where we get to create our own brand, really, our own store – Yeah. Based off of the building that’s there. And all of those new development projects that we’re talking about have, um, they have a lot of credit. I mean, that’s the only way you can pull these off today is if you’re, if you’ve got historic tax credits, you know, so we’ve got that in multiple places and hundred plus year old buildings. It’s, you know, great stories to tell. Uh, we’ve got, uh, you know, tax increment financing, PIDs, we’ve got enterprise zone, we got the CIPLA, you know, many other different factors that have played into making a capital stat that actually works. Uh, and that’s the way to, you know, that’s, that’s the way we’re getting it done and, uh, on the new development side. Ryan Embree: Well, those are fun projects, let me tell you. Um, I, I, I’m sure to work on, because it’s like you said, I mean, you get to tell a story there. Um, sometimes there’s a story already ingrained with these historic buildings that then become a, a key foundational component of, uh, you know, what you’re building on, um, so to speak, and, you know, uh, literally and figuratively when, when it comes to your maybe digital story. So, yeah, very, very cool to see. We’ll, we’ll, we’ll be excited to watch, watch those come to, to life. I want to. We’re, we’re wrapping up here, Charles, but I always feel like it’s always my duty, you know, having the privilege to talk to leaders like you, try to just get as much inside advice as I can out of you during this time. Obviously, as a business owner, you know, starting a business never easy, so much vision, resilience, incredible amount of commitment, especially doing one where you started it during a historic time and around COVID, right? But looking back on your journey building Aperture, you know, what advice would you give maybe to the next generation of hospitality leaders? It doesn’t necessarily have to be about if someone’s wanting to build their own, uh, management company, but e- even just a hospitality professional just now today in 2026? Charles Oswald: That’s a good question. You know, some things that come to mind is, uh, it’s a one in whatever business you’re, you’re doing, if, if you’re trying to be entrepreneurial and you wanna be an owner, I’d say, you know, choose your partners carefully, right? If you’re coming up in the business, I’d say, um, master the numbers, you know, not just your gut. If you’re, you know, you’re, you’re, you’re in the hiring seat, uh, uh, as a, as a team leader, I would tell them to, um, make sure they treat people decisions as serious as the capital decisions, right? Very, very important. I think from a business development standpoint, uh, I say those guys that are trying to, you know, build a, a portfolio need to y – learn to, to read the deal and not just as an operation. I think young or old, we should embrace the tech shift. I couldn’t believe I, I have some college professor friends, I do some advisory work at several universities, and I listen to, uh, college professors and some students out there, uh, who are very, being very resilient, r- resistant to AI, talking bad about it, they view it as a threat. And, uh, I’m like, “Hey, guys, y’all need to know that we do employ people, employers are looking for those young folks to come out with some experience and exposure and learning, uh, you know, and, and, and to have some insights in how to, how, you know, we cannot adopt AI at our companies.” And, and, uh, you know, you’re doing an injustice if, uh, if you’re resisting tech shift. Uh, so, and lastly, I would say think about your reputation management, right? Like, like, protect your credibility with your owners, with your franchisors, like it’s capital, because it is. Ryan Embree: Great advice. Sound, sound about. We got. That was comprehensive. Thank you for, thank you for sharing that. No, really appreciate it. Like I said, you know, uh, try to glean as much as I can out of these conversations and share it. Um, all great advice. Um, you know, hopefully we don’t have to wait three years next time to have you back on the podcast. Would, would love to catch up with you then, but who knows where, where you’ll be and, and the growth, uh, of Aperture Hotels. But what’s next? Like, as we wrap up today’s final question, kinda what’s your vision for the future as you look into the, this latter part of the half of the 2020s, right, for Aperture Hotels? Charles Oswald: Yeah, I think, um, being involved in a few developments is, is, you know, the one side. I’d say there’s just ongoing organic growth of, uh, taking on, on, uh, new management contracts, and they’ll probably mostly still be through, management company transitions as opposed to actual ownership transitions. And then, look, M&A is on the table, right? We, we’ve studied, uh, a few other small management companies that we can maybe, uh, acquire or merge in with. And I think that’s, yeah, I, I’m continuing to be open to that, uh, that conversation and, and, uh, uh, I hope to probably do just one. Uh, I don’t think multiple, but, but, but probably just one that’s really the right fit and the right strategic play. Ryan Embree: Awesome. Well, we’re excited. It’s been cool to watch your journey and aperture hotels from when we first spoke with you to here we are now and wish you nothing but success. So thank you so much, um, for taking the time to, to spend some time with my, myself as well as our sweet spot listeners, Charles. Charles Oswald: Yeah. Thank you. It’s great chatting. I appreciate it, Ryan. Ryan Embree: alright. Thanks, everyone. We’ll talk to you next time on The SuiteSpot. To join our loyalty program, be sure to subscribe and give us a five-star rating on iTunes. Suite Spot is produced by Travel Media Group. Our editor is Brandon Bell with cover art by Bary Gordon. I’m your host, Ryan Embree, and we hope you enjoyed your stay.  

The Suite Spot attended the 2026 Hotel Data Conference and had the opportunity to interview some of the best and brightest hospitality leaders in the industry to gain their insights and perspectives on prevailing data trends, AI & technology, how to optimize the guest experience and much more.  Be sure to watch the full episode if you missed any of the action from the 2026 Hotel Data Conference.  Special thanks to: Amanda Hite, Jan Freitag, Erica Lipscomb, Max Spangler, & Sam Trotter. Ryan Embree: Welcome to Suite Spot, where hoteliers check in and we check out what’s trending in hotel marketing. I’m your host, Ryan Embree. Hello, everyone. Ryan Embree here at the 2026 Hotel Data Conference here with STR President Amanda Hite. Amanda, great to see you again. Congratulations here. This is our first time at the Hotel Data Conference. Amanda Hite: Oh, wonderful. Thank you. Ryan Embree: Record attendance was just announced. Welcome to The Suite Spot. We’re excited to be here. It was a ton of excitement that we just saw. Tell us a little bit about this event, and we were talking off camera about, do you ever expect it to be what it is right now? Amanda Hite: Yes, we started it 18 years ago with a couple hundred people, maybe. The very first year we’ve always had it in Nashville. This is our home base for the STR part of our business. Most of our employees are here that are in the US. So we started it with a way to connect with customers and more importantly, like, we all have this curiosity about the data. You know, we’re constantly in analyzing, looking at trends in the industry, and we wanted to get people together to hear what are you seeing and let’s talk about it. And that’s really how this started. So it’s, I think it’s for me, my most proud part of this conference is the feeling that everyone has when they come in of being really open and curious and wanting to learn from each other. So you get some really good dynamic conversations happening in the networking breaks and in the hallway. Ryan Embree: Well, it’s such an important time right now too, right? ‘Cause people are already starting, if you can believe it. Well, actually, probably you can look in 2027. Amanda Hite: That’s why we do hotel data conference when we do it. Exactly. It’s budget season. Ryan Embree: Brilliant. Brilliant. Right? And, you know, you just got off stage, like I said. One of the fascinating pieces, like I said, we weren’t here last year, but this is our first time. You said when you first stepped on stage, there were, and you showed some of those original numbers. There was a little bit of a gap in the audience last year. Amanda Hite: Yes. Ryan Embree: But this year, a little bit different story. Amanda Hite: Yes. We had a much better forecast to reveal this year. Last year at this time was when we took the forecast down to reflect what was happening in the industry. And this year, we raised the forecast, not just for the rest of this year, but also for 2027. Ryan Embree: So great to see. And a really cool inflection point, I made a note here, revenue for the first time outpacing expenses, right? What does that mean for hoteliers? Amanda Hite: Yeah. So we finally see the pace of growth on the revenue side outpacing the expense growth. I mean, we’re in a high inflationary environment. Expense growth is something that will continue and hoteliers are having to deal with. But to see that we’re actually going to get some GOP gains, it’s, it’s super helpful. I mean, the point I made this morning though is our margins are not growing. Yeah. So we’ve got some room to grow efficiencies and productivity within the hotels to try to get margins to grow at the same rate of GOP growth. Ryan Embree: Yeah, yeah. It’s challenging right now. And one of the things we’re doing to combat, or CoStar’s doing combat that, bottom line data being added to the product. What’s that mean for the hotel industry? Ryan Embree: Yeah, so within STR Benchmark and the CoStar platform, we introduced at the end of the first quarter our profitability benchmarking. P&L is something that STR has done for 30 years. We did it on an annual basis. And we introduced our monthly benchmarking back in 2020, literally as the world shut down. So maybe not the best timing. But of course, now we’re prepared in an environment like we are today, a very complex operating environment for our hoteliers. It’s, yes, we need to grow revenues, but we must make sure that that is flowing through to the bottom line and that our operators and owners are actually making money. And that’s not been the case in many types of hotels and many markets around the country. So we’re trying to make sure that we bring that visibility of not just the top line growth that we want to see for the industry, but the flow through all the way to the bottom line. Ryan Embree: Yeah, I’d love to see that. And, you know, another thing that we’re gonna hear constantly about at, and at this conference is AI, right? So I guess the overarching question would be more of like, how are you incorporating AI into your products right now? Amanda Hite: This is when I’m so thankful that we are a part of the CoStar Group entity. If you follow our other brands, homes and apartments launched AI in their products earlier this year. So we’re continuing to build off of that. We will have AI search in the CoStar product in the same way that you see in apartments and homes. But for STR benchmarks specifically, what we’re thinking about is making sure that we’re integrating AI into the product, not just sitting on top of the product, but like we interact with the clients all the time on the analysis in the industry. So we want to bring that through AI into the product for our customers to use. So we love when they pick up the phone and call us and wanna talk about data. Right. But we also wanna make it easier for them to surface it within their portfolios in product. And so that’s the path that we’re going down to bring that intelligence in the product and analyzing and spotting the trends, knowing what to look at or sometimes not look at, right? Sometimes it’s a great point. It’s just as important to say like, “Hey, I only have a limited amount of time. Where do I not need to spend time right now?” And that can be tricky, especially when you’re looking at a larger portfolio of trying to discern where, what makes the most sense to drive profitability for my business, for me to spend time on right now. Ryan Embree: 100%. Those complexities and driving efficiency so important right now. And turning those data, that data into actual insights. That what one of the promises of AI. So reason we’re here at the Hotel Data Conference, thank you for taking the time. We’ll, we’ll let you get back. I know you’re hosting almost 900 hoteliers here. So we’ll let, let you get back to Amanda. Thanks for stopping by. Amanda Hite: Thank you, Ryan. Appreciate it. Ryan Embree: Hello, everyone. Ryan Embree here with The Suite Spot live on location Nashville at the 2026 Hotel Data Conference here with Jan Freitag, National Director at CoStar. Jan, thank you so much for taking some time and very busy. You’re hosting almost a thousand hoteliers here. Jan Freitag: Yes, 18th year. Sold out again. So heads up, next year we’ll sell out again. But thanks for being here and sort of taking the pulse on the industry. We appreciate it. Ryan Embree: 100%. Congratulations. Amanda Hite opened us this morning saying last year when she unveiled the forecast, there were audible gaps in the crowd. I feel like behind us, people have been skipping, jumping down, up and down this escalators. Share with us, we got a revised forecast. Jan Freitag: So we’re proposing that RevPar this year is up 4.4%. So that is the second upward revision we had to make, quote unquote. And the data’s just so strong. But then that means that next year, we’re gonna see growth, but it’s much slower global. So next year we’re thinking that RevPargrowth is gonna be like, you know, 2-2.1% or so. So the negative way to say this is, “Oh, our growth rate is cut in half.” The positive way to say this is like, “Oh, we have growth on growth, right? 4% this year, ne – 2% next year.” Ryan Embree: 100%. I mean, a lot of people are going into, you know, we’ve talked to hoteliers here on the Suite Spot, going into their budgets. These are very, very important numbers for them as they go into their budgets because they wanna forecast. When we met last, we were at NYU. There had been zero soccer games played in the US. Now, 104 games later, we got a crown champion. Obviously had a big impact. We’re gonna talk about that in a minute. But that strong performance, one of your big takeaways from this morning was strong performance is gonna equal some tougher comps in 2027, right? Jan Freitag: Yeah, absolutely. So we had arguably easy comps this year, right? The Q2, three, and four RevPAR performance last year was negative. So yeah, we would outperform it this year. That was not a question. But because, RevPAR in the second quarter was up 5.7%, that is a, a very stout result, obviously driven in June, partially by the World Cup remember we’re gonna talk about. You know what that means for next year is, oh wow, we’re not gonna see that performance again. And so my conversation this morning with hoteliers is all about, okay, so how do you massage your owner? How do you have this conversation with your owner, with your team to say, look, there’s still gonna be growth, but we really have to think about this. And I heard this this morning from an asset manager at next year as a year of 10 months and two months, you know? So really take June and July out of your annual number and say, okay, so what’s the growth for that? And then, yeah, June, July is just gonna be tough cost. Ryan Embree: Yeah. Probably something that a lot of markets who hosted Taylor Swift a couple years ago had to deal with. And then maybe what LA’s gonna have to deal with in 2029 after the Olympics in 28. Jan Freitag: Yeah, exactly. So we’re already talking now about the Olympics. We’re gonna talk about, obviously the World Cup in four years over in Europe and what is the performance there. So these sporting events are just the gifts that keep on giving. Ryan Embree: Yeah. Yeah. And, and travelers continue what we heard this morning. Consumers continue to prioritize travel, which is really, really great for obviously our industry. But not without its cautionary tales, you also had a watch your margins kind of take away from that. Maybe expand on that a little bit. Jan Freitag: Yeah. So we’ve had for the last year and for the last couple of years, really this interplay between room rate growth and the rate of inflation being higher than room rate growth. And we’re taking the rate of inflation sort of as a proxy for how much more things are expensive. And the costs for hotels are obviously going up. Higher labor costs, higher insurance costs, higher food costs, higher costs, inner energy, everything. So if your costs are going up in order for your margins to expand, you need to drive room rate or revenue faster than the cost increase. And that just is not happening. So my colleague Isaac Collazo spent 55 slides and an hour explaining how margins are decelerating, unfortunately. Now, the total dollar amount, we’re everything gets more expensive, but it also means we’re having more money available as profit. But the margins are coming down. And that’s really the, maybe to me, the main takeaway from HCC this year for the budget conversation for 2027 is watch your margin. Ryan Embree: Efficiency is always looking for that, especially in these tight margin areas. And then lastly, you know, your whole presentation this morning was themed around the World Cup. And, and I do wanna bring it up because, obviously there was the quote was 104 Super Bowls. Yeah. Right? And you kind of explored that case a little bit. Found out maybe that might not be the case. Jan Freitag: Yeah, exactly. So the FIFA president had said at the time, just to explain to American audiences, “Hey, we have 104 soccer games and they look like 104 Super Bowls.” That is of course not the case. And that was never meant to be the case. Super Bowl is the largest cultural sport event in America. It happens once a year, right? And to sort of translate that was, I thought always a little silly. So it turns out that the 104 Super Bowls did not come to pass, and it was more like 30 Super Bowls, maybe if that. So yeah, it was still a very healthy impact. If you look at the markets that Hosta gave Kansas City, New York, Philadelphia, Boston, very, very strong room rate growth. Interestingly, in some markets, actually, occupancy declines. We saw that specifically in Vancouver, but we saw it in Atlanta, we saw it in Boston. Why is that? Well, because corporate America, meeting travelers, meeting planners said, “You know what? I don’t need to compete with the Tartan Army in Boston for our meeting. You know, let me just stay away. Let me have that meeting in August, or let me move that meeting to Chicago,” for example. Sure. Chicago had a very, very strong June, July meeting calendar. So it’s, um, the, the room rate increase was absolutely expected and is exactly what came to pass. It just wasn’t Autumn for a Super Bowl. Ryan Embree: Yeah. I mean, that just proves we are, uh, a collective of markets. Things are gonna be obviously different in each one. Yeah. Uh, with different factors there. You know, a- and there’s also an interesting stat, fascinating stat, I wanna bring it up, about booking windows, um, that, that you brought up there. Yeah. If you wanna expand on that. Jan Freitag: So I got this totally wrong in the run up to the World Cup because I thought, look, if somebody books that FIFA ticket a year out, and the airplane ticket’s six months out, surely they would book their hotel three months out. Yeah. That did not happen. Right. And so we saw specifically the chart that I had this morning for, uh, arrival dates, June 11, 12, 13, 20 basis points of, uh, 20 points of occupancy was booked after June 8th. Wow. So that’s a booking windows of, like, three or four days. Wow. For an event that you knew what happened, I mean, six years ago. Yeah. You know? And you had a ticket from one year ago. So I just completely though that the, uh, the, the leisure traveler, the, the soccer traveler would also book their room way ahead. That did not come with us. Ryan Embree: Very interesting. I wonder if that’s a macro trend happening right now, those booking windows starting to shorten a little bit. Jan Freitag: Yeah, and maybe that’s a takeaway for our friends, you know, in LA who are hosting the Olympics. Hey, you know, be very mindful how you match that booking window. Ryan Embree: Lessons from history learned there. Yes. Um, final as we wrap up, I always li- like, like to get any, you know, you look at a lot of data. So any interesting, uh, like, data points that really stood out or surprising? Jan Freitag: I mean, the July data came out yesterday and the luxury class RevPar growth was 16%. Ryan Embree: Wow. Jan Freitag: Talk about A, amazing, but B, A, tough comps. Yeah. In July of next year. But it was an amazing, amazing performance. July was very, very strong. Um, and June as well. So we clearly saw, you know, July was helped a little bit by 4th of July, World Cup, uh, 4th of July calendar year, but also the World Cup, obviously the final and the bronze medal games. They all, they all helped. So July was strong, June was strong. So now I think things are getting a little bit more normal – Yeah. Early on end. Ryan Embree: Awesome. Well, we’ll continue to look ahead as you will, but thank you again for taking time out of your busy schedule, Jan. Jan Freitag: Thanks for being here. Thank you. Ryan Embree: Hello everyone, Ryan Embree here with The Suite Spot. We are live on location of the 2026 Hotel Data Conference. I am here with Erica Lipscomb, EVP of Commercial Strategy at PM Hotel Group. Erica, thank you so much for joining me on The Suite Spot. Erica Lipscomb: Well, thank you for having me. Very excited to be here. Ryan Embree: Yeah, first time here on the Suite Spot. Yes. But not your first time here at Hotel Data Conference. Erica Lipscomb: Not my first time at Hotel Data Conference. This is conference number eight. Ryan Embree: Okay. Yes. All right. Hotel data conference. You obviously are no stranger, you’re a pro. What do you call a hotel data conference a success kind of reflecting back? What do you come here to accomplish and to learn? Erica Lipscomb: You know, I, again, this is our start of budget season. Sure. Right? Yeah. So I actually, uh, had dinner with Amanda last night and said, “You do realize what you’ve done here, right? We cannot even start our budget calendars until there’s an HTC.” Yeah. So really what I look forward to is not coming here just to hear that the amazing news of an increase year over year, or that we’re gonna increase in the year for the year. Sure. But what are those things that I can take away that can make it tactical for our teams? Mm-hmm. So learning from industry leaders that are here. We have amazingly smart people that are here at this conference. And we’re really drafting and shaping what the industry will look like. So what are those learnings? And then how do I make sure that we trickle that down within the organization and get them to our teams? Ryan Embree: Which can change so rapidly, right? As we know – Absolutely. It’s gone from, uh, a yearly change to almost, it feels like a weekly, especially with the AI and technology conversation. Yes. You were on a panel last year here at this same conference. I’m curious, what were some of the conversations then versus now? Erica Lipscomb: Yeah. And very different. I think it’s been extreme polar opposites. Okay. I feel like last year, there was a lot of conversation about AI. Mm-hmm. But more on the what is AI. Mm. And how are we gonna use AI? Yep. And it’s already started in conversations this morning. You know, we started networking last night, and most people are now really talking about what is AI doing for us to make sure that we’re efficient, making sure that our teams are effective, um, ensuring there’s profitability back to our owners. So it’s gone from a concept – Yeah. To now actually, how are we utilizing AI to be better in the industry, but keeping the forefront our customers? Ryan Embree: It feels like we’re in the sandbox now, right? And there’s a lot of companies out there trying different things. It’s the exploration process and, you know, maybe some success, but even, uh, lessons in the failure. Uh, I, I’ve been hearing a lot about that as well. So hotel data, obviously data is the name of the game. Yes. Still one of the most important tools I feel like right now on our quest of guest personalization. And so much it can do to kind of like what you said, prepare us for the rest of 2026 and even into 2027. Right. How is PM Hotel Group kind of leveraging data for growth and, uh, experiences? Erica Lipscomb: So actually you started with, with growth and experiences. Yeah. So really starting with growth. Yeah. We really are starting with AI in our business development side of our, our, of our home. Sure. And really how are we looking for the right clients that fit PM? Yeah. How, again, when you look at, uh, BD, it’s a relationship. Mm. So who are those owners? Who are the asset managers? What do their teams look like? Is that a right fit? And how can we help them grow? So that’s really the act – acquisition of the client and the customer. And then when we get to the property level – Right. Then as an enterprise, as a support center, what we’re looking to do is how do we use data, which is the, the heart – Yeah. Of revenue optimization. Sure. How are you using that data to make sure that we’re pulling through every step of the guest journey? So from the time again, acquisition of a customer. Right. So now not an owner, but that actual guest that’s gonna be staying at our properties, what does that customer journey look like? How do we find the right customer? We have a very diversified portfolio – Oh, yeah. For each one of our assets in the portfolio, ensuring that they convert. And then once they’re there in their stay, are we pulling through on all the experiences they expect? Whether it’s an independent hotel and the experiences that come along or for the brands and the brand standards. And then once our guests leave, how do we make sure that we are still speaking to them – uh-huh. And making sure that they return? Ryan Embree: I love how you walk through the entire guest experience. I think sometimes we get caught up just thinking about one or two elements of it. Right. But it really does start. I mean, the hot topic right now is that AI visibility, right? Absolutely. And being bound, uh, because our travelers are changing the way that they’re searching for hotels and doing their research. So, uh, it’s super, super important there. We’re in Nashville, Erica, uh, no stranger for PM Hotel Group. Yes. Uh, you guys just, uh – Very excited. Assumed management, 12 properties. Yes. Uh, what do you lo – like, um, from a Nashville market standpoint? I mean, this has just been such a hot market right now in hospitality. Uh, but also, you know, a big threshold of, uh, exciting 80 plus hotels for PM Hotel Group? Erica Lipscomb: Yes. We’re very excited to have the 12 hotels that, from Pinnacle that joined our portfolio. And that’s really our sweet spot, right? Finding those type of assets that fit our growth in our platform, and that we can make sure that we’re optimizing on their revenue, as well as excellent customer experience and guest operations experience. So what I really like about Nashville, and it’s not a new growth. Right. You know, Nashville never stopped growing, right? Where the, where the rest of the world really has struggled even, you know, six years ago. Through COVID. Nashville didn’t, right? Ryan Embree: It was red hot. Erica Lipscomb: But what most people think about when you hear Nashville, they’re really just thinking it’s an entertainment city. That’s not just all Nashville is. So when we peel it back and take a look at the segmentation and what’s driving Nashville, you do still have that customer that is true corporate business. And you still have conventions and groups. I was just in a group maximization winning group seminar just not too long ago. And in that breakout session, we really talk about group continues to still grow. Oh, yeah. And when you take a look at the first half of this year, that growth is really happening not only just in convention centers, but those hotels that have group meetings. Even when you take a look at those assets, what’s interesting is the growth is not just in the hotel that has most of the group, but if you are affiliated. You’re feeling that demand. Leveraging the demand and continuing to drive occupancy and ADR. Yeah, absolutely. So that’s why we’re still excited about Nashville. It’s one of those markets that continues to do well, not just in entertainment, but on the corporate business transient side, as well as group side. Ryan Embree: It’s a perfect destination. That’s why we got almost a thousand hoteliers here at the hotel data conference. Erica Lipscomb: That’s sold out again this year. Ryan Embree: Absolutely. Well, any. I mean, I can tell just by the conversation we’re having, very passionate about your work. Any projects you’re particularly fired up about right now? Erica Lipscomb: The project I’m probably most interested in is what I was hired for is to really continue to evolve commercial strategy. So commercial strategy is not just looking at every discipline in a silo. They’re all very important to revenue optimization. But how do we now continue to go from just having the commercial conversations, but also leverage the experience in each discipline? So our customers, when they look at our hotels, And they look at that curse customer journey that we just walked through – Right. They’re not looking at sales, revenue, marketing, distribution, operations. They’re looking at their holistic experience. Yeah. And so why not make sure that we internally stop looking at how well each d- division does and, and, and our, each siloed discipline, but let’s look through the lens of a gu – of a customer. Yeah. What’s that experience look like? And then how do we all play a part of it? Yeah. Exactly. So that’s what I’m excited about. And using, continuing to use AI. Yeah. How do we make sure that we’re leveraging commercial? Yeah. And then making sure that our use of AI is making our teams much more efficient – Mm. And effective in h – in how we run our businesses. Ryan Embree: That’s what I was gonna say. It’s, it’s such an inflection point, and I’m sure very exciting for, for your job with the technology in hand. Now you’ve got the power to, uh, break down those silos, right? Absolutely. Create efficiencies there. Yes. Uh, well, as we wrap up, you know, we always. One of the things here that we love to do at the Hotel Data Conference is try to predict the future, right? Forecasting, everybody. It’s a, it’s an impossible job, but we do it every single year. Right. Uh, you know, so from a commercial strategy standpoint, I know you, you, you just mentioned the projects you’re working on, but what’s your vision for PM Hotel Group as we kind of go into the latter part of the 2020s? Erica Lipscomb: So latter part of the 2020s, I think that the company’s vision is to really leverage the portfolio and the diversity of the portfolio. We saw that growth that we had just here in Nashville. I’m sure you saw the news that Reset our first brand to enter Marriott’s or outdoor collection. Yeah. We’ve noticed that when you continue to diversify and not really just say, okay, we are just this type of company, making sure that we’re leveraging the expertise of our team. Mm-hmm. We can be many things – Yeah. To many customers. Yeah. And so lev – continue that leverage, that growth, but we do see that growth continue to be in experiences. Yeah. Right? So every brand is rolling out how they’re working with experiences. But what we do see, that lifestyle, outdoor – Oh, yeah. Experiences. We’ve had our first entree into it, and we’re gonna continue to grow. Ryan Embree: Awesome. We’re excited to watch that growth, and yeah, that experiential travel continues to be something, conversations we’re having here, prioritizing, that’s what the guests are prioritizing travelers are. Congratulations on all this. We continue to watch it with PM Hotel Group. Thanks, Erica. Erica Lipscomb: Thank you. Ryan Embree: Hello, everyone. Ryan Embree here with The Suite Spot. We are live on location at the 2026 Hotel Data Conference. I am here with Max Spangler, VP of Technology at Charlestown Hotel. Max, we know you’re on a panel tomorrow. We’ll talk about that in a second, but thanks for taking the time to join us. Max Spangler: Absolutely. thanks for hosting me, Ryan. Ryan Embree: Yeah, Gotel Data Conference. Name of the game, data. We’re gonna talk about, obviously, your role and, and where data plays into that. But first, you come to a conference like this, what’s the expectation? What do you hope to get out of it? And maybe when you’re a couple weeks down the line, looking back on the conference, that was a success. Max Spangler: Yeah, you know, for me, I spend a lot of time at conferences that are very narrow in scope, right? Sure. Whether it’s high tech or the hospitality show, or even technology conferences that are outside of hospitality. Sure. So coming to HDC is always great. It’s always refreshing. The keynote panel in the beginning always gives me, hopefully, optimism. And this morning, it was very optimistic – Yes. About the way things are going. So I’m thankful for that. But it’s great to hear from commercial peers how they’re using data, how they’re surfacing insights, what tools they’re using, and how they’re turning it actionable. I mean, I think for me, as someone who spends a lot of time staring at screens, developing tools, looking at dashboards, hearing from people that actually depend on this information – Yeah. So crucially is really refreshing. So I get to, like, cut through the noise a little bit and hear what’s working, and hopefully hear what’s not. Ryan Embree: Yeah, and that’s what leads to your panel tomorrow, connecting AI to commercial strategy. Yeah. Uh, maybe give our sweet spot listeners a little bit of sneak peek and maybe your thoughts on the subject. Max Spangler: We’ve got a great panel tomorrow. Super stoked for it. You know, so we, we had a pre-cause you tend to do with those panels. Right. And as a result of that, we decided to zoom out a little bit, which I though was important. So commercial still is the through line, as you would expect at HTC, but given the man – the, the members that are on the panel, we’ve got some people that, you know, are on the, the, the revenue management side. We’ve got some people from HFTP. Um, you’ve got me as an independent operator. It w- we felt, we felt it really important to say, “Let’s, let’s zoom out. Let’s take a pause and, like, let’s look at where the industry is holistically.” Sure. And so the questions are really driving off that. So you’ll find that, um, there’s insights about a year from now, what would we like to be doing differently, right? How are we driving ac- actionable insights? What KPIs are important? What KPIs are important? Yeah. Things like what’s the difference between automation versus th- this new agentic era? Mm. So I think it, um, I’m actually really excited for it. The panel’s great, and I think you’re gonna get some, some really interesting insights from a variety of different opinions. Ryan Embree: Yeah. And what we talked about is so much can change. Yeah. And you could talk about what could happen in a year. I mean, that could be a couple cycles with technology right now. And that’s why I, I was really looking forward this conversation, Max. Yeah. Because, you know, I get industry leaders, sometimes brand leaders, but you’re, you’re in it every single day, right? Yeah. Uh, VP of technology. Yep. Where do you think we are in the AI adoption – Yeah. Uh, uh, cycle? And then maybe zoom in a little bit on Charlestown Hotels. Max Spangler: Yeah. So if we, if we look at sort of where things are globally for the state of AI, I think obviously in the technology space, it’s an existential crisis, right? Right. I mean, I think you see that in, in jobs reports. I think you obviously see it in the way that they’re measuring AI as an accelerant. Yeah. You know, so, uh, friends of mine that work for tech companies, they’re seeing their time to release production code going from five weeks, four weeks down to one week. Wow. It’s easy for them to measure. It’s easy for them to see the outcomes for us. Yeah. I think it, it is ultimately a little bit more difficult. For Charlestown, you know, we think it’s really important to keep hospitality at the center of what we’re doing, right? And so we’re not parading around trying to be an AI company or a SaaS company. We firmly believe people and hospitality at the center of, is gonna be at the center of what we do.m. How do we use AI to power that? Whether it’s through efficiencies, you know, through maybe more sophisticated RMS, through, you know, generative guest insights. How do we make sure that we’re being discovered when people are asking what’s the best hotel in downtown Charleston, South Carolina? Those are really hard questions to answer. No one’s got it figured out. But the conversations that are happening here are super encouraging because I think there is a lot of people admitting that and coming together to try to find, um, the best path forward. Ryan Embree: And you were, this is not your first per – podcast that you’ve been on recently. I saw you, uh, on CoStar News Hotel podcast where you talked about escaping hospitality’s AI hype echo chamber. Yeah, yeah. What’s your thoughts on that? And maybe how do we avoid doing that here in, in spaces like this? Max Spangler: I mean, it’s, if you go on LinkedIn, you can feel like, you know, FOMO is like a- absolutely crushing you, right? Right. Everyone is, like, piloting something new. Right. Everyone is, is advancing seemingly at the speed of light. It’s really important to come to a conference like HTC, uh, to get a real life temperature check with what people are doing and how they’re doing it. There is a tremendous amount of hype. There’s a tremendous amount of potential, but I think for a lot of us, and especially from someone sitting in the seat of an operator, you have to be very disciplined. Yes. You know, you have to have a step-by-step sequence of how you’re actually gonna accomplish this. It’s okay to introduce a little bit of chaos. We’ve done that in the early days. I mean, if you go back, you know, to 2023, 2024, we’re experimenting with all the frontier models. But eventually, we wanted to collapse that into a unified choice, pick one model so that we can move forward and start measuring, you know, are our team members crawling? Who’s walking? Who’s running? How do we devise resources to help kind of get everyone on the same page, march in the same direction, and get better at this? Yeah. And so that, that’s, that’s been our strategy. And fortunately, like, that’s what I’m hearing here at the conference. Ryan Embree: And the motivation for implementing AI can’t come out of fear of we’re not doing enough. Yeah. Or, you know, we’re just, that FOMO feeling that you’re talking about, it has to have, what you said, discipline and direction. Yeah. And Max Spangler: Ryan, like, fear is a huge part. I mean, that’s one of the things that we’re constantly up against. There’s. I, I think the, the negative attitude and apprehension towards AI is only gonna continue to grow over time, right? Just like the excitement over it is gonna continue to grow. Yeah. Same thing’s true for the negative. I mean, you have people that absolutely have their head in the sand, which is okay. Right. Um, for, for certain reasons, you have people that obviously have negative feelings about it because of the socio – uh, economic impact. Sure. Companies potentially might be laying off job just Placement or replacement as a result of LLMs and the technologies that they introduce. There’s the environmental factors. So, like, all those things are absolutely true. We don’t think it’s, as Charlestown, our responsibility to sort of correct that. Right. But we do wanna make sure our associates, team members, and corporate, and corporate leadership team know this isn’t going anywhere. Yeah. It’s fundamental core to the business, and we’re gonna make an investment into our teams to make sure that they’re prepared for this new wave, whatever it looks like. Ryan Embree: It’s exciting times. And it’s okay to experiment fail sometimes, because that, that’ll show you some lessons too. Sure. Max Spangler: Yeah, we. Yeah, we’ve run so many pilots. We’ve had so many things fail. We’ve incinerated millions of tokens and subsequently thousands of dollars as a result of – Yeah. Um, so many pilots, but we’ve learned a lot. Yeah. Uh, and we’re in a much better spot as a result of it. You have to be willing to take risks, especially now. I do believe, like, no one’s gonna be left behind yet, but there is absolutely an advantage to being a first mover. And I think the companies that are at least experimenting and building AI fluency for their teams are gonna be much better, uh, much farther along than everybody else. Ryan Embree: 100%. And, you know, one of those spaces is, is the data, right? That’s, I mean, that’s the name of the game of this conference here. Yeah. How are some ways are you leveraging data to kind of – Yeah. Grow Charlestown hotels or even just create efficiencies? Max Spangler: Yeah. So for us, it, it, it is a challenge to think about the kind of company that we are. We focus mostly on the independent space. Mm-hmm. So we don’t have sort of the technology through line like the brands have where – Sure. You know, they can force a certain PMS, POS, CRS, like, it’s very clean and organized and scalable that way. Yeah. For us, you know, when we come into a new hotel operating environment, in most cases, technology hasn’t been a major form of investment, right? I mean, most people don’t come to Charlestown hotels with a great performing asset. They’re like, “We’re in trouble. We need your help.” Right. So then I come in, you know, from the technology perspective and it’s like, okay, this is difficult. How are we gonna extract information, put it into a centralized place, be able to sort of layer a, a, a, a BI tool or reporting package on top of it to actually surface the insights so these one-off owner operators can get the insights that, like, a company like Charlestown Hotels can deliver at scale with all the independent properties and things we’ve learned across the secondary and tertiary markets that we work in. Max Spangler: So, I mean, to put it simply for us, it is about having, like, a central data repository or warehouse. Sure. I mean, there’s plenty out there. Databricks, Snowflake. We’re a BigQuery customer. We do a lot with Google. Um, but it is, you know, if, if you think about where things are going to bring it back to AI, so much of the conversation surrounds having a good data foundation, because AI is an accelerant. If you have bad data, it’s gonna accelerate you to bad outcomes more quickly. Yeah, that’s a great point. If you have a bad business strategy, it’s gonna optimize for the wrong KPIs. So for us, it is very much about having solid fundamentals. Yeah. That’s not a reason for you to stop, right? It’s just more a reason for you to proceed cautiously. Ryan Embree: Absolutely. And, you know, you do it right. All of a sudden, you get that personalization, which, you know, hospitality’s been really the last decade – Yeah. Has been striving so much for to get that personalization within the guest experience. So as we wrap up, you know, we always like to. I know this is gonna be difficult because, like we said, things change so quickly in the tech space. Yeah. But what’s your vision for Charleston Hotels from a technology perspective? Max Spangler: Yeah, great question. I thought you were gonna ask me a hard one, like, what’s my favorite color? But, uh, no, for, for. Vision for technology, you know, for us, as long as we keep, like, hospitality at the center – Yeah. As our north star, that really does simplify things for us. It is gonna be difficult. There’s, you know, obviously a whole host of different frontier models you have to choose from. Tokenomics is gonna continue to be a big part. People talk about ROI with LLMs, but no one’s really talking about the expense – Yeah. And expenses continue to grow. Great point. Right? So we’re, we’re focused really on, you know, not only the, the ROI from some of the LLM tools, but, but obviously the tremendous cost that’s associated with running them at scale. But as long as we keep people and human beings at the center, reducing mundane work, admin tasks, friction so that our people can spend less time in front of screens and just be more hospitable, I think that really is the vision. Technology’s gonna support that. It’s gonna hopefully be more invisible to the people that come to hospitality. They didn’t come to, like, move information around – Right. Push paper or spend time in front of a computer. They spent it to, like, be empathetic, to be excited – Yeah. To surprise and delight. And so our goal, that’s our north star, and technology’s gonna be there to support it. Ryan Embree: Yeah, I mean, some industries, you’re, you’re right, are gonna be completely flipped upside down – Yeah. With this technology. But hospitality, we have that advantage of being a people first industry, so. Max Spangler: I, I think it’s, like, the, the key differentiator, and it honestly, it’s like, hospitality has an opportunity to have a really strong opinion. As so many industries are completely rolled over by this AI wave – Yeah. Hospitality can actually say, “No, you know what? People are…” And people in hospitality are at the center, and so as there is potentially more AI backlash and people are seeking more authentic experiences – Right. With people and connections – Yeah. I think it’s, it’s gonna be a great benefit to our industry. Max Spangler: Yeah, and we’ve seen from the data, experiences still seem t be – Yeah. I think that’s gonna grow. Yeah. Ryan Embree: Yeah. Agreed. Uh, Max, appreciate the time. Thank you. Uh, we’ll keep an eye on Charleston Hotels and everything you’re doing over there. Great. Congratulations. Max Spangler: Thank you. Ryan Embree: Hello, Everyone. Ryan Embree here with The Suite Spot. We’re live on location at the Hotel Data Conference 2026 here with Sam Trotter, Head of Digital Marketing for Indigo Road Hospitality Group. Sam, thanks for taking some time. Sam Trotter: Thanks for having me here. Yeah. I’m excited to be here at the Hotel Data Conference. Ryan Embree: It’s our first time here, but you said you’re, you’re a pro. You’ve been here for many years. Yeah. What does a successful hotel data conference look like for you and some of the takeaways that you look for? Sam Trotter: I really love having a good sense of what’s gonna happen next year. So you get some really great data here where you actually can take to your business planning sessions and use and say, “Hey, you know, I have this from the data conference, and they’re forecasting this growth in this market.” And you have something tangible. Yeah. So you’re about to head into budget season. Yeah. So having that in hand is really, really nice. Ryan Embree: That’s a big part of it. I mean, budget season, you gotta make those operation efficiency. We talked about the margins, how tight those are right now, especially in hospitality. One of the ways that hospitality’s changing right now is through AI search. You were on a panel here. For those that weren’t able to join us here in Nashville, maybe unpack that topic a little bit, because it’d certainly be top of mind for a lot of hoteliers right now. Sam Trotter: Well, it was really fun. It was a packed house, so a lot of interest in it. There’s a lot to talk about. I think we did a little bit of an intro to the topic, just so that everybody was sort of on the same page. But this is a new thing that we’re all having to adapt to. And we’re gonna have to focus on this. And in the panel, I said, “This feels a lot like 2006 when SEO was becoming a big thing.” And I remember I hired this French couple to do our SEO for this hotel that we were opening. It was like $10,000. In 2006. And it felt kinda like magic. Yeah. You know, like, what are they, what are they actually gonna do, right? And so it’s really tough. Who do you listen to? What actually works? And it was a great panel. And there’s no main takeaway other than we’re doing a lot of AB tests. We’re trying to figure out what works. I’m looking at the dashboards from our different properties. Who’s doing well? Who’s not? Yeah. And trying to pivot. And so we’re at this really interesting phase where it’s not really clear, right? Everybody’s telling us different things. Who do you listen to? So I honestly think it’s really exciting. Ryan Embree: The good news is it’s a challenge that a lot of people are attacking at once, right? And that’s where you’re gonna kind of find maybe lessons learned, even in those failures. So I think it is interesting because ultimately what happened with SEO is, like, there became a little bit of of a game plan that you could attack it with, right? That people are still trying to kind of balance. And then there were switches, right? That’s the other thing, is you could attack it one way and then all of a sudden, next week, algorithms change and it’s back to square one. So it was very, very interesting. But I think it’s events like this and panels that you’re on, Sam, that help kind of. Where everyone’s going through this right now. And to try to get through the weeds on it and try to figure out what is a good course of action here. And it changes so quickly. I think AI gets a spotlight, obviously, for good reason because it’s just this up and coming technology. But digital marketing also feels like it’s fast changing and evolving. And it’s been doing that for the past decade. You think about social media updates and everything like that. Yeah. I guess, how do you view digital marketing right now from a strategic standpoint and, and how hoteliers should be embracing and, you know, maybe investing in It? Sam Trotter: So that was a big question, right? Ryan Embree: Yes, sorry. Sam Trotter: When I have new marketers join, junior marketers, I always tell them there’s really no such thing as an expert anymore. Because it’s gonna change next year. Right? Ryan Embree: Great point. Sam Trotter: There are certain fundamentals that will help you no matter what, from 10 years from now, they’ll always be in play. I think what’s really interesting now with AI is I feel like there’s more emphasis on brand and category ownership. So if the AI is the most educated person in the entire world about hotels in Nashville. I mean, that’s what it is. Sure. It’s the most educated person in Nashville. What do you wanna teach it? And so if you’re teaching it, I have a pool and a fitness center, that doesn’t really help, right? ‘Cause now you’re just the same. And so what category can you own? Can you be the wellness hotel of Nashville? And if you’re the wellness hotel of Nashville, what that looks like is everything we say and we do reflects that. So I have spa packages, we have spa activations, we have a spa month. We have an amazing spa. We have spa content. We have spa creators that come in. And so when you’re doing that, all of a sudden the AI’s like, “Okay, no, this is the spa hotel of Nashville.” Because it’s, there’s evidence. Yeah. Right? And so I think there’s gonna be more emphasis on this category ownership, right? More than ever. And that boils back down to your brand. Ryan Embree: No, I love that. I think that’s a great explanation to someone who might feel overwhelmed in this right now. But those searches also could get very specific, right? I’m looking for a place that’s pet friendly, that is dedicated to wellness, where I’ve got my family coming to. So that’s where it gets a little bit tricky of the categories could turn into subcategories and then very, very niche. But it’s also the beauty of it, I think on the other side, is that your travelers are gonna be able to hopefully find the right hotel for them and what they’re looking for. Sam Trotter: So going back to your question, you asked me about social media. Because things are changing so fast, the, what we don’t really realize, and we don’t talk about, is the number one AI that we talk to is Google’s AI overview. That’s the one that when you have a long search, it defaults to, right? And it is weighing YouTube more than any other social platform – Great point. Because they’re not giving access. Right? So TikTok’s not giving them access. So now all of a sudden, YouTube is like this big player. And so we’ve got 76 locations. How do you scale YouTube? Yeah. And so, you know, we’re trying to figure this out in real time, and it’s a lot. There’s a lot of change happening. Ryan Embree: No, that’s a great point, what you said about Google, because a lot of people might be listening to this being like, “Well, I’m not, I’m not really looking, or I’m not using AI in my everyday life.” Well, Google’s really, you know, that AI overview, you are using, right? And it’s just, it’s gonna become more and more, whether we know it or not, a part of our life, you know? So that’s a different conversation. You know, Sam, Indigo Road Hospitality Group, you just mentioned tons of locations. What are some of the projects you’re most excited about that you’re working on right now? Sam Trotter: So, we have amazing locations, and there’s so many that are really interesting that we have coming up. We’re dabbling in more and more to membership clubs. Which is something that, we have one right now in Bentonville, and then by the end of the year, we’ll have two more. So we’re going from zero to three in a pretty short amount of time. It’ll be like a year and two months, we’ll go from zero to three. So it’s something that has been really fun to learn about, and there’s new platforms to learn about. So that’s really exciting. And then, I’m working on some fun data projects too, fun to me. I’m trying to set us up to have our own loyalty program. And so I’ve got some cool things in the works. So I’m really excited about that because we have a diverse portfolio. We have coffee shops and restaurants and hotels. And venues and how do you get them all to talk? Right? How do we put them all in one place, but have them separate? How can we share notes? How can we improve the guest experience? So there’s a lot of really cool things that are happening now. And one of the benefits of AI is partners are, are improving their platforms faster than ever. Oh, yeah. Which is fun if you have the right partners. And they are doing it. Ryan Embree: Yeah. I mean, and loyalty programs, you also learn more about your guests and hopefully create personalization, which is, you know, a topic that has been in hospitality. But we’re getting closer and closer, I feel like, to what we may have talked about five years ago at a conference like this. Be like, “There might be a time where we could do this, and now with the power of AI, it, it’s possible.” Yeah. Well, as we wrap up, kind of what’s your. I know we just talked about the future, but, and it’s hard to predict, but what would be kind of your vision for the future, in your role at Indigo Hospitality Group? Sam Trotter: I would say that, I guess thinking more optimistically, ultimately, it’s gonna be about the guest experience. It’s gonna be about the surprise and delight. It’s gonna be about having great employees who are happy to be where they’re at and that wanna be there. And the best marketing is a great experience, right? So what’s my role in that? You know, how can I help operations do their thing? And that’s the foundation of everything. At the end of the day, I think that’s it. Ryan Embree: There is a, there is a comfort, Sam, to being in an industry that we knew can only be disrupted so much by AI, but at the end of the day, it is gonna still come down to people serving people and creating those memorable experiences, and hopefully AI gives the opportunity to do. Sam Trotter: I have a anti-trend for you, right? Okay. So we’re here at, at the Grand Hyatt. There’s no kiosks, right? Check in. There’s still front desk people. 10 years ago at the hotel data conference, I think we would’ve though it was all kiosks. So hospitality has reigned supreme, and I think that’s the future. Ryan Embree: Yeah for, they say hospitality is the first ever industry and it’ll be here for a long time. So Sam, we appreciate it. We’re gonna watch you and, and everything you’re doing over there. We appreciate you taking some time with us. Sam Trotter: Thank you you so much. This was a lot of fun. All right. Ryan Embree: To join our loyalty program, be sure to subscribe and give us a five-star rating on iTunes. Suite Spot is produced by Travel Media Group. Our editor is Brandon Bell with cover art by Bary Gordon. I’m your host, Ryan Embree, and we hope you enjoyed your stay.

The U.S. short-term rental market is showing surprising strength—even as the broader economy sends mixed signals. In this episode of The STR Data Lab, Jamie Lane and Bram Gallagher break down July's performance and explore what's really driving growth across the STR market. U.S. RevPAR jumped 7.2% in July, with ADR emerging as the biggest contributor, while occupancy also moved into positive year-over-year growth.The conversation goes beyond the headline numbers to separate the impact of the 2026 World Cup from broader market trends. While World Cup host cities saw significant gains in both rates and supply, the rest of the country also delivered strong rate growth—and supply growth outside host cities remained below 2%. Looking ahead, Jamie and Bram discuss why higher interest rates could keep supply growth constrained, why improving occupancy and ADR could support strong unit-level performance through the rest of 2026, and what changing booking behavior means for pricing strategy.One of the most encouraging signals for operators is a reversal in the long-running trend toward shorter booking windows. Lead times have increased or held steady for four consecutive months, with coastal markets seeing particularly notable gains. For hosts and managers, that shift could create new opportunities to capture demand earlier and price more strategically.You don't want to miss this episode if you're planning your STR strategy for the rest of 2026.Key TakeawaysRevPAR is accelerating: U.S. RevPAR increased 7.2% in July, driven primarily by stronger ADR and supported by improving occupancy.The World Cup boosted rates, but it wasn't the whole story: Rate growth was especially strong in host cities, but gains were broad-based across the country.Supply growth is likely to remain limited: Outside World Cup host cities, supply growth was below 2% in June and July, with high mortgage rates and expensive real estate continuing to constrain new listings.Longer lead times could change pricing strategy: Travelers are increasingly booking further in advance, reversing a years-long trend toward last-minute bookings. Hosts should pay attention to pacing and adjust pricing accordingly.The outlook for unit-level performance remains strong: With occupancy trending upward, ADR growth remaining healthy, and limited new competition expected, operators could see continued gains through the remainder of 2026.Sign up for AirDNA for FREE

Every so often an interview is also a reunion. Before he led the Boston University School of Hospitality Real Estate Program, Kaushik Vardharajan spent fifteen years at HVS, the global consulting firm focused exclusively on the hospitality industry. For this interview, Kaushik sits down with Rod Clough, who is now running it across the Americas. This episode of the Distinguished Podcast was recorded on the road at the NYU International Hospitality Investment Forum in New York City.  Rod Clough, President of the Americas for HVS, built his career over more than three decades. With some of the deepest data in the industry behind him, Rod shares: Why this year's performance has surprised almost everyone Where the opportunities lie well beyond the headlines How to leverage AI while maintaining expert judgment at the heart of a valuation Email us at shadean@bu.eduThe “Distinguished” podcast is produced by Boston University School of Hospitality Administration. Host: Arun Upneja, DeanProducer: Mara Littman, Executive Director of Strategic Operations and Corporate RelationsResearch and Content Creation: Lan LuMarketing: Anne DawsonEditing: Isabella Laikin and James LeonMusic: “Airport Lounge" Kevin MacLeod (incompetech.com)Licensed under Creative Commons: By Attribution 4.0 Licensehttp://creativecommons.org/licenses/by/4.0

P.M. Edition for Aug. 3. Ford spent decades producing ho-hum workhorse cars–the Taurus, the Focus. WSJ autos reporter Ryan Felton explains why the company is hitting reverse. Plus, Michigan public health officials say two people have died in connection with the cyclosporiasis outbreak. And WSJ business reporter Natasha Khan discusses why Kimberly-Clark is embarking on a moonshot effort to make paper towels and toilet paper out of a spiny desert plant called hesperaloe. Danny Lewis hosts. Sign up for the WSJ's free What's News newsletter. Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Ben Watson checks in to Next Gen Investing to provide his takeaways from Marriott's (MAR) post-earnings sell-off. He's looking at the company's RevPAR (or Revenue per available room) as a key indicator to track. Marriott missed revenue expectations and noted RevPAR drops overseas. Later, Ben takes a look at the MAR chart to provide possible technical areas to watch out for in the days and weeks ahead.======== Schwab Network ========Empowering every investor and trader, every market day. Subscribe to the Market Minute newsletter - https://schwabnetwork.com/subscribeDownload the iOS app - https://apps.apple.com/us/app/schwab-network/id1460719185Download the Amazon Fire Tv App - https://www.amazon.com/TD-Ameritrade-Network/dp/B07KRD76C7Watch on Sling - https://watch.sling.com/1/asset/191928615bd8d47686f94682aefaa007/watchWatch on Vizio - https://www.vizio.com/en/watchfreeplus-exploreWatch on DistroTV - https://www.distro.tv/live/schwab-network/Follow us on X – https://twitter.com/schwabnetworkFollow us on Facebook – https://www.facebook.com/schwabnetworkFollow us on LinkedIn - https://www.linkedin.com/company/schwab-network/ About Schwab Network - https://schwabnetwork.com/about

Subscribe to This Week in Hospitality wherever you get you podcasts: Spotify - https://open.spotify.com/show/5oPExA0txHMjEI5Ye13IUy Apple Podcasts - https://podcasts.apple.com/us/podcast/this-week-in-hospitality/id1849637233 Youtube - https://www.youtube.com/@ThisWeekinHospitality Hilton CEO Chris Nassetta went on record defending the brand's 28-property portfolio — and the panel has thoughts. Is the multi-brand arms race really about guests, or is it just an elaborate play for developers and distribution?  Edwin makes the case that independent hotels have a competitive advantage no loyalty algorithm can replicate. Scott drops the hottest take of the episode: loyalty points have become hush money for operational failures. And Ben shares a story about a boutique hotel that turned a jackhammer nightmare into a lifelong brand loyalist — no points required. Then the World Cup post-mortem. Bank of America's final numbers are in — $20 billion pumped into the U.S. economy, RevPAR up 90% in Kansas City, 55% in San Francisco. Miami crushed it. But three separate properties reached out to Scott after the final whistle with the same question: now what? No social strategy. No post-event plan. No follow-through. The panel unpacks what hotels actually got right, what they blew, and why this should be a wake-up call for independent operators ahead of the 2028 Olympics. And to close it out — a game. It's Route 66's 100th anniversary, and CoStar toured the surviving motels still operating along the highway. The panel plays Keep, Kill, or Reimagine across six properties. Clark Gable's old room, a freshly rehabbed motor court with a paint can still in the bathtub, and a pink-walled Santa Monica hotel sitting on land worth more than the building. Scott wants to build a diner on everything. Edwin wants to preserve the soul. Ben's doing the math. — This Week in Hospitality is presented to you by Journey. Journey is a loyalty platform built specifically for independent boutique hotels and high-touch hospitality brands. Our mission is to give operators the same powerful rewards engine, data intelligence, and guest insights that major chains rely on — without asking them to give up the individuality, soul, or story that makes their property extraordinary. If you're an owner or operator of an extraordinary, independently owned and operated hotel or residence — and you want to see whether your property is a fit for the Journey Alliance — you can learn more and apply at https://www.journey.com/alliance — Key Topics & Timestamps 00:00 — Intro 12:07 — Story #1: Hilton's 28-Brand Defense and AI's Loyalty Shift 33:15 — Story #2: Did the 2026 World Cup Actually Deliver for Hotels? 43:23 — 100 Years of Route 66: Motel Draft (Keep, Reimagine, Kill) — Your Hosts: Zach Busekrus — Journey LinkedIn: https://www.linkedin.com/in/zachbusekrus/ Instagram: https://www.instagram.com/behindthestays/   Scott Eddy — Global Travel & Hospitality Expert @MrScottEddy LinkedIn: https://www.linkedin.com/in/mrscotteddy/ Instagram: https://www.instagram.com/mrscotteddy/   Ben Wolff — Founder of Onera & Oasi LinkedIn: https://www.linkedin.com/in/ben-wolff/ Instagram: https://www.instagram.com/iambenwolff/   Edwin Kramer — Luxury Hotelier Consultant & Former GM LinkedIn: https://www.linkedin.com/in/edwinckramer/ Instagram: https://www.instagram.com/edwinkramer/

In this rebroadcast from the Hidden Money Podcast, host(s) Mike Pine, CPA, and Kevin Schneider sit down with Josh McCallen to discuss how innovative deal structuring, experiential hospitality, and strategic tax planning can create significant wealth, strong cash flow, and valuable tax advantages. Whether you're an experienced investor or exploring new opportunities, this episode offers practical insights into leveraging real estate, hospitality, and the IRS tax code to achieve exceptional results. Chapters:00:00 Introduction and episode overview00:44 Re-release of a rare episode with a deep dive into the IRS tax code02:05 Details of the Queenstown Harbor Golf Resort deal03:47 Josh's background and journey into real estate and hospitality07:55 How hospitality and wedding venues create revenue streams15:15 The concept of experiential hospitality and its revenue potential20:50 The impressive revenue per available room (RevPAR) metrics25:18 The strategic acquisition of golf resorts in Maryland28:26 Cost of building and renovating golf courses32:25 Creating demand through weddings and events35:38 The unique investment opportunity and tax benefits40:28 Closing remarks and how to connect with the hostsVisit: https://www.revotaxpayer.com/HIDDEN MONEY Podcast Link:https://youtu.be/sKW3b-auxO4?si=NbNHfuGbSZ7KT9vbLearn More About Accountable Equity:  Visit Us: http://www.accountableequity.com/   Access eBook: https://accountableequity.com/case-study/#registerTurn your unique talent into capital and achieve the life you were destined to live. Join our community!We believe that Capital is more than just Cash. In fact, Human Capital always comes first before the accumulation of Financial Capital. We explore the best, most efficient, high-integrity ways of raising capital (Human & Financial). We want our listeners to use their personal human capital to empower the growth of their financial capital. Together we are stronger.LinkedinFacebookInstagramApple PodcastSpotify

In this episode of The Turndown, Ally Northfield, Managing Director of Revenue by Design and creator of the Global Revenue Forum, joins Sebastien to unpack what it really means for hotels to stay commercially relevant when the old signals are becoming harder to trust. The conversation moves beyond rate changes, dashboards, and distribution strategy to explore the bigger shifts reshaping hotel performance: uncertain booking patterns, shorter lead times, rising operating costs, changing guest behavior, AI-powered travel search, and the evolving role of OTAs. Ally argues that the next generation of revenue leadership will need to be more strategic, more communicative, and far closer to the guest than ever before. Together, they discuss why RevPAR may no longer be enough, why the cost of acquisition deserves more attention, how AI is changing the way guests discover hotels, and why commercial teams need to break down the silos between revenue, sales, marketing, distribution, and reservations. They also explore what hotels must do to attract the next generation of talent, and why hospitality needs to rethink how it presents itself as an industry. This is a timely conversation about commercial leadership, guest relevance, and the uncomfortable reality that hotels can no longer rely on yesterday's patterns to make tomorrow's decisions.   Related resources: What is hotel revenue management? The ultimate guide The new rules of hotel revenue management: 6 strategies to stay ahead in 2026 What's next for the hospitality workforce: Experts weigh in

On this week's Good Morning Hospitality, A Skift Podcast: Hotels Edition, Sarah Dandashy and Steve Turk break down a week where hotel brands are redefining what they actually are. The conversation opens with Hyatt's lifestyle chief, Amar Lalvani, making the case that the smartest brand strategy is sorting guests by taste rather than price point — and showing what that discipline looks like in practice, including killing a high-profile Miami project because the developer wouldn't listen. From there, Sarah and Steve dig into Marriott International's move into branded apartment rentals under the W Hotels flag, a genuinely new direction for a business that already commands 30% premiums over unbranded properties. They also unpack what week one of FIFA World Cup 2026™ - Canada, Mexico and the United States data actually tells hotel operators, with RevPAR up 24% to 133% across host markets but occupancy down in six of nine cities. And they close with Carnival Cruise Line's Q2 earnings, which posted record revenue while trimming its outlook, and with what the Middle East conflict tells operators about building geopolitical risk into forward-booking strategy. This episode is presented by ⁠⁠⁠⁠⁠Cloudbeds⁠⁠⁠⁠⁠ & ⁠⁠⁠⁠⁠Bilt⁠⁠⁠⁠⁠. Visit ⁠⁠⁠⁠⁠cloudbeds.com/gmh⁠⁠⁠⁠⁠ to learn more. And for hotels with restaurants and restaurant owners, Bilt Hospitality is finally here. Go to ⁠⁠⁠⁠⁠joinbilt.com/gmh⁠⁠⁠⁠⁠ to learn more. And if you're leaving direct bookings on the table, StayFi turns your wifi into a guest relationship engine. Visit ⁠⁠⁠⁠https://stayfi.com/goodmorninghospitality/⁠⁠⁠⁠ to learn more.

On this week's Good Morning Hospitality, A Skift Podcast: Hotels Edition, Sarah Dandashy and Steve Turk break down a week where hotel brands are redefining what they actually are. The conversation opens with Hyatt's lifestyle chief, Amar Lalvani, making the case that the smartest brand strategy is sorting guests by taste rather than price point — and showing what that discipline looks like in practice, including killing a high-profile Miami project because the developer wouldn't listen. From there, Sarah and Steve dig into Marriott International's move into branded apartment rentals under the W Hotels flag, a genuinely new direction for a business that already commands 30% premiums over unbranded properties. They also unpack what week one of FIFA World Cup 2026™ - Canada, Mexico and the United States data actually tells hotel operators, with RevPAR up 24% to 133% across host markets but occupancy down in six of nine cities. And they close with Carnival Cruise Line's Q2 earnings, which posted record revenue while trimming its outlook, and with what the Middle East conflict tells operators about building geopolitical risk into forward-booking strategy. This episode is presented by ⁠⁠⁠⁠⁠Cloudbeds⁠⁠⁠⁠⁠ & ⁠⁠⁠⁠⁠Bilt⁠⁠⁠⁠⁠. Visit ⁠⁠⁠⁠⁠cloudbeds.com/gmh⁠⁠⁠⁠⁠ to learn more. And for hotels with restaurants and restaurant owners, Bilt Hospitality is finally here. Go to ⁠⁠⁠⁠⁠joinbilt.com/gmh⁠⁠⁠⁠⁠ to learn more. And if you're leaving direct bookings on the table, StayFi turns your wifi into a guest relationship engine. Visit ⁠⁠⁠⁠https://stayfi.com/goodmorninghospitality/⁠⁠⁠⁠ to learn more.

On Monday's Good Morning Hospitality, A Skift Podcast, Brandreth Canaley, Michael Goldin, and Jamie Lane break down three platform moves that sound host-friendly on the surface but deserve a much closer look. The conversation opens with Airbnb's first fintech product — a cancel-for-any-reason feature that auto-enrolled hosts without requiring an opt-in. Hosts still get paid, but still have to scramble. From there, the team unpacks what one week of FIFA World Cup 2026™ - Canada, Mexico and the United States data actually tells operators about pricing strategy for the knockout rounds, with RevPAR up across all host markets but occupancy down in six of nine. They close with American Express's $700 million acquisition of TheFork and why dining reservations might be the next front in the battle for the guest relationship. This episode is presented by ⁠⁠⁠⁠Cloudbeds⁠⁠⁠⁠ & ⁠⁠⁠⁠Bilt⁠⁠⁠⁠. Visit ⁠⁠⁠⁠cloudbeds.com/gmh⁠⁠⁠⁠ to learn more. And for hotels with restaurants and restaurant owners, Bilt Hospitality is finally here. Go to ⁠⁠⁠⁠joinbilt.com/gmh⁠⁠⁠⁠ to learn more. And if you're leaving direct bookings on the table, StayFi turns your wifi into a guest relationship engine. Visit ⁠⁠⁠https://stayfi.com/goodmorninghospitality/⁠⁠⁠ to learn more.

Today we’re going to take you through a hotel brand that is directly linked to American personality, Paris Hilton. Yes, we’re indeed talking about global hospitality company Hilton, which boasts a portfolio of 27 world-class brands including Conrad Hotels & Resorts, Canopy by Hilton and Doubletree by Hilton. Fun fact, Paris Hilton’s great-grandfather, Conrad Hilton, or the founder of Hilton, entered into the hotel business in Cisco Texas back in 1919 when he was on the way to buy a bank but bought a local hotel called The Mobley instead. The first hotel which formally bore the Hilton name though, was opened in Dallas Texas only a couple of years later in 1925. Fast forward to today, the hotel company comprises over 9,100 properties and over 1.3 million rooms in 143 countries and territories. It also welcomed over 4 billion guests across its century of history. In April 2026, the firm reported Q1 adjusted EBITDA of US$901 million, up 13 per cent on the year. The firm also reported a 3.6 per cent growth in system-wide RevPAR or revenue per available room. But how far is this contributed by the Southeast Asia region? Looking ahead, the firm continues to face headwinds in the second half of the year amid trade volatility which could dampen global travel spend and weigh on US demand. The war in the Middle East could also result in reduced travel to the region. But to what extent will this make Asian or Southeast Asian markets more attractive for Hilton to double down on? On Under the Radar, finance presenter Chua Tian Tian posed these questions to Alexandra Murray, Vice-President and Regional Head of South East Asia, Hilton.See omnystudio.com/listener for privacy information.

On Monday's Good Morning Hospitality, A Skift Podcast, Brandreth Canaley, Michael Goldin, and Jamie Lane break down three platform moves that sound host-friendly on the surface but deserve a much closer look. The conversation opens with Airbnb's first fintech product — a cancel-for-any-reason feature that auto-enrolled hosts without requiring an opt-in. Hosts still get paid, but still have to scramble. From there, the team unpacks what one week of FIFA World Cup 2026™ - Canada, Mexico and the United States data actually tells operators about pricing strategy for the knockout rounds, with RevPAR up across all host markets but occupancy down in six of nine. They close with American Express's $700 million acquisition of TheFork and why dining reservations might be the next front in the battle for the guest relationship. This episode is presented by ⁠⁠⁠⁠Cloudbeds⁠⁠⁠⁠ & ⁠⁠⁠⁠Bilt⁠⁠⁠⁠. Visit ⁠⁠⁠⁠cloudbeds.com/gmh⁠⁠⁠⁠ to learn more. And for hotels with restaurants and restaurant owners, Bilt Hospitality is finally here. Go to ⁠⁠⁠⁠joinbilt.com/gmh⁠⁠⁠⁠ to learn more. And if you're leaving direct bookings on the table, StayFi turns your wifi into a guest relationship engine. Visit ⁠⁠⁠https://stayfi.com/goodmorninghospitality/⁠⁠⁠ to learn more.

Subscribe to This Week in Hospitality wherever you get you podcasts: Spotify - https://open.spotify.com/show/5oPExA0txHMjEI5Ye13IUy Apple Podcasts - https://podcasts.apple.com/us/podcast/this-week-in-hospitality/id1849637233 Youtube - https://www.youtube.com/@ThisWeekinHospitality   This week opens in full TWIH chaos: Zach and Scott are somehow a mile apart in San Antonio and still not together, Ben is on the Connecticut shore debuting smarter-looking glasses, and Edwin is back in Barcelona sweating through a muted AC situation. Then the guys get into the real stories moving hospitality. CoStar and Tourism Economics upgrade 2026 RevPAR forecasts, but the panel is skeptical. Luxury keeps pulling away, select service is stuck below inflation, and Ben argues the real problem is product-market fit: too many boring midscale hotels charging more without giving guests a reason to care. Edwin warns that the rush into luxury could create a wave of copy-paste properties that look expensive but mean nothing. Scott lands the bigger question: are we measuring industry health while ignoring the health of the guest experience? From there, Marriott hits 10,000 properties with the JW Marriott Ranthambore in India — and the milestone becomes a debate about scale, owner trust, Bonvoy economics, and whether loyalty programs are quietly becoming financial institutions. Edwin points to owners pushing for a bigger slice of Marriott's credit-card and loyalty revenue, while Ben argues younger hoteliers may not see the same value in flags that previous generations did. The crew digs into whether AI, better data, and a more independent-minded generation of owners could start cracking the big-brand moat. In What's in Your DMs, Ben is seeing a wave of narrative-driven independent hotel projects, Scott hears from a travel advisor whose clients are bringing AI-generated itineraries for human validation, Edwin is getting flooded by designers looking for work, and Zach admits he built a Claude agent to help find better podcast guests. Finally, Edwin breaks down Amsterdam's tourist-tax fight, where the city is pushing toward a 20% tax by 2030 and hotel leaders are moving from dialogue to lawsuits. The group debates overtourism, whether cities want visitor revenue without visitor relationships, and why Europe is starting to feel materially more expensive for travelers. Spice of the Week closes with World Cup infrastructure chaos in Miami, six-hour stadium commutes, and Ben's Messi doppelgänger moment. This Week in Hospitality is presented to you by Journey. Journey is a loyalty platform built specifically for independent boutique hotels and high-touch hospitality brands. Our mission is to give operators the same powerful rewards engine, data intelligence, and guest insights that major chains rely on — without asking them to give up the individuality, soul, or story that makes their property extraordinary. If you're an owner or operator of an extraordinary, independently owned and operated hotel or residence — and you want to see whether your property is a fit for the Journey Alliance — you can learn more and apply at https://www.journey.com/alliance   Key Topics & Timestamps 00:00 — Intro 06:51 — Story #1: CoStar's Hotel Forecast Reversal 24:00 — Story #2: Marriott Hits 10,000 Hotels 46:50 — What's In Your DMs: AI Travel Planning & Independent Hotel Momentum 1:00:13 — Story #3: Amsterdam's Tourist Tax Revolt 1:11:22 — Spice of the Week   Your Hosts: Zach Busekrus — Journey LinkedIn: https://www.linkedin.com/in/zachbusekrus/ Instagram: https://www.instagram.com/behindthestays/   Scott Eddy — Global Travel & Hospitality Expert @MrScottEddy LinkedIn: https://www.linkedin.com/in/mrscotteddy/ Instagram: https://www.instagram.com/mrscotteddy/   Ben Wolff — Founder of Onera & Oasi LinkedIn: https://www.linkedin.com/in/ben-wolff/ Instagram: https://www.instagram.com/iambenwolff/   Edwin Kramer — Luxury Hotelier Consultant & Former GM LinkedIn: https://www.linkedin.com/in/edwinckramer/ Instagram: https://www.instagram.com/edwinkramer/

On this week's Good Morning Hospitality, A Skift Podcast: Hotels Edition, Steve Turk and guest host Katie Cline break down a week where consolidation is happening at every layer of the hotel industry at once. The conversation opens with NORWEGIAN AIR UK LIMITED's $843 million bet to acquire Nordic Leisure Travel Group AB Group and own the entire travel value chain from flights to hotels. The number that explains the deal: NLTG's owned hotels are 25% of its holiday volume but 60% of its gross profit. From there, Steve and Katie dig into IHG Hotels & Resorts' CEO, making the case that eight years of tech investment is finally showing up in franchisee margins, and close with RealTime Reservation's acquisition of STAY and what unified ancillary revenue tech actually means for total RevPAR. This episode is presented by ⁠⁠⁠Cloudbeds⁠⁠⁠ & ⁠⁠⁠Bilt⁠⁠⁠. Visit ⁠⁠⁠cloudbeds.com/gmh⁠⁠⁠ to learn more. And for hotels with restaurants and restaurant owners, Bilt Hospitality is finally here. Go to ⁠⁠⁠joinbilt.com/gmh⁠⁠⁠ to learn more. And if you're leaving direct bookings on the table, StayFi turns your wifi into a guest relationship engine. Visit ⁠⁠https://stayfi.com/goodmorninghospitality/⁠⁠ to learn more.

On this week's Good Morning Hospitality, A Skift Podcast: Hotels Edition, Steve Turk and guest host Katie Cline break down a week where consolidation is happening at every layer of the hotel industry at once. The conversation opens with NORWEGIAN AIR UK LIMITED's $843 million bet to acquire Nordic Leisure Travel Group AB Group and own the entire travel value chain from flights to hotels. The number that explains the deal: NLTG's owned hotels are 25% of its holiday volume but 60% of its gross profit. From there, Steve and Katie dig into IHG Hotels & Resorts' CEO, making the case that eight years of tech investment is finally showing up in franchisee margins, and close with RealTime Reservation's acquisition of STAY and what unified ancillary revenue tech actually means for total RevPAR. This episode is presented by ⁠⁠⁠Cloudbeds⁠⁠⁠ & ⁠⁠⁠Bilt⁠⁠⁠. Visit ⁠⁠⁠cloudbeds.com/gmh⁠⁠⁠ to learn more. And for hotels with restaurants and restaurant owners, Bilt Hospitality is finally here. Go to ⁠⁠⁠joinbilt.com/gmh⁠⁠⁠ to learn more. And if you're leaving direct bookings on the table, StayFi turns your wifi into a guest relationship engine. Visit ⁠⁠https://stayfi.com/goodmorninghospitality/⁠⁠ to learn more.

NYU IHIF 2026 was full of insights and thought leadership from some of the best and brightest hospitality professionals in the industry.  In this episode of the Suite Spot, you will get to hear from some of the most influential and biggest names in hospitality in the exclusive interviews we were able to cover at the event.  NYU IHIF is the epicentre of hospitality brands, capital, and fast-paced dealmaking – opportunity moves fast, and so should you. This is where the rebound takes shape, where leaders uncover what's next, and where relationships turn into real transactions. Ryan Embree: Welcome to Suite Spot, where hoteliers check in, and we check out what’s trending in hotel marketing. I’m your host, Ryan Embree. Hello everyone. Welcome to another episode of the Suite Spot. This is your host, Ryan Embree and VP of Marketing here at Travel Media Group. Cassady Quintana: And I’m Cassady Quintana, Brand Ambassador here at TMG. Ryan Embree: And today we are fresh back from NYU IHIF 2026. My second time in attending this incredible event. Cassady, your first, what were your thoughts? Cassady Quintana: Yeah, I thought overall was a great event. A lot of optimism, especially as we’re heading into the summer season. So I thought, you know, the conversations that we heard on the panels and the ones that we were having with people were awesome, and a lot of you know, good things coming out of that. I feel like the biggest topics that I heard, there were three major takeaways I took from a lot of the panels and people we were talking to, but one being that K-shape economy that we’ve heard a lot about, right? We know that luxury is still outperforming while economy segments are feeling a little bit more of that pressure especially as we head into this summer season and looking at some of those trends. And then I think one of the biggest topics we have been talking about since the beginning of this year is the World Cup and how international travel we thought was gonna be booming. We were expecting a lot of busy hotels, but it’s kind of been on the softer side, and we’ve actually seen international travel dip a bit. So I think right now we’re kind of in that wait and see period of maybe you know people are waiting to see if their teams make it out of the group stages and then they’ll plan on booking a hotel. So keeping an eye on kind of that last minute travel. But the biggest topic that we were talking about a little bit last year, but the biggest one this year is AI and how hotels are using that within their systems. You know, there’s a lot of trends around using that for more personalization and being able to use it to look at your, you know, revenue optimization and how you’re performing online. So finding ways that we can use AI that doesn’t take the hospitality out of hospitality and doesn’t replace that human element. But that kind of went with that overarching theme of the entire event, which was sharpening the edge. So the thing I took from that is that the hotels that are really gonna win are the ones that are understanding their guests and using AI to further that, to further get to know their guests, to make that experience a little bit better. Ryan Embree: You know, and we had some incredible conversations and interviews with some professionals that we’re gonna share here in a second. But just to kind of jump on what Cassidy’s saying, we’re at a really cool inflection point in our industry right now as we go gear towards the busy travel season. So it’ll be interesting to see, you know, we had the opportunity to meet with development person from Minor hotels who’s looking to bring their brand into US and Canada, which will be very interesting. We know how they have a huge global footprint, a lot of interest early on in getting into the Americas. Uh, we then visited with AHLA and Kevin Carey and his team doing such wonderful work over there advocacy for our industry and some really cool initiatives that we were able to sit down with Kevin for a few minutes and chat about, uh, Jan Freitag from STR our hotel Data North Star and compass. They just released a revised forecast for the hospitality industry. So we went over some major points of that revised forecast and finally we got the opportunity to sit down with president and CEO Best Western Larry Cuculic. What a wonderful conversation about the best Western brand and how they are implementing, um, some of that AI and technology into their brand, and capitalizing on not only the World Cup, but also America 250. So wonderful insights that you’re only gonna find here on the sweet spot. Thank you for joining us. We hope you enjoy these exclusive interviews from NYU IHIF 2026. Hello everyone. Welcome to another episode of The Sweet Spot. We are live on location at NYU IHIF 2026 here with Genna, the VP of US and Canada Development for Minor Hotels. Genna, thank you so much for taking the time to stop and the busy big apple and talk with us today. Genna Panagopoulos: Thanks for having me. Ryan Embree: Excited about, this show. A lot of energy, a lot of buzz. You know, when you come to an NYU talking to ownerships, a lot of capital here, what are the conversation kind of stem around, and what does a successful NYU show look like as you head back to your home base? Sure. Genna Panagopoulos: Successful NYU would really be finding some deals, perpetuating some deals. So hopefully advancing some opportunities and it’s really all about for right now because we’re relatively new into the region. Educating our owners and the, the broader development community. So, you know, some of, some of the players do already know us, but in the luxury space, but there’s a lot of people we gotta get out in front of and introduce Minor hotels to. Ryan Embree: And this is a great place and, obviously a great city to do that in. What has been kind of the feedback? I mean, you’ve been tasked with this enormous job. We have such a great brand, worldwide, you’re bringing it here to us, Canada, and North America. What have been some of those initial conversations and hearing that and initial interest and feedback from owners? Genna Panagopoulos: Yeah, we’ve had a lot of feedback and interest on Anantara. So some of our, you know, established luxury brands that are pretty well known when you know the luxury hotel space in a global environment. Sure. So those owners have actually come to us saying, we’re really excited about the opportunities here. So that’s one piece. Of course we have NH Hotels, NH collection, and NH, which are very well known brands, especially in Mediterranean, Europe. Yeah. And, Central and South America. So there’s excitement around that too. Ryan Embree: Does it help, I mean, having such an international brand, we got the World Cup here, right? In a couple months. You kind of using that as maybe some momentum as you kind of come into, and introduce this brand into the Americas. Genna Panagopoulos: Absolutely. There’s a lot of, you know, I’m also educating Minor of the markets we wanna be in and so that’s definitely helping as well and putting some places on the map. Ryan Embree: And let’s talk about that because there’s been some announced projects already right here actually in New York. Talk about that project a little bit. Genna Panagopoulos: Yes. Thanks for asking too. We have a Worsely Hotel that’s opening, here next year. It’s gonna be super exciting because Worsely is a restaurant brand that we are taking into the hotel space. So it’s the first of its kind and nowhere better than to start in New York comes from London. So there’s a lot of correlation between the two markets. Ryan Embree: One of a kind hospitality venue and a one of a kind city, so. Exactly. But another project we’re really excited about just ’cause we’re home based, obviously in Orlando right down the road, a bright line away in Miami. Talk to us a little bit about that project and how that’s different. Yeah, Genna Panagopoulos: It’s a high rise building built in Miami. Hasn’t started construction yet, but it’ll open in 2030. It’ll be an Anantara hotel with branded residences, both private branded residences and, um, ones that will be able to be rented to hotel guests as well. Super wellness oriented. There’s gonna be a really extensive spa. Right. Very experiential. Wonderful for the residents that are gonna be buying, the residence. Ryan Embree: It’s incredible. It sounds like you guys are really taking care of all of the kind of popular travel trends right now. Right. FMB has really had this resurgence in hospitality with the project here. Wellness, obviously a huge piece of what hospitality is leaning into and what travelers are looking forward to. So having that flexibility between the brands too, I’m sure is a definitely a fun place to be when having these conversations with owners. But you talked about another project in Turks and Caicos. Genna Panagopoulos: Turks and Caicos. So we have an Anantara in Turks and Caicos that I believe will open in 2029. So in order we’ll have one in New York next year, and then 29 on Ontario trips and Caicos 2030, Miami. Ryan Embree: So no shortage of news on the Minor Hotel side. Congratulations to you and your team. Thank you. As you wrap up, I mean, what’s your vision? What’s your goal? As you bring Minor Hotels into the North American region? Genna Panagopoulos: Yeah. Well, if I think about next year at NYU, I hope people, more people are coming towards us. Excited about us being a different brand a different mindset. So we offer, we think of ourselves a little bit differently from the parent brands that are already established here because we have, you know, ownership still of most of our portfolio or we lease most of our portfolio. Um, so I hope there’s more inbound traffic coming towards my way. I hope people generally just walking down the street know us a little bit more. Certainly. You know, white Lotus helped us with Anantara, so there’s a lot of people who Oh, yes, are are diehard Anantara fans because of that. But that’s what I’m hoping for. And eventually we’d love to have an office here. So as long as we do our, our, our work, right, we, we get a strong pipeline, we’ll be able to have an office, a regional office in, in North America. Ryan Embree: Incredible. Well, super exciting. Can’t wait to catch up on all the exciting projects that you have at Minor Hotels. This is the first of a couple collaborations we’ll be doing with Minor hotels, so make sure you stay tuned. Congratulations again, Genna. And thank you for taking the time to speak with us today. Genna Panagopoulos: Thanks for having me. Ryan Embree: Hello everyone. Welcome to another episode of The Suite Spot. We are live on location, New York City at NYU IHIF. I’m here with Kevin Carey, President and CEO of the AHLA Foundation and COO of AHLA. Kevin, not your first time on the Suite Spot. Appreciate you taking some time and joining me here today. Kevin Carey: It’s lways a pleasure to spend time with you. Ryan Embree: Yeah, it’s fun.Incredible event so far. NYU obviously AHLA, AHLA Foundation Forward has a huge presence here. What does, you know, when you come to the event like this, we always talk in hospitality, these events are always going to exist no matter what. Technology comes down the pike because hospitality, we’re people, right. We like connecting. What is a successful NYU IHIF look like for you and your team? Kevin Carey: Well, It’s always an important period of time in the year at, as we approach midyear to check in with our members, to have that conversation about the advocacy issues we’re leading on behalf of the industry to hear how the business performance is tracking as well. And just to build enthusiasm and engagement for the events and the initiatives that we’re leading, not only in the association, but with the foundation as well. Ryan Embree: And none more important than the No Room for Trafficking initiative that you and your team have done some fabulous work on. I mean, we have all sorts of brands up on stage, sometimes with differing opinions here and there, but one cause that everyone in our industry has really gotten behind, and it’s the work of you and your team, is this No Room for Rrafficking? We always like to spread awareness of this. Talk to us a little about, about on that front and the progress you’re seeing and making. Kevin Carey: Well, this is a longstanding commitment that the industry has to human trafficking prevention and awareness. It started in 2019 with the development of the No Room For Trafficking Initiative and its focus on training and expanded in 2022 to include the Survivor Fund. So this is an area where AHLA and the foundation specifically serves as a convening entity to bring the industry together to rally around this important issue to work, to build awareness that’ll drive prevention of human trafficking, and also to gather funds to help support survivors. So this is a commitment not only on a longstanding basis, but also on a going forward basis as well. Ryan Embree: And such inspiring stories that you’ve told over the years. And people, you know, hoteliers and other people listening to this can really get behind and encourage people to kinda look at that initiative. Another kind of initiative that you’ve done in these events that, when we’re talking about these events is forward. We had a record breaking attendance a couple months ago in the spring. Talk to us about how that is. And you actually have some of those the forward initiatives here at NYU. Kevin Carey: We do within the foundation, our mission is to advance the workforce of the industry. And we do that through a focus not only on the current workforce, those over 2 million associates and colleagues who deliver hospitality day to day, but also how do we attract the future workforce to the industry. I talked about being a convening entity. The foundation brings together the industry across all segments. And there’s two areas where we believe we can make a difference. One is around human trafficking that we just spoke about, but also around the forward initiative which is geared towards, and its purposes to advance women in the hospitality industry and in leadership roles in the hospitality industry. So we were delighted to host our most recent forward conference in Atlanta, back in April. And the results were outstanding but really the momentum and the impact that that forward is having is really, which has us so enthusiastic and committed to this initiative moving forward. Ryan Embree: Yeah, that’s gotta be so cool to see industry leaders in hospitality raise their hands and want to be a part of this movement and really see the results from that. Kevin Carey: Well, it’s grown from just being a conference, that started in 2018 and had about 150 people at the first event to now over 1100 attendees. But as it as it has expanded from a conference to a leadership development curriculum. And you mentioned the forward exchange, which took place, here in New York earlier today, where it brought together over a hundred early and mid stage career and professionals of women and some men who are participating along with their peers to focus on networking and building those relationships so they can be well suited and take on roles, over time in the industry. Ryan Embree: Really cool to see. And again, probably some incredible stories coming from that over the years as the as the initiative matures. One thing that, that hospitality in general, really looking forward to, we got big summer, right? We’re usually really excited about summer is just ’cause of the travel season, kids being outta school. But this summer in particular, we’ve been looking forward to for a couple years. We got World Cup on the horizon, finally. We played just a couple miles from here and in America 250. What are you kind of hearing from hoteliers and how are AHLA really, gearing up for these big events, showcasing our industry? Kevin Carey: Well, these are really defining opportunities, for the industry to support those guests to welcome that demand, to drive the hospitality infrastructure over time. So there’s a lot of enthusiasm around the potential that that represents and as we’ve seen on stage already today the results in the first part of the year for the industry have been positive. a number of the outlooks are increasing the Revpar and ADR and other industry metrics, here with the these large events we are still waiting to see some of the demand materialize and we’re in a critical period of time right now, about 10 days out before the games to see that hopefully what’ll be a late surge in bookings, then translate into further business success for the industry. Ryan Embree: Yeah. Hopefully, and hopefully see that international travel continue to come back to North America, you know, a lot of hoteliers, hoping for that. Zooming in a little bit on a AHLA summertime, also time for interns, right. Come in and we’ve talked about this before. I mean, internships, mentorship in hospitality. So critical. I mean, throughout the years we’ve had these staffing shortages and we’ve talked about getting creative, our industry, getting creative on ways to fill those roles, internships being one of them. Talk about a little bit about the AHLA internship program and what these interns are are ready for this summer. Kevin Carey: Well, it’s not new. We’ve had a well established program from a number of years now. And, and we’re excited annually to bring a number of interns into our team across each function. we’ll have an interns in the government affairs team, in marketing, in the foundation. it’s so refreshing to engage them in our work to see their enthusiasm about their future to see them pick up valuable skills and experience of being in an office environment, learning more. And you know what? They, they have a real impact. They have some fun along the way as well and we have a wonderful session at the end where they get to present the results of some of the work in the initiatives that they’ve been working on. So it’s an annual opportunity that we look very forward to. And they’ll be starting just in about a week’s time. so it’ll be a great another repeatevent for us. Ryan Embree: Yeah. Love to see it. You know, again, any way that we can have more exposure to all sides of hospitality. Beause as we know, it’s not just, you know, the front desk. There’s so many elements to it and there’s none more demonstrated by how big our hospitality industry is than by the hospitality show that you put on. And this year is gonna be right in our backyard. In Miami, Florida. Get us a little bit excited about what we can expect at this year’s fourth annual. This is our fourth Hospitality Show, correct? Kevin Carey: So we started in Vegas, went to San Antonio, we’re in Denver last year. A lot of enthusiasm coming out of Denver for the content. And then what’s unique about the hospitality show is it’s really the only conference in the industry with a focus on operations and how operations is driving profitability. So there’s a terrific enthusiasm and people are looking forward to being in Miami, coming together in Q4, all segments of the industry represented. So we’ll have the brands we’ll have management companies, owners, service providers, suppliers, independent hotels also play an important role in the industry. So we’re about to open registration and that’ll really kickstart, the focus on November 2-4 in Miami. Ryan Embree: Well we’re looking forward to it. We’re hoping to go 4/4 on covering the hospitality show. Especially with it being right there in our backyard. Kevin, we know you’re busy. Thank you so much for taking the time to speak with us today on some of these important initiatives. And hopefully we’ll see you in Miami in just a few months. Kevin Carey: Hopefully I have something else on. Ryan Embree: Alright. Appreciate it. Thanks. Kevin Carey: Thank you so much. Ryan Embree: Hello everyone. Ryan Embree. here live at NYU IHIF 2026 here with Jan the National Director of Hospitality Analytics at CoStar. Jan, you were just on a panel. Thanks for taking the time to jump off and speak with us. Jan Freitag: Absolutely. Ryan Embree: State of the state, love the name obviously you’re the north star of hospitality data out there. Jan, revised forecasts just came out. Talk to us a little bit about those points that you were sharing with the audience today. Jan Freitag: So we’re suggesting that RevPAR this year is gonna grow 2.8%, which is very different from the way we looked at the world at the ALIS Hotel Investment Conference. First quarter performance was much more stronger than we had expected than the public traded companies had expected the brands or the …. And a lot of them have revised their year end forecast up. So, you know, we followed suit. Now they, most of them just revised their forecast by the outperformance of Q1. But we’re suggesting No, no, there’s momentum. So we actually took our forecast up by a lot more to 2.8%, 2% driven by ADR and 0.8 by occupancy, which is really good to see. ’cause it implies that demand is outpacing supply. You know, so we get occupancy gains and then some pricing power. Ryan Embree: Love to see that. I mean we were here a year ago with Amanda who is talking about trying to decipher through the noise, a lot of noise right now. But great to see the momentum with those revisions and so important to have those revisions because the landscape can change ever so rapidly as you know. But talking about the supply, talk to us a little bit, go into a little bit more in depth and then obviously every market is different. What markets right now are running a little bit hot on supply? Jan Freitag: Yeah, so fational forecast for Supply goes to 0.4%, not a whole lot. Right. The long run average is 1.6, so we’re well below that. The number of rooms in construction used to be between, we know, 150,000 – 160,000. It’s now 140,000. So it’s sort of staying there. It’s just so expensive to get anything done. And interest rates are still high and could go higher. Who knows, we’re not making interest rate forecast. But you know, there’s definitely no longer this idea of how we should cut, you know, interest rates twice this year or so. I think those days are gone, you know, and so now the question is, okay, so where are people getting things done? And you can look at it by markets. So a couple of them are usual suspects. So Nashville, very strong, Dallas, Houston, Denver, Phoenix. So those are markets sort of in the smile states, sort of in the Sunbelt that still get a lot of people moving there. And you know, migration determines the economic performance. And so we’re seeing a lot more room supply growth there, but there’re just a lot of markets where it’s very, very hard to get anything done because of that higher cost of construction and of the higher interest rate. So I would single out those markets, but overall the picture is rather muted. On the supply side. So what that means then, for existing owners is the time to renovate is right now percent. Because you want to be the new kid on the block with the new hotel, there’s not a lot of new competition coming. This is time to renovate and really put your best foot forward. Ryan Embree: A hundred percent. And you know, one of the other topics we talked about, or you talked about rather on stage was segments right now luxury, doing very, very well leading the way. Obviously a lot of bifurcation, that K-shaped economy. What are you seeing across the segments right now? Jan Freitag: Yeah, I mean there are no wrong answers in luxury, right? I mean, luxury last year was the winner. This year is the winner. We’re projecting, very healthy RevPAR growth double of what we’re saying for the nation. We think the luxury class can materialize. And then what’s really nice to see is that for upscale upper midscale midscale, there’s also RevPAR growth there, which we hadn’t seen last year. And to me that speaks to the strength really of the American economy. But it sort of permeates toward all income classes. Now the exception is was and unfortunately will be likely the economy sector now even there we’re suggesting RevPAR’s growing, but it’s just, you know, 0.8% call that flat for all intent and purposes. Ryan Embree: International travel too, obviously World Cup on the heels of this. What are you see any interesting data points there you wanna share just right ahead of the America 250 and World Cup? Jan Freitag: There are two very different vibes coming from the panel that I was on. Adam Sacks prior to US presenting was talking about, oh wow, international inbound is really still quite a bit lower than it was in 2019. But the gentleman from the NTTO, the National Travel Tourism Organization was like, no, we’re projecting rock and roll, really strong growth of international inbound. The truth is probably gonna somewhere in the tween this year. World Cup is gonna drive a lot of international travelers. What I’m wondering about though is are some of those travelers basically stealing from 2025 and from 2027 and now they’re saying, oh, let’s not go in 25, let’s go in 26. And then when next year comes around, they’re like, we just went to the us you know, and not go in 27 either. So I just hope that the more positive spin from the government comes true and this and, and not that we’re just sort of packing everything into this year and then international inbound is gonna deteriorate. Ryan Embree: So many interesting data points. Anyone in particular you have your eyes on where, you know, obviously we love a nice rosy outlook and try to look for opportunities through all of the data that’s out there, but anyone’s that are like unexpected data points or something that you’re at least keeping an eye on right now? Jan Freitag: Yeah, so there are a couple, but the one that I’m really focused on is consumer price index. Everything is getting more expensive and so that means that hotels will see their cost increase. And the big question then is how much of that cost increase can they pass on to the customer? And I just told you that our ADR forecast for this year is 2% and inflation is gonna be what, 3.5 or something? I mean, it’s gonna be much more than that outpacing that. So that’s really the crux and I think that’s what we here at NYU, to talk to owners and investors and management companies have figure out, okay, so how can we keep our margins expanding even maybe how do you do that in this environment where top line growth may be not keeping pace with with inflation. So the CPI number is really something I’m keeping an eye on. Ryan Embree: Yeah, pretty challenging time right now. when it comes to margins and hospitality that we, again, trying to suss out and figure out here, what are those maybe opportunistic data points that you’re seeing that you’re saying this, this is really good, maybe unexpected on the other end of the spectrum? Jan Freitag: Yeah, I think the Americans are wealthier than they ever have been. And Adam Sachs has this fascinating data point where he shows at the emerge that the middle class in America is shrinking, but part of it is because a lot more people are rich. So people are moving up the income chain and that allows ’em then to spend more money on experiences, very clear that people favor experiences over goods. And we are right in that Suite Spot. Ryan Embree: That continues to be the experience over stuff. We love to see that. And then you’re kind of here celebrating an anniversary/birthday of your podcast, is it? You know you’re, you’re usually, typically used to be in the host, not so much the guests, so thank you. Tell us a little bit more and maybe where our hotel audience can find the insights that you provide. Jan Freitag: Yeah, and thank you for having me. So we have our own podcast. My colleague Isaac Collazo from STR and myself get together once a month. It’s called Tell Me More, A Hospitality Data podcast. And three years ago at juniors across the street over cheesecake, we sort of hatched the idea. And so now we’re, I don’t know, like, you know, almost 30 episodes into it. And we get together once a month and we just sort of riff on the data and hopefully you can join us. Ryan Embree: I love it. That’s awesome. Well, Jan, thank you so much. Very busy time. Appreciate you stopping by and talking to us. Jan Freitag: My pleasure. Thank you so much. Ryan Embree: Alright. Hello everyone. Ryan Embree here with the Suite Spot. We are live at NYU IHIF 2026 here with Larry Cuculic, President and CEO of BWH Hotels. Larry, thank you so much for taking time outta your busy schedule to join us here on the Suite Spot. Larry Cuculic: It’s my absolute pleasure. Thank you for the invitation and for allowing me to share some thoughts with regard to the success and BWH hotels. Ryan Embree: Yeah. We’ve got a lot to cover cause you’ve got a lot going on right now. But let’s start with this event, right? NYU IHIF, lot of major brands here what does a successful NYU look like for you and your team? Larry Cuculic: To us, a successful NYU is interacting with developers and investors such that they’re aware of what BWH has become. We’re now 18 brands, over 4,000 hotels in over a hundred countries and territories from premium economy up to luxury hotels. We acquired world hotels about six years ago. And so it really is continuing to educate about the possibilities of their associating with BWH hotels because we would be singularly focused on their success if they partner with us. And you’re also in a powerhouse panel tomorrow, the Executive Exchange Hospitality Performance Strategies for Success give our audience a little bit a sneak peek of what you’re gonna be talking about on stage. Larry Cuculic: Well, we’re gonna be talking about of course, the economy near term as well as long term projections for what that looks like. we’ll be talking about the importance of loyalty programs. We’ll be talking about the impact of really the economy and things like labor insurance and how we as brands need to focus on the success of our hotels by offering them programs to really offset that impact on net RevPAR. Ryan Embree: And I’m sure one of the subjects and topics that we brought up on your panel, certainly something we talk about these hospitality events is, AI and technology. And we had the privilege of having SVP and your CTO Bill Ryan on at the Hospitality Show a couple months in October, gave us a little bit of lay of the land when it came to AI and technology. How do you feel personally that this technology is really changing the way that travelers choose hotels, but also how they have their hotel experience, their guest experience? Larry Cuculic: Sure. So the first thing we’re doing is we’re reinvesting in our .com as well as our app. And we want them to be easy to use intuitive, but we also wanna make sure they have content that convinces guests when they’re shopping that our hotels will provide them kind of that customization and personalization. ’cause it’s not about a commodity, a hotel room, it’s about all those things that we can offer. By way of example we’re partnering with an AI agency to kind of harvest content with regard to where our hotels are located in those communities. At the same time, we’ll take that harvested content and we’ll filter it through our hoteliers who live in those communities and create the content that will be the AI answer when somebody’s looking for a place to stay. And they’ll know that we want them to have the best possible time while we’re in that community, not just staying with us as a hotel, that we recognize that people don’t want just to stay, they want really a journey. Ryan Embree: Yeah. Something that we aspire in hospitality to provide that not just a hotel stay, but an experience. And we talked to Joelle Park about the power of storytelling and how that can play a component in one of the best stories, obviously that you just had a really exciting announcement with is America 250 and the story of this great nation. So talk to us a little bit about that partnership and what BWH Hotels is doing with America 250. Larry Cuculic: Well, we are a sponsor of America 250, and we’re encouraging our hoteliers to embrace the 250th anniversary of the birth of our nation. And part of that is not just USA 250, we also have the 100th anniversary of Route 66. We have hotels that have been with us, believe it or not, we have a hotel that’s been with us 75 years. And it speaks to the heritage of our brand. So we’ll be leaning into the history of this great country. At the same time we’ll be leaning into the history of our great brand and encouraging people to travel and see the United States and all that it has to offer no matter where you go. And the beauty of our hotels we have 2200 of them in North America and wherever they’re going to go, we want them to know that we have a hotel that will meet their travel leads such that they can experience really the 250th anniversary of USA. Ryan Embree: Yeah. It’s a really exciting partnership right in at an inflection point with the World Cup as well. So introducing maybe some international travel also to the brand and the nation. You know, you’re a great following on LinkedIn. I encourage our audience, if you haven’t, make sure you follow Larry, but one of the things you’re reflecting on your North American regional conferences that you’ve done up to this point in 2026 and you quoted to say that you want BWH hotels to become the most welcoming brand in the world. What does that mean to you and how is your team working to achieve that? Larry Cuculic: Well, welcoming means that we’re gracious hosts, but it also means that we’re, I’ll call it easy to do business with understanding, being flexible and recognizing that we are somebody you’d want to be partners with. Whenever anyone walks into a hotel we should tell them, you know, welcome, we’re glad you’re here by way of example. But I used to think of it that way in terms of being gracious host and everything that happens at the hotel, but when I think of welcoming, I also want to think about our new.com and app. Again, it’s that ease of use and personalization so that when you go there, we know it’s you and we want to help you make good decisions with regard to travel. So welcoming is about ease of.com, the app we’re redoing our loyalty program. I think Joel probably talked to you about that. And we want the loyalty program to be welcoming as well. Well, what does that mean? Well, that means that when you interact with us, you’ll know how many points you have. You’ll know they never expire. You’ll know that you can use them to buy down the price of a room at any point. That you don’t have to, to have as many points for a full stay to leverage those points. It’s a value of the program. And of course welcoming. I always lean into the importance of being not just a gracious host, but somebody that appreciates our guests. To me, that’s welcoming because you have to recognize that people, they’re traveling with their families, it’s something that you wanna leave a terrific impression on them and their family. And you also want them to know that we appreciate that they’ve spent their hard-earned money staying with us. To me, that’s being appreciative gracious hosts. And that’s part of the welcoming. It’s not, the welcoming doesn’t just happen when they enter. Welcoming has to be entire stay. Ryan Embree: So key. And the brands that kind of make that connection with their travelers, especially in a time where, I mean, we just talked about in this interview AI technology, there’s way more places become disconnected, to find that connection, that human to human connection. Very important right now. So as we wrap up the interview, obviously at these events we’re always, whether it’s the hospitality data we’re looking into, whether it’s a conversation, we’re always trying to take a glimpse into the future, trying to predict that future. Larry what do you see, what’s your vision for the future of BWH Hotels. Larry Cuculic: People will always wanna travel. And for us, if we can become that welcoming brand that appreciates our guests, we will build that loyalty. When we build that loyalty, that program will grow. Our revenue delivery brand direct will grow which is the lowest cost for us in terms of that reservation for our hoteliers but what I think I would also offer to you is we’re also very focused on thoughtful growth. And what that means is if you grow your loyalty program, you also wanna make sure you have hotels that are in locations where guests want to go. Be it London, be it Rome, be it Frankfurt, be it Bangkok, no matter where it is around the world. And so, you know, we have a, a focus goal of 5,000 hotels, which means we will grow thoughtfully, but with our guests in mind. And because when we have a hotel join us, our sole focus is the success of that hotel as well as having a quality hotel where guests want to go. Ryan Embree: That’s awesome. Well, we wish you nothing but success. Hopefully maybe can join the Suite Spot when that 5,000 hotel opens and we can celebrate that together. But in the meantime, thank you, Larry, for taking the time out of your day to join us here on the Suite spot. Larry Cuculic: Well, thank you. Thank you for the opportunity. Very much appreciate it. Speaker 2: To join our loyalty program, be sure to subscribe and give us a five star reading on iTunes. Suite Spot is produced by Travel Media Group. Our editor is Brandon Bell with Cover Art by Bary Gordon. I’m your host Ryan Embree, and we hope you enjoyed your stay.

Laura Wegner didn't get into short-term rentals because it was trendy. She got into it because her business disappeared overnight during COVID.What started as a way to survive turned into a highly strategic hospitality business in Whistler, British Columbia. Today, Laura owns and manages premium ski-in/ski-out rentals and is preparing to expand into boutique property management with a very specific vision.In this episode, Laura breaks down:Why she stopped treating her STR like a side investmentHow understanding RevPAR changed her businessThe mistake she made with minimum stay requirementsWhat finally clicked with PriceLabsHow design, cleanliness, and hospitality justify premium pricingThe exact mindset shift that helped her outperform competitors in the same buildingShe also shares the real numbers behind her growth and how Strategic Host helped her increase RevPAR dramatically year over year.If you've ever felt stuck, overwhelmed by pricing strategy, or unsure how to compete in a crowded market, this episode is a masterclass in using data with intention.Resources Mentioned: Join the Priced & Profitable Bootcamp Waitlist Price Labs

David Pepper, Chief Development Officer at Choice Hotels, says Q1 turning RevPAR positive brought buyers back into the market. Glenn Haussman talks with David from Choice's annual convention about why transactions drive conversions—and why extended stay keeps leading new builds. Conversions need transactions: buyers have to trade hotels for conversions to happen Q1 momentum: industry up, Choice up, investors start moving Choice relicensing up 50% in Q1 as buyers re-sign existing Choice hotels Country Inn & Suites up 50% this year Extended stay leads new construction: 50% of Choice's pipeline runs extended stay WoodSpring + Everhome make up 50% of extended stay hotels under construction Want the weekly roundup of news, videos, and what you might've missed? Text HOTEL to 66866. #ChoiceHotels #HotelDevelopment #HotelConversions #ExtendedStay #Hospitality #NoVacancyNews

On May 31 – June 2, in NYC, the industry-defining NYU International Hospitality Industry Investment Conference is taking place. In this Suite Spot episode we are pulling back the curtain on what to expect at this year's landmark event. Joining us on the Suite Spot is Alexi Khajavi, President of Hospitality, Travel, and Real Estate at Questex. In this exclusive preview, Alexi breaks down the 2026 NYU IHIF agenda and shares why this year's gathering is more critical than ever for hospitality leaders, hoteliers, and investors.  Tune in now. Ryan Embree: Welcome to Suite Spot, where hoteliers check in, and we check out what’s trending in hotel marketing. I’m your host, Ryan Embree. Hello everyone. Welcome to another episode of The Suite Spot. This is your host, as always, Ryan Embree here with another hospitality event preview with a very familiar guest, very excited about this conversation. It’s spring, so right around the corner, we know what’s next, one of the premier events of the hospitality event calendar. Here to talk with me, a frequent guest, Alexi Khajavi, Questex, President, Hospitality and Real Estate. Alexi, thank you so much for joining me again here on the Suite Spot. Alexi Khajavi: Ryan, great to see you. Great to be back. Ryan Embree: Yes, it has been too long since we last spoke. We were out in Denver together at the Hospitality Show there on stage. Alexi, you were talking about everything that happened over the course of an entire year. I feel like from October to where we sit right now, in the middle of spring, it’s felt like a complete change. Whirlwind. I’m not even sure if when this episode’s released how much there could be even more change, but since then, so ground us. Give us a little sense of the state of hospitality and the sentence EE everything that you’re feeling right now. Alexi Khajavi: What we saw each other end of October in Denver, just at the conclusion of the hospitality show. And I guess, yeah, to your point, every day is, like an like a year or or seven years for that matter. So, six months on I mean, some consistencies, and I suppose the consistency is the volatility just in the geopolitics, macroeconomics, local state of affairs. And that does have a knock on effect on, on tourism and hospitality certainly. But some of the themes are consistent and that is that it is a, a continued challenging operational environment. rev pars have which we talked about rev pars, we were starting to see some normalization after they had been really on a only an up into the right performance for the prior three years. We started seeing that slowing down in Q3, Q4 of last year. And that has continued. One of the, the aspects, and a lot of people are talking about it, is a Ks shaped economy. And so you’re still seeing some, some interesting and pretty exciting, RevPAR ADR growth on the luxury side of that upper part of the K, if you will. And in the lower K of the market, you’re, you’re seeing increasing and continued challenges. Right? And I think everyone is sort of asking two questions around that, which is one is how much more runway of growth does the luxury market have? And then in on, on the sort of upper upscale midscale and economy, is the economic conditions going to encourage a trading down of the consumer. Speaking to David Pepper, for example, from Choice yesterday, they are seeing some positive RevPAR growth in that upper upscale, which, they’ve got a lot of hotel stock in. So I think the question is and we’re seeing some data that the customer is still traveling. They still see both on the leisure sh leisure side from the experience economy, travel as not being discretionary and not being something that they’re willing to give up, but something that they may trade down for make it more economical, domestic tourism, and drive to staycations those types of things versus the international travel, which certainly was in demand for the last three years. Corporate travel, I think that’s, that’s directly tied to GDP and the economy. But again, corporate travel has actually been coming back. It lagged leisure tourism recovery. So that’s been, performing quite well. Again, business is done face to face. It’s why we do live events in the, in, in, in the sectors in which we serve. So, continued operational challenge, questions around demand, a lot of impact from AI on demand, and how that demand is coming to your brand.com or to your property website, how they’re searching. SEO is in massive disruption. So, it’s not a typical recovery at this point. It’s, it’s fragmented, it’s bifurcated. It depends what part of the market you are in. There’s divergent recovery that’s sort of replacing that, that high tide lifts all boats. That uneven demand is translating into really kind of diversity of performance. And so it depends what markets you’re in. So the operating side is, is is tough. It is becoming harder and it is becoming more expensive. And yet there are some tools out there, AI and others, and technology generally that’s offering a lot of opportunity for optimization, efficiency, productivity in those areas, which will flow through to the bottom line. And then we’re also seeing, kind of a bifurcation in the capital markets. On, on, on the big side, there is a ton of capital that is chasing hospitality, moving from other asset classes whether it be office or retail or industrial. And they’re moving into hospitality for all the reasons that it’s operational real estate. It’s a tailwind market from the experience economy, despite the fact that we are cyclical, right? It goes up and down, but there’s a ton of liquidity. There’s a, there’s a wall of money that’s chasing, the asset class ranging from your owner operator franchisee, which is looking to grow from three properties to 6, 7, 8, 9, 10, whatever it may be, to institutional capital, which really never looked at a hospitality in general. So that’s creating more diversity in the type of investors which is coming into the market. So again, all of that challenge could unlock the transaction market. And then with those transactions, we see this regeneration of capital CapEx is deployed, and that’s really good for the industry. I mean, nobody likes to see falling net operating incomes, in running hotels. But that being said, it means that people have to be hyper-focused on how to run those hotels more efficiently. Why we run the hospitality show. And at the same time, NYU coming up, a lot of new capital coming into the market, a lot of capital chasing that, trying to figure out where the deals are, where to deploy that capital. And again, that’s why we have events like IHIF EMEA in Berlin, which was a few weeks ago. And to your point, NYU IHIF coming up in five weeks. Ryan Embree: It’s so many storylines in our industry right now that we’re chasing. We’d even touch on the upcoming summer, summer World Cup and events like the Olympics here in a couple years that are also gonna have a massive shift in international travel, which has been down. So again, so many challenges, but also think opportunistic time right now in hospitality and being at a spot like NYU is one of those places to capture those opportunities, to learn more about that from your peers, to have those conversations. Networking, I mean, I’ll, I’ll turn our attention there with some impressive numbers from the event. 2200 delegates, 450 plus C-suite executives, 400 plus investors, and $132 billion in assets under management there. So it’s impressive, like I said, impressive feat and number that you have all gathered in, one of the hospitality meccas of the world, which is New York City. What makes this event different from other hospitality events, and why is it a really a can’t miss for, for hoteliers investors this year? Alexi Khajavi: Yeah, I would say it’s a couple of things. One which you touched upon, which is, New York City financial capital of the world, it is the gateway city for the us it is, a hospitality driven economy. But it’s also one of the most thriving, financial market economies, in the US and certainly the world as well. So, that if you were to think, where do you hold an investment forum in any sector, but for that matter, in hospitality, New York, no better place, right? The money is there, the banks are there, the professional services are there, the brokers are there and many of the, the top brands are on the Eastern Shore board from DC and Maryland, up to the city here. So, it is just simply having it in New York. Second, it’s got a 40 year history associated with the New York University and the School of Hospitality and the John Tisch Center of Hospitality. It’s the only event where a portion of every dollar and revenue spent there goes towards supporting the next generation of hospitality professionals. So, we continue to partner with NYU and the School of Professional Studies. There, it’s an incredible partnership, which we’re just privileged and delighted to continue. And the fact that labor and talent is a massive challenge for the industry that, that you’re, you’re supporting a school which is turning out some of the most talented future hospitality professionals in the world by attending or sponsoring that’s goodwill. And, and we’re just delighted to be able to support that. So, that, again, I think is another anchor for why NYU is just such a special event and is different from a lot of the other good events that are, that are out there. And then lastly, NYU is part of a global portfolio of hospitality investment forums. And so, we have our event in Berlin. We have an event in Manchester, UK. We have an event in Athens, Greece, which is focused on the branded resi and the resort, segment, which is international and frankly, one of the fastest growing segments in hospitality. And then we have our Asia event in Hong Kong. So, we’re able to still bring in that global capital, those global operators that want to do business, want to bring their brands, want to deploy capital, want to invest in the us. So it’s not just a New York show, it’s not just a US focused show, but it’s a North America event where how do operators, how do investors, and how does the ecosystem of professional services come in and facilitate and drive deals to invest in the US and North American hotel market and all those things coming together, make it vibrant, make it diverse, make it one of the most active deal making conferences in the circuit. It really is for the investors to connect, with each other, but also the rest of the segments and the stakeholders, as it’s very diverse and fragmented industry. So deals get done. I mean, it was just on a in a conversation, a few weeks ago talking about a deal that’s been, announced since then. But they met in New York last June and really kicked off those conversations there at New York. And that ultimately consummated in a deal, in the fourth quarter of, of, of last year. We know that that’s what our value proposition is, and we know that’s why people spend their time with us and invest in, in NYU and we expect it to be even more vibrant and active on the deal making side, this June. So it should be should be a good event. Ryan Embree: That’s why I was gonna say, I had the privilege of attending for the first time last year, and I think the biggest difference for me was just the energy and the buzzing, and it just, it felt like what you said, it felt like deals were moving forward, whether that was the first time someone was connecting and networking, or whether it was something where these, these deals are not done in a vacuum or a silo that they take time, they take effort, and they take meetings like this, right? This connection, sometimes it’s, especially in a challenging market, can be the thing that brings a deal across the finish line. So it was palpable in the air when we were at that event last year. And it was a, it was a who’s who in hospitality too. You turned one way as a brand leader over here. Next is a president of asset management company. It really was an an extremely impressive event. I wanna get your thoughts, Alexi. You mentioned the sister events, the IHIF emea, which just wrapped up here at the end of March, obviously completely different markets that we’re talking about, but I still think holistically, there’s probably some lessons, feedback and sentiment that you could probably share that will translate into NYU, right? And some of those themes that are gonna make it there. What was your kind of, I guess, overall sentiment about the event and how just the energy and hotelier’s feeling was around that event? Alexi Khajavi: Yeah, I mean to go back to the start of the podcast, every day, there’s been something else. There’s been a, a ton of volatility in the market, a lot of uncertainty in, in the world. We still have a, a conflict, going on in, in Europe with, Ukraine and Russia. We now have a conflict happening in the Middle East. You’ve got macroeconomic conditions of still tariffs and the inflation that is causing interest rates still remain elevated, albeit they’ve, they’ve come down, over the last sort of 12 months. Elevated however, to historical, all of that creates uncertainty in the market. And as an investor said in, in Berlin, we can, we’re very good at penciling in risk and quantifying, the impact of that risk on both present day valuation. And a 20 year IRR, what is harder to pencil in is volatility and uncertainty. The certainty of risk is fine because you can quantify, the impact that that risk will have on the business. What you can’t is the uncertainty. And so with that, what we saw in Berlin, however, is that really is driving a lot of engagement around the expertise and the speakers and the sessions. We really pride ourselves on not having the same speakers every year saying the same things. We always leave a portion of our programs sort of unfinished, if you will, or, started but un unfinished because, because of that volatility in the market. So we saw a huge amount of engagement with people in the, in the sessions, in the rooms, which is interesting because at the end of the day, it is a deal making conference. And people are in meeting rooms, they’re up in suites they’re in the lobby and they’re, they’re engaging with each other, they’re there to do business. But we saw a lot of engagement, increased engagement with the sessions that we had. We then saw those individuals that were in a session often go out of the session and engage with each other and engage with speakers. And so one of the things that we’re doing is creating content fueled networking. So, a session will then lead to a round table where the speakers will stick around and the delegates or the folks that were in that session as an audience are able to then continue that conversation and go deeper and get into an actual conversation rather than just sort of a q and a that’s, that’s tagged on at the end. So it really created a, I think, a huge amount of engagement and peer-to-peer conversations. And really, I think people seeking a perspective. When, when you’re in a volatile market, really the most important thing you can do is to, to talk to your peers, to talk to your competitors, to talk to your mentors and get different perspectives to try and create some fidelity of what didn’t work or what has working, or what are the things that you’re trying out that’s really exciting. I mean, we really love that because, an open market, a transparent market, and an engaged market on the buy side and the sell side is a more informed market. Everybody needs that, right? It just makes markets more efficient. It make every, makes everybody better operators, and it creates a transparency as to where those opportunities are. And that’s, that is a, a tide that does lift all boats. The other thing I would say, Ryan, is, is that there’s always this question in an, an investment forum, like IHIF, like NYU as to what the sentiment is. And we’ve been tracking investor sentiment for the last five years now, since, January of 2020, which was an interesting time to first sentiment. Yeah. And it’s interesting because it certainly went down during COVID, no news flash there. It quickly rose up from 22 to 21 to 24, and then it’s leveled off since then. And it’s kind of just, a few index points gone, gone up or down depending on all of this volatility Liberation day last year, which was the first day of April, if I’m not mistaken, which was actually right during IHIF was created a lot of pessimism. It, however, was replaced with some optimism as interest rates fell down. So the sentiment to that question was, was actually quite positive. I think maybe through just the density of volatility or the consistency of volatility. People are somewhat getting used to it and separating noise from substance. And, and really there are the, there are more deals coming to market. We are seeing a diversification of capital coming into the market, lot of high net worth, lot of family office, a lot of institutional capital, sovereign wealth pension funds. And what that’s creating is more demand. So you’re starting, when we talk to the brokers, you’re starting to see a number of underbids in terms of a mandate comes to the market. A transaction occurred, but there was 6, 7, 8 under bidders in that transaction that shows interest, it shows appetite and it shows that the bid ask gap to a certain extent is narrowing. Now, that doesn’t necessarily mean in all cases that valuations have come down. I think buyers would like them to, but at the end of the day, I think capital, and we’re seeing capital become more confident and have more conviction in the market, but that also there are regeneration opportunities through CapEx deployment, through repositioning and through other levers that they have to pull, that they can take an asset that is performing at x and through CapEx and better operations and better plans, better brand, make it X plus y. And that was really the sentiment coming out of Berlin that the market is opening up, that there is a diversity of capital coming into it that’s creating a lot more demand and through a number of different sort of challenges, or let’s just say realities on the operator side, you are seeing a higher interest in selling. And I think that that will start to, to narrow the bid ask gap and look the unlocking of the market. We’ve been waiting for it for two, three years. It’s been a challenging market, but I think everyone’s seeing some optimism. I think the wishlist is, is that we reduce the amount of volatility in the market, but that’s an uncontrollable from your and and my perspective, we don’t have much control of that. Ryan Embree: Yeah. But I think the industry’s skin is, is thickening to that, right? And we’ve talked about that, how it’s our new normal is the constant state of change. And I also think it’s something, I’m not sure if we’ve talked about or thought about this too much, but we really saw worst case scenario just six years ago of being like, where everything dropped to none. When we’re assessing risk, we’re a lot more battle test. This industry is a lot more battle tested than maybe previous than it had previously. So some of these uncontrollables, like you mentioned, that yes, they are headwinds, yes, they are challenges, but it’s those investors right now that see opportunities that assess that risk and say there could be some really, really great upside at a at a time right now. And one of the places also where there is a lot of uncertainty, but I would, I would almost phrase it in the sense of a, of a positive uncertainty is the impact that AI is gonna have on our business in the future. And the gains and dividends that we can yield from those have really just scratch the surface. And we talked about this, and I wanna bring that into the conversation ’cause it’s hard to not talk about it anymore, right? It, I think we don’t go a, a podcast episode without bringing it up and people filling out their bingo cards on AI and technology. But I want, I wanna take us back to where we were a year ago, and maybe we can do this an exercise. Alexi, what would you grade right now, our industry, which historically has been maybe on the lighter end of the spectrum of a technology adoption, but what would you, what grade would you give it? Because I think we’re at this weird inflection point where hoteliers and brands and management companies and really everybody’s starting to look and saying, alright, we’ve implemented some ai. Where are the dividends? Where are the results? How do I measure these successes? What, what grade would you give and how do you think we can improve there? Alexi Khajavi: You know, that’s a, that’s a great question because it’s not an easy one to answer. Sure and not to cop out of giving you a specific answer, I would give it a a non-applicable, because the reality is, is that technology as a whole, in terms of using technology as a tool to optimize the hospitality market, I would certainly give ourselves a c plus. I think that’s historically been where we have failed for many reasons, which we can we don’t need to go into right , we know, we know that. But I think, I think AI right now is there is an overestimation of its impact on the near term, and there’s an under appreciation for its impact on, on the long term. Love that that’s, that’s quickly, quickly changing. I mean, if you, to your point, if you just look at the last six months, massive wholesale change, and I, so I think that that’s changing very quickly that people are starting to appreciate this. This is enormous, both in its capacity to be a force of good as well as its capacity to be a, a force of bad, to sort of broadly call it as such. But that being said, I think there’s sort of two themes around ai. One is on the, on the sort of operational side, AI has, has largely, I think been distributed as a individual choice through the industry and the departments. And the overall, whether you’re on the brand side or the operator side or the investor side, I know that there are mandates and there are committees and everybody’s sort of got their own playbook to how they’re using ai. But at the end of the day, it’s gonna come down to any individual that’s using it or not using it in their respective role. And that’s all over the map. Some people are using it, some people are not. And, and frankly, I think those that are using it are going to be better off for their r and d and just their effort to try and figure it out. Because the more you use it, the better off you become at using. It’s, it’s a tool like any tool, right? You, you need how to use how to use that tool in order for it to do the job you want it to do. So in that case, I think we’re probably no different than some other industries, which are certainly spending a lot of money on it and trying to figure it out. The other aspect of it though, that I think is really interesting is that it is already changing, particularly those frontline manager roles. A GM, for example, that is using AI will have more time to do the things that a GM should be doing, rather than all of the back office stuff, which AI can do at scale and at pace, and to a high degree of quality with oversight and q and a being done, not just to let AI go do all those things, but that, that frees up your general manager to go do the things that really drives guest satisfaction. Respond to RFPs, take care of guests, drive revenue, be present in the local market so that you’re capturing demand drivers, in your local city or wherever you may be. So, I think if that individual GM is using AI effectively to free them up to do what a GM really should be doing, and probably why that person went into being a GM in the first place, then I think we’re gonna start to see the progress. But we haven’t really started to measure it yet. I also see on the positive side, other industries, IE healthcare are also realizing that AI is doing a lot of back office work at a very high level, or high degree of, of quality. And that’s now freeing up their own people. And what they’re finding is, is that maybe we should be engaging, empowering those roles in a hospital or healthcare broadly to be taking care of patients in a more human hospitable way. And so, in some degree, I think the long-term impact will be that other industries are now going to start looking at hospitality as being a, at the vanguard of driving human powered experiences that will drive back to revenue and premiumization and ultimately profits. So we’ve always looked to other industries for, God, we’re, so, we’re Luddites, how do you do this? What, how do teach us in hospitality? I, I think we’re going to start to see other industries look to us to, how do you actually take care of a guest, a customer for that matter? How do you do that to create loyalty to, to a, to increase average order value or ticket receipts. So I think that’s the opportunity to answer your question in terms of one area that I think is directly and already being deeply impacted is distribution and search. Search is been a, a topic of discussion for the last 30 years. And we’ve largely gone through this used SEO to fine, the white hat, the black hat the right levers to pull your all tags, your meditechs, I mean, the whole thing, right? Brand equity, la la, la. Well, AI replaces all that in one fell swoop, and nobody really knows how that’s going to play out. But on the sort of doomsday perspective, it completely wipes out your brand equity online in a search engine. On the positive side, it reinforces it because AI is simply pulling from algorithms and behaviors on the internet to sort of drive, it’s, it’s results. But again, we don’t know the answer to that. And I think already revenue management, sales and marketing distribution, those are the areas where I think in the next six months, we’re gonna be having a conversation that is gonna be completely different than the conversation we’re having today. And we’re gonna be focusing a lot on that because that is one of the areas that today is being completely upended. Ryan Embree: I one hundred percent agree with you. I think that’s where a lot of the hunger and the appetite and thirst for knowledge right now of why maybe there’s more engagement in those sessions than you’ve seen before, is because I think people are starting to, if they haven’t already started to understand the gravity of where we’re at in this inflection point and the massive disruption that this is going to cause and do not want to be left behind. And I think you’re right. There was a fascinating point you made in there about the GM and their role, and we all, the big fears around AI are, are AI replacing jobs? And I would say when it comes to hospitality, it could really upend what the, the role of a job, right? Your GM might start looking a lot more like the GM of 40 years ago when you first got into hospitality, or where you weren’t having to do those tasks. And we almost have to learn this new job. It might be the same title as general manager, but you’re doing completely different things, which is a fascinating topic to talk about because we’ve been training these young hospitality professionals in the way of what a GM is today. That role could look completely different here in the next three to five based on the, on the speed and acceleration of these, of AI tasks that they’re doing. So it, I could talk about it all the time. We do talk about it all the time, I feel like, but it’ll be very interesting to see that impact that it’s making. I wanna switch back to NYU, and this is one of my favorite questions because there’s so much intention in these, in these shows, and that’s why I love doing these episode, these preview episodes, because you get to, to learn all the work that goes in, you’ve told me before you start on these events, day after, sometimes even now hours after that first one ended. So this year’s theme sharpening the edge. Talk to us a little bit about how the team settled on this and, and the story behind it and how you’ve incorporated it into the programming a little bit. Alexi Khajavi: Yeah, I mean, sharpening the edge is, an ode to the investment, nature of the event. It’s a deal making conference and it’s in New York. And so it’s a very sort of public market Wall Street saying, where do you find your edge or where do you find your alpha compared to another investor? If all you’re doing is chasing, the broad returns of a market or an asset class for that much, or for that matter, then you’re, you’re gonna be, at the whipping end of the overall broader market. It’s not a good place to be in a volatile market like this. And it doesn’t drive the outsized returns that investors are looking for. So it really is a tip of the, the cap to where we are. We’re in New York, we have a lot of Wall Street, public Market, New York Stock Exchange, synergies there, Sarah Eisen from CNBC, comes up and moderates the CEO panel. Most of the CEOs head down for interviews, on Wall Street and CNBC and Squawk Box and so forth. And we have that partnership still with CNBC this year. So, but as you shift it to what’s happening in the capital markets as it relates to real estate and more specifically to hospitality, private equity has been the dominant capital type in hotel investment. And that’s been the case for the last decade. And today that’s really no longer the case. It’s PE is still extremely active, but it’s more diversified in terms of across investor types. So we’re seeing, again, as I said, family offices, high net worth, a lot of sovereign, a lot of institutional capital that is growing materially, that is looking to hospitality to, to deploy capital. And with that, you’re seeing a lot of opportunities around value add. PE is really your value add investor, right? They’re looking for an underperforming asset or an asset that has the ability to perform at a higher level that’s sharpening the edge, that’s driving alpha. And so PE is really looking at this as a great opportunity as institutional capital comes in and is looking for stable, more stable returns, securitized assets, and an annuity like return over a longer hold period. It’s a great opportunity for private equity to exit in a market in which it’s been tough to exit. That being said, global hotel and fund allocations in hospitality and real estate has been tough, but it’s growing and it’s coming back. And so you’ve got a lot more money coming back into the market. And, and that’s really, a positive thing. We having events across Asia, Europe, and the us it allows for us to drive that cross-border capital. US capital has been less active, but despite all the challenges, we still see a lot of, international capital, which wants to invest in the us. So that kind of diversification of capital is a real, real positive for the market. It, it means more liquidity, it means more exit opportunities to get off, on the off ramp for PE or any other investor. As more capital comes in, it offers more opportunities to exit. It provides or, or enables less sort of seasonality, if you will, in the marketplace, right? There’s less of that volatility in the marketplace as all as well. So really the sharpening the edge is about having the education, the networking, and the quality of people in the room that have the money are looking to deploy and know how to create alpha. Getting those individuals together to hear from each other, engage with one another, and ultimately, build relationships with the ecosystem that helps a deal get done, transact that transacts, underwrites that deal, and then drives that alpha from an operating value creation perspective. Those are the folks that are in the room at NYU. Ryan Embree: And you’re right in the middle of it. I mean, I remember waking up at the, the marquee and seeing Chris Nasetta on CNBC and a few hours later seeing him just a couple hundred feet up on stage in front of me. I mean, that’s the possibilities right there. Alexi Khajavi: And talking to people, right? I mean, this is the beauty of the hospitality industry is there’s really good people, right? They’re just, at the end of the day, you may be running a public company, and on TV, you’re sitting there talking to a franchisee of a Hampton that wants to meet the CEO. So it really kind of creates this very magical engagement where the fifth floor, sixth floor, seventh floor, eighth floor of the marquee are just a hive of activity with the best and the brightest from a franchisee to Chris Nasetta, to your point, there’s not many places that create that access and that transparency and cross engagement from such a diverse, but focused, sector, as NYU. So it’s a real, real special place to be. Ryan Embree: A thousand percent. And last year you used this forum to really get us fired up for some of the sessions in educations. And now you’re talking about, especially with your experience here earlier in the year, people being more open to that, being more thirsty and, and hungry for that information, looking up and down the programming. Because we know you spoke to last year the detail and depth that your team goes to create these panels, and sometimes even putting on stage opinions that differ, that go head to head to one another, to try to get that friction to try to get a rise out of that engagement. Looking up and down the agenda this year, which sessions, if you had to pick a few, do you have your eyes on? Alexi Khajavi: Well, there’s some, some obvious ones, but always at NYU, we’ve got some, some exciting ones as well. And the first one, our first session actually Monday morning, Anthony Scaramucci, the Mooch, who is an investor himself actually owns a restaurant as well, but certainly, podcaster and just an expert, on the economy, politics, the Trump administration having worked, I think 10 days, there, if I’m not mistaken. So, he’s gonna kick us off. We always have a marquee name that’s relevant to the industry, but he really has his finger on the pulse as to, one, what are all the geopolitics and the macroeconomics, in the overall state of the economy and the country, what impact is that having on the investment markets on where the opportunities are? Alexi Khajavi: And as he runs a restaurant what is he seeing? What does he think specifically of the hotel space? So I think that’s, again, that’s, that’s just not something that you get at any of the other hotel investment forums, but you get that and you’ll get it right, served with breakfast on Monday morning. So we kick off big and we kick off bold on Monday. Obviously Monday has, is a great day. We have the CEO council on Monday as well. Or sorry, the CEO panel that’s the five top brands, again, interviewed by Sarah Eisen, which they have a great rapport with. And that really does set the tone for what they’re seeing as the opportunities. Clearly they are on top of demand and where RevPAR and ADRs and occupancies are going, how they’re performing and what the differences are by chain scale. There will be a lot of conversation around how much gas in the tank does luxury have I’m sure you’ll hear differing views on that. And then are we gonna see a return to some of the midscale and upper upscale, as potentially people trade down but still travel and where’s economy, where’s extended stay? We’ve also seen these brands make some interesting investments in new concepts, graduate hotels, which is last year, yo hotels glamping and branded resi. That’s a big day. In fact, we’ve got a full day of content on branded resi with active developers developing properties right now that are branded resi mix of hotel, mixed use, retail, hospitality and so forth. And then capital markets. Capital markets our Cap Talks session is probably one of our most popular, and that’ll be a mix of both active US investors as well as foreign capital, international capital investors, sovereign Wealth, as well as private equity, which continue to look to deploy capital in the US. Alexi Khajavi: We then have Danny Meyer, who’s the founder, and CEO of Union Square Hospitality, Shake Shack. And obviously a number of other incredible Union Square restaurants in the city here. But and then you’ve got your breakouts where you will be focusing a lot on the investment development market. Asset management is a key thing, how do you drive Alpha through the operations of these hotels? So there’s a ton of content. We’ve left a lot of time for networking. We know that’s where the deal making is the eighth floor, which is the lobby level. We’ve extended the event to include the Broadway Lounge, which is this beautiful lounge overlooking Times Square. We’ll have, food and beverage in there throughout the days. Great space to network amongst all the delegates, including the ninth floor where we’ve got Marriott and Hilton taking that space. So it’s just a ton going on. And the program’s out, it’s 90% there. We still got a few couple of marquee names that we’re going to announce over the next few weeks. But really, if you’re gonna be, if you’re in hospitality, investment development and operations where you’re driving Alpha, there really is no other place to be on the first and 2nd of June. You’ve gotta be there. Ryan Embree: Yeah. I can attest to it again, first time last year have the privilege of attending officially announcing the Suite Spot will be back at NYU this year. We can’t wait. Our associate producer’s gonna be traveling with me this time. This is her first time. And there is even a first timers meet and greet that you do as well at the event, which I had the privilege of partaking in networking last year. What type of tips for any hoteliers investors that might be considering or even attending the first time, what, what one piece of advice would you drill down for this event as the best piece? Ryan Embree: I would definitely get on the app. I know that the serendipitous meeting, which to your point, you bump into the CEO of Hilton or Marriott for that matter, is great. And that’s, there’s good value in that, but we have about 70, almost 80% of all delegates are on the app. That’s great. And that’s a great place to find people and to be found and it also gives you all the other information as the agenda speaker bios, but it allows for you to reach out to other delegates. So I would definitely do, that’s, something that can be sometimes just overlooked or just not not done. And then I would go to the Sunday evening reception if it’s your first time that’s at the marquee, six o’clock, we get about 500 people there. A good mix of veterans and, and first timers. I would certainly do that. I would try and plan out your days ahead. It’s amazing how with all that, with all everything that’s going on, you can easily kind of get sidetracked. So if there are some sessions that you wanna see, you can bookmark them in the app and make sure that you, you don’t miss those. But, I would, get some sleep, stay hydrated and be prepared to have some full days of education, networking and just a whole lot of fun. Ryan Embree: Yeah. And some of the receptions that are after hours at the end of the day, are absolutely amazing too. And I know you have sponsors that kind of do that, sometimes onsite, sometimes offsite, encourage, those to attend that in full force as well. Hospitality, we definitely know how to, to host a party, that’s for sure. So Alexi, we appreciate you hosting us here on the Suite Spot and previewing this year’s 2026 NYU. We are counting down the days until June. Thank you again to my audience to learn more information. Obviously visit the website, make sure you register. Any final thoughts before we wrap up today, Alexi? Alexi Khajavi: No, just very much looking forward to seeing you there and the other 2400 people that will be joining us. So, looking very much forward to it. And appreciate your time. Ryan Embree: All right, thank you, Alexi. Thank you for listening to The Suite Spot and hope to see you at NYU in June in New York City. To join our loyalty program, be sure to subscribe and give us a five star reading on iTunes. Suite Spot is produced by Travel Media Group. Our editor is Brandon Bell, with Cover Art by Bary Gordon. I’m your host Ryan Embree, and we hope you enjoyed your stay.

Starwood Hotels builds 1 Hotels, Treehouse, and Baccarat around one idea: products need emotion and soul, not templates. While hosting Starwood's annual conference, I talked with Raul Leal, CEO of Starwood Hotels, about differentiation through nature-led design, human experience, and AI-driven personalization that stays human.

As of April 15th, Airbnb moved every host to a 15.5% host-only fee.If you haven't updated your pricing yet — your next booking will pay you less than you expect.Btw you can grab the spreadsheet from here : https://www.strsecrets.com/airbnbfeeAlso, if you want to talk to us directly: http://strsecrets.com/implementIn this training Mike covers:- What the Airbnb fee change actually means: 15.5% host-only fee applies to nightly rate, cleaning fee, resort fee, pet fee — everything- Why the split fee showing back up in your account is a bug — not a reversal- The exact price increase you need to make: 18.34% minimum for direct owners- How co-hosts and property managers need to handle this differently — and why checking the listing owner's account first matters- The fee change spreadsheet walkthrough — how to model the right scenario for your business (comment FEE CHANGE to get it)- How to split the channel fee with your homeowner so nobody loses- How to track your Airbnb algorithm ranking after raising prices using Rank Breeze- Why five-star properties make 18% more in RevPAR than 4.7-star properties — and how that matters more right now- How Mike's portfolio is pacing 130% of June goals and 120% of July goals — and why- Why now is the time to get on Vrbo — Mike is seeing 10% more bookings YoY from Vrbo this year- How to retarget past guests with text messages and automated campaigns to offset any Airbnb drop- Listing optimization basics: why your first five photos, your copy, and your reviews are your most valuable assets right nowThis is the most important training for STR operators this month.

As of April 15th, Airbnb moved every host to a 15.5% host-only fee.If you haven't updated your pricing yet — your next booking will pay you less than you expect.Btw you can grab the spreadsheet from here : https://www.strsecrets.com/airbnbfeeAlso, if you want to talk to us directly: http://strsecrets.com/implementIn this training Mike covers:- What the Airbnb fee change actually means: 15.5% host-only fee applies to nightly rate, cleaning fee, resort fee, pet fee — everything- Why the split fee showing back up in your account is a bug — not a reversal- The exact price increase you need to make: 18.34% minimum for direct owners- How co-hosts and property managers need to handle this differently — and why checking the listing owner's account first matters- The fee change spreadsheet walkthrough — how to model the right scenario for your business (comment FEE CHANGE to get it)- How to split the channel fee with your homeowner so nobody loses- How to track your Airbnb algorithm ranking after raising prices using Rank Breeze- Why five-star properties make 18% more in RevPAR than 4.7-star properties — and how that matters more right now- How Mike's portfolio is pacing 130% of June goals and 120% of July goals — and why- Why now is the time to get on Vrbo — Mike is seeing 10% more bookings YoY from Vrbo this year- How to retarget past guests with text messages and automated campaigns to offset any Airbnb drop- Listing optimization basics: why your first five photos, your copy, and your reviews are your most valuable assets right nowThis is the most important training for STR operators this month.

Profitability keeps getting squeezed even after years of strong revenue growth, so hotels can't live on RevPAR alone. I'm at Duetto PERFORM at Margaritaville Resort, and I talk with Michael Grove, CEO of HotStats, about what his data shows right now—and what hoteliers can actually do about it.

Hotels don't need another system; hotels need the systems they already run to talk to each other. I talk with Alex Zoghlin, CEO of Duetto, during Duetto PERFORM about profit-first revenue decisions and connected hotel data.

Sloan Dean put a number on it: Frontline Performance Group drove a 3–5% RevPAR lift in the hotels where he used it—so he expanded it across the portfolio. I brought in Geoffrey Toffetti, CEO of Frontline Performance Group, and Sloan Dean, former CEO of Remington and now a fellow podcaster, to kick off a 3-part series on how hotels activate the front line to grow revenue and improve the guest experience at the same time.

The 2026 Hunter Conference in Atlanta Georgia was a major success! So many hospitality professionals and industry leaders converged to share insights, best practices, challenges, and strategies for the future.  The Suite Spot had the opportunity to attend the industry event and interview some of the best and brightest that hospitality has to offer. Tune in to this special episode to hear from executives, brand leaders, presidents, and more from some of the biggest brands in the hospitality industry.  Ryan Embree: Welcome to Suite Spot, where hoteliers check in, and we check out what’s trending in hotel marketing. I’m your host, Ryan Embree. Hello everyone. Ryan Embree here with the Suite Spot. Fresh Off the highly anticipated 2026 Hunter Conference, which certainly didn’t just fit the bill. Exceeded expectations. What an incredible event, what an amazing couple days in Atlanta, Georgia at the New and iconic Signia Hilton, Atlanta. There were powerhouse panels and education, incredible networking, truly defined. Their theme was The Home of Hospitality. Certainly hit that over that next those couple days there in Atlanta, Georgia, we had the privilege of covering the event. We have some exclusive interviews to bring you, which I’m so excited to share with you on this very episode today. We visited with our friends over at Newport Hospitality. We celebrated a milestone with Hospitality America. We checked in on the development side at PM Hotel Group and sat down with the brain leader of Graduate by Hilton to talk about that exciting brand and everything that they have cooking over there. Who also knows how to throw an incredible party, which they did in tandem with the Hunter Conference, with a ludicrous concert that capped off. And just, again, an amazing couple days in Atlanta, Georgia. We’re so excited to bring you these interviews, and we’re gonna be bringing it all to you here on the sweet spot. Thanks for tuning in. Speaker 2: Hello everyone. Ryan Embree here with the Suite Spot Live on location 2026 Hunter Conference. Excited to welcome in, Wayne West, the third president of Newport Hospitality Group. Wayne, thank you so much for taking some time. Wayne West III: It is a pleasure to be with you. It’s a pleasure to be here. Ryan Embree: Yeah, excited to be here. It’s a sleepy cold morning right now, but we’re warming things up here in Atlanta at the Hunter Conference. Tell us a little bit about your experience and, what do you think about the new location, the new digs? Wayne West III: The new location is great. We’ve been downtown at the Marriott for so many years. I think this is new. It’s fresh, it’s invigorating. It truly is. One of my favorite conferences. I mentioned to you, the Hunter Conference is a relationship kind of conference where you get to sit down and spend time with people one-on-one, whether it’s your brand, whether it’s other owners, whether it’s my peer group. So I enjoy this one a lot. Ryan Embree: I mean, it’s great because I think one of the things, you get a bunch of hospitality people in the same, in the same room. You start talking about some of the challenges that are starting to arise. And right now we got some headwinds, profit profitability, hotel margins, very slim, rising construction costs, operational costs. But you have a philosophy, control what you can control. How do you bring that philosophy to Newport Hospitality Group as we usher in 2026? Wayne West III: Number one, I have really good people. My colleagues are strong at my, my, my corporate level as well as the property level. You know, for many, many years the industry was, had a vibrant ability to drive RevPAR, and it seemed like it was increasing three to 5% every year that slowed down. We continue to push that where there’s opportunities, but what I think we do best and my operational team does best is control the big things. Control, cost, control your labor. We spend a great deal of time working on that every single day. We work with the leaders at the properties to make sure that we’ve got the appropriate, uh, levels of payroll and the appropriate levels of resources to the levels of business at the time. So I, I, I think a great deal. We’ve always spent time on that. But it’s even more and more important as your RevPAR may not be increasing as quickly as payrolls are. Ryan Embree: Yeah, absolutely. Operational efficiency, really, really key. Try to look for every inch that you can get right now. We had the opportunity to meet up with your COO Brendan McCoy at the Hospitality Show out there in Denver. He was talking about the growth of, of Newport Hospitality Group and was really focused in on talking about strategic growth with the right partners. What does the right partner mean to you? And you see opportunity out there. Wayne West III: I do see opportunity. We’ve recently taken over a hotel with the perfect partner, has a few hotels, but her focus wants to be on development. She is aligned with us culturally. She has the right kind of hotel. She maintains it well, but she thinks she can make more money developing the next hotel and is leaving operations to us. So the first thing we wanna do, we wanna make sure that we align philosophically with her vision, anyone’s vision of the hotel and how it’s gonna be operated, how we’re gonna treat the guest, the employees, and how we protect her asset and grow it and make it more profitable. But I think that’s the key thing, is aligning with a partner that aligns with your vision. Ryan Embree: Yeah. And that alignment is really can be found in rooms like this, right. At a Hunter Conference, when you’re networking, you’re having conversations over that because it is key, that alignment, making sure that you and the owner are kind of hand in hand, especially in a time where it’s a little bit challenging, looking for operational efficiency. A lot of people, subject matter topics talk about AI and technology, right. Trying to fill those gaps. Talk to me a little bit about the philosophy and how you approach AI and technology. Is it more about the guest experience or employee empowerment? Wayne West III: Let’s be honest, AI has been around a long time. If you go back to revenue management 25 years ago, instead of, you know, we started leaning into computers to do some of the analysis for us. So I think this matured over the year and it continues to evolve. And I think it’s evolved expeditiously over the last few years, right? We first used ChatGTP to help us write sentences, and now we’re analyzing data. I think we’ll continue to evaluate how to make us more efficient, but really more effective with the data. I think we need to make sure we’re not consumed by the data and ask AI to help us with the right questions and get the right data to make quicker decisions and better decisions. So I think we’re testing it today, all the different kinds of AI out there. We’re testing it in all the disciplines. We’re testing it in HR, we’re testing it in operations. We’re testing it in sales and marketing. We’re testing it in HR. So I think when you apply it to those and then see what bubbles up and see how, how, what best results you get. But let’s not be consumed by it. Ryan Embree: Yeah, absolutely. Wayne West III: Because you gotta take care of the guests first. Ryan Embree: 100%. And I think, you add those things up, you add those little gains up, that’s, and, and kind of take a step back and look. Now you become more operationally efficient. You control what you can control what you said, and hopefully improved your business there. But that’s great perspective to look back. ’cause you’re right, technology is no stranger to our industry. It’s been there just been maybe in a little bit different path. Wayne West III: We called it it something different. Truly it is intelligence that helps make us better. Ryan Embree: Yeah. Use it correctly. Love it. So, another thing we like to try to do at these conferences is look into a crystal ball. Try to predict the future, right? Everybody’s telling you what’s next, three, six months and down the line. What’s your vision? Maybe let’s start wide at the hospitality industry and then maybe you can dial it down from Newport Hospitality. Wayne West III: Again, I think I said it early, you know, we’ve been spoiled by the ability to grow our rates every year substantially. That’s slowing down. So we’ve gotta be smarter. I think a big opportunity is food and beverage globally from the, in, from an industry standpoint, I think doing food and beverage right drives preference to your hotel. I came up in the food and beverage world, and I think when select service hotels came along, we, we weren’t as good at food and beverage as we were 20 years ago. And we’ve let outside restaurants and bars wildly successful take a piece of our, our business. So I think we can do better if we would concentrate a little more on food and beverage, finding out what the guest really wants, needs and desires are when he checks into your hotel, and that that guest will come back. It will drive preference and it’ll drive RevPAR. So I wanna concentrate on that a bit. Ryan Embree: Great differentiator there for guests. Also attracting locals. If it’s a nice restaurant, you know, it’s your hotel restaurant isn’t of that of the same 40 years ago. Right? So, um, what about Newport Hospitality Group? Will you see the vision there? Wayne West III: We’ve got a couple letters of intent out today. Great brands, great owners. Two, were buying into one or actually purchasing a hotel. It’s the right hotel in the right location at the right time. We think we add some value by some additional sales and marketing that Whitney will do with her team. Whitney and Kirsten will do, whether it’s digitally or whether it’s just a different way of looking at our guests and attracting the guests. So we’re trying to find the major brands in our niche markets. Maybe we’re not in Washington DC but we’re in Frederick, we’re not in Jacksonville downtown, we’re in Jackson, the beach of Jacksonville. So we do really well in the secondary markets. We know, well, we’re in the south, we’re in the Northeast corridor all the way down from, you know, from Brooklyn, New York to Orlando, Florida. So we’re looking for that sweet spot, but I think many, as many companies are today. But we’re trying to identify that one that we can either reposition through some capital or reposition, because we’re just gonna take a different view of, uh, the revenue side of it. Ryan Embree: Well really appreciate you taking some time and stopping by Wayne. So thank you so much for having being on the Suite Spot with us. Wayne West III: Good to be with you, Ryan. Nice to meet you. Thank you very much. Ryan Embree: We’ll talk to you next time. Ryan Embree: Hello everyone. Ryan Embree here with the Suite Spot. Live at the 2026 Hunter Conference here with Ben Campbell, CEO and President of Hospitality America. Ben, thanks so much for taking some time to speak with us today. Ben Campbell: Absolutely. I appreciate the time, Ryan. Ryan Embree: It’s a cold, sleepy Atlanta morning. Very cold outside. But the, it’s warm and hot energy in here. We got some panels, we got some networking going on. There was some great activations and programmings last night. First time here at the Signia Atlanta. You’ve been to Hunter a couple times. What does a successful hunter look like to you and what do you think about the new location? Ben Campbell: I love the new location. I love the marquee. I love the historic nature of it. And, and we all got used to, to the marquee and then the multi-level there. Um, here, I got here early just to figure out where everything was, uh, this time to know where I was going. But, um, what a hunter success, success looks like for us is really extending relationships, making new relationships, and then getting outside of our echo chambers of our companies or our hotels and talking to other people and seeing what they’re seeing, what’s happening with the industry, what are people looking to invest in, where do they think it’s going? You know, got to listen to Chris Nassetta, uh, CEO of Hilton yesterday and provided us with some, his insight and, which was great takeaways that we’ll be able to take back to our company and make decisions. Ryan Embree: Some really cool announcements you typically get at these shows feels like a new brand’s popping up every single day in hospitality, but it is, you’re absolutely right there, I mean, you get a bunch of hospitality people from different markets in the same room, and all of a sudden those challenges start to arise and bubble up a little bit and maybe some innovative solutions outta that. But 2026, obviously a massive year for Hospitality America, 30 years. Congratulations to that. When you hear that, Ben, you know, as CEO and President, what does that milestone and chapter mean to you? Ben Campbell: Me, personally, first, it’s an honor that I’m able to be the CEO of a 30 year company and take it into the next 30 years. When I look back, it’s really about, legacy and consistency. And so for a company to get to 30 years and, and we have some contracts, we have two contracts that are 30 year contracts for us and clients. And so, you know, it’s a lot of work to, to maintain that. But it’s also a real testament to our founder Chris Cargon. It is the legacy that he has left behind and that he has poured into this company that now I have the honor and the rest of our team and, and employees have the honor of taking that into the next level. Ryan Embree: It’s so cool to hear that, to hang your hat on a story of three decades worth and to usher in this new, this next 30 years first. So congratulations there. Obviously lots change in hospitality in 30 years. I’d say lots change in the last five. And we might be at a inflection point here with everything around AI and technology, which we’re gonna speak to in a second. But what do you attribute to that longevity and success of Hospitality America and this company? Ben Campbell: We boil it down to three different things. So we have what we call the HA Promises. We have three stakeholders that every single day we wake up and we say, are we delivering the promise to our owners, to our team members, and to our guests? So everything that we do, we boil it down into those three pillars and say that every guest comes to our hotels and we have, we’re making promises to them that we have to deliver. Same with our team members, and definitely to our, our owners. And so I think it’s through that lens that we’ve been able to have a 30 year career and knowing that really we’re here to service the guests and we’re also here to service our clients, which is our owners, and deliver on those, perform, deliver the metrics and the performance that they expect and that ultimately we said that we would do and that we are delivering on. So, that’s why I say it’s really the consistency of the company. Also I think, you know, we’ve been scaling at, at a good rate, but it’s been very strategic in how we do it. And so we have 30 year relationships. I don’t want to take on anything that’s gonna put that in jeopardy. Swo we’re very selective on who we bring in and knowing that, okay, I can be very successful with this for this owner, and we’re building a great relationship. Ryan Embree: Yeah. We’re hearing that right now, more and more, not just looking for growth, but that strategic growth for the right partners. So key right now, especially in a challenging environment where margins, profitability hard to come by right now. But another place that Hospitality America has received some recognition recently is around its people, uh, which is, you know, the USA today recognized as top workplace for two consecutive years and top workplace for frontline workers. I think, you know, you come to a conference like this, obviously the big notes are about the AI technology, but how have you invested in people and seen those dividends pay off? Ben Campbell: Yeah. When I came under leadership of the company in 2022, that was a big focus of mine because we were having to rescale the company and really look at the industry and everybody was fighting for the same talent in the same talent pool. And so, like, again, the legacy of Chris Cargan, we said, we need to really define what that looks like objectively on who we’re bringing into the company. And so we boiled that down to our core values, which is outlined as a, uh, acronym P.E.A.C.H. Passion, excellence, adaptability, community, and humble. And so when we seek that talent, they know what they can expect from us, and we can tell them, this is what we expect from you. And when doing that, we’re holding everybody accountable. And so everybody, then we can say, okay, this is who we are. Peach. What we do is the HA promises. Ryan Embree: So everybody can strive to meet those metrics for the owner, each other as the team members and and our guests. And by holding that accountability training toward that accountability, and then everybody’s on the same page, that’s really what I think gives us the recognition. Last year when we did that survey for USA today. Really proud to say that 90% of our 850 employees responded to the survey. So just getting that type of engagement of completing the survey was a big win for us. We might have some exciting news come out by the time that this podcast dropped. Ryan Embree: Alright, well, we’re excited to hear about it, Ben. And congratulations to you and your team again. The conversations that I’ve had with industry leaders, those strong management companies have that kind of north star that you’re talking about. It looks like you have those two and those that, that culture that you’ve created over there, obviously the 30 years incredible milestone. Typically a time for reflection in looking at the legacy in the past, but also looking towards the future. That’s what you typically do on those big anniversaries. So what is the vision for the future of Hospitality America look like for you, Ben? Ben Campbell: Vision for us is still growth. Um, there’s a lot of opportunity out there. Uh, again, I think that, you know, how we do that is, is maybe a little different than we have. Um, we have two great relationships. Like I said, today we operate for five different ownership groups. We will expand some of that, uh, but we’ll also look at expanding through acquisitions. We, we’ve historically grown through development through our partnerships. Um, and so there might be a lot more acquisitions. I think right now when you look at the industry and the values of these assets, you know, the replacement costs, a lot of times you can get into an acquisition that much less than it would be to, to replace that. So I think a lot of that is what we’re hearing at Hunter as well. Um, a lot of owners are feeling that we are feeling that as well. Um, and so there’s some great assets that are coming onto the marketplace that I think three or four years ago wouldn’t, back to your question on what we see for the industry. I think the, you know, we, yesterday you heard Christmas set us say that bifurcation of the cake shape economy is gonna be coming together. I agree with that. I don’t think it’s gonna stay that way forever. Um, I think that the top end has just had a lot more cash reserves that they could bleed off over time. Yeah. The middle market is generally where we’ve, uh, been really, really well. And the Hampton ends, the Fairfield ends the, um, and then higher up we do tapestries and we have a motto and tribute and things of that nature. I think that’s where the industry is going. From an experience side, yes, they want a curated experience and a very intentional experience, but also they want to know what they’re gonna get to. So I think that’s where we are right now. We’re kind of feeling those effects of, okay, we’re, you know, we’re curating the experience, but it may not be taken to that next level. And I think that’s where we need to continue to elevate and continue to spend our dollars to ensure that when the guests show up at the Signia or one of our hotels, like a tapestry or the motto of Bentonville, they walk in and they’re blown away that by the experience because they can tell every single detail is thought through. Ryan Embree: Yeah. It’s very cool to see the experiential travel really blow up right now. Guests loving that, but looking for that consistency, like you said, every guest wants that unique experience, but they do want it at a consistent level too, of, of meeting or matching their guest expectations. So Ben, thanks for taking some time, uh, to speak with us. Congratulations on all the milestones and we’re gonna look, uh, for that news that you were sharing. Ben Campbell: I appreciate it. Ryan Embree: Thank you so much. And, uh, we’ll talk to you next time on the Sweet Spot. Ryan Embree: Hello everyone. Ryan Embry here with the Suite Spot live on location at the Hunter Conference 2026 in Atlanta, Georgia, here with Paul Sacco, Chief Growth and Development Officer at PM Hotel Group. Paul, thank you for taking some time. Paul Sacco: Thanks for having me. Ryan Embree: Excited to talk about this. We’re the new venue. Uh, you visited the Hunter Conference before. How does this compare and, and what does success really look like for you when you leave Atlanta here? Paul Sacco: Yeah, I think it’s been a great conference. Perhaps a little hiccup with some of the weather Sure. And people getting in. But I think Teague and League and the team at Hunter have done a great job, really producing a terrific conference. And it’s really well attended now. So we’ve had great experience so far in terms of what does a good conference look like? To me, it’s all about connections. So it’s all about making sure that when you come to a conference like this, sure you have meetings scheduled for deal advancement on projects, you’re working on relationship building on some of the new relationships that you are building upon. And that that’s structured, but also that you leave plenty of time to walk the floor because inevitably you’re running into people that you share common stories with, you’re connecting with maybe there’s some things to do with, and it’s just great ’cause our business and our industry is really all about connections. Ryan Embree: That’s how, that’s where it’s built. It’s a big little world hospitality run into a lot of people. And when you get a lot of hospitality people in one place, they’re gonna start sharing best practices and maybe some of the challenges that they’re having right now. Absolutely. Especially with margins, uh, profits, people are looking out for that edge to figure out what’s next. Where do you think there’s opportunity when you kind of see the landscape right now? Is it a particular region, a segment that you like? Paul Sacco: Yeah, so we operate in full service and toward luxury segment as well as select service and then independent and boutique. And we all hear a lot right now about luxury and leisure leading the way. And we hear a lot about mid-scale extended stay and extended stay generally leading the way. And we’re in those categories. I also think there’s really good opportunity if you are thoughtful about the, the possibilities thoughtful about the deal in urban markets, on core branded hotels. I think there’s still some really good opportunity. You have to be thoughtful about your basis and about what the demand drivers are. But I think there’s some future opportunity in the near term there. I think there will be transactions that start to happen more. We’re starting to see some more pip pressure now from the brands. We’re starting to see some more lender pressure. I think the period of extend and pretend is perhaps coming to an end. Yeah. And there’ll be some transactions that occur out of that. We’re seeing more marketed deals as well come across. And I think that’s been across segments. Fortunately for us, we’re really focused in on each of those three segments as a company and we can capitalize on the right opportunities. Ryan Embree: And that’s where those strong connections come in to make those deals move across the finish line at the end of the, the day. Absolutely. Now PM Hotel Group, you talked a little bit about it, but it’s a competitive landscape out there. Where do you find opportunity to differentiate yourself from other management companies? Paul Sacco: So it is a competitive environment for sure. We’re a top 15 management company now. We do not have any particular goal or pressure to be a certain number of hotels. That’s really meaningful on two fronts. One, it means we can grow smart and do deals that make sense for our company, deals that make sense for the owner in terms of using our operation makes sense for our team. And secondly, it’s really important because it, it allows us to remain accessible to ownership at the highest levels of our company. So we always say that if there’s ever a time where an owner can’t call me or Joseph our president or others in our company and get a response that day, then we’ve grown too big. And that’s really important to us. And since we’re an independently owned company and we’re not private equity owned, we’re not public, we don’t have any of those quarterly quote unquote nug pressures to grow. We can be really thoughtful and strategic about the deals that we do and the owners with whom we’re working and remain accessible to them. Ryan Embree: Well it puts you also in opportunity to kind of maybe be first in line when a new developer or owner wants to go a certain route. You’ve got kind of the story to tell them and and share with them. Paul Sacco: We hear it a lot in reality. We are of the size and scope that our senior team remains very accessible to ownership groups, to asset management groups, et cetera, based on the size and nature of our company. I think there are some others who can say that as well. And there’s some others who are a lot larger and it just maybe just makes it more difficult to do that as effectively. Ryan Embree: Definitely. Now another topic on everybody’s bingo card here. Conferences like this is AI and technology, right? So what’s the philosophy over at PM Hotel Group? Are you guys using anything on the development side and how do you utilizing it? Paul Sacco: Yeah, I think there are some really good tools within ai, even just using ChatGPT and Gemini in order to do market research, really market assessment tools. And that’s a great way to get highlight overview of what’s happening in a market if you’re looking at a new deal, if you’re traveling to a market, a good way to gain sort of initial information and a feeling for what’s happening in a market from a development perspective. Now we tend to dive in deep and back all that up as we advance with some really good formats like CoStar and some others that are out there that help us really assess a deal and assess our business. So on the development front, I think that’s how we’re approaching things on the operating front. I think AI will continue to evolve in a way that it helps, makes operations more efficient, whereby there can be data assessment on check-ins and checkouts, which can help with labor and staffing needs and assessing those types of things. And then of course, on the commercial side, really harnessing the way that people are doing intent-based searches now. Because people will go into ChatGPT or Gemini and they’ll put in an intent-based search. We find a lot that our independent and boutique hotels come up in those searches. But how do you capitalize upon that and how do you harness that in a way to turn it into reservations? Ryan Embree: Absolutely. Everyone looking for that edge right now, right? Like I said, to combat those margins right now, which are challenging in your position, you’re always looking for the next opportunity, the next deal. What’s your vision for PM Hotel Group as you grow into the back half of the 2020s? Paul Sacco: So again, we’re a privately owned company and we grow very strategically. We’re not under any certain pressure, again to have a certain quote unquote nug. So that’s been very effective for us and we’ve been really thoughtful about the owners that we’re doing deals with, the types of deals that we can operate. Effectively key for us is that we’ve done a couple of small strategic partnerships, siteline a year or so ago, modus by PM Hotel Group before that. And the combination of that has put us into all these different segments that we just discussed. But it’s put our reach from Hawaii to California to the mountain states, all the way to the East Coast with different types of products. So we can really capitalize on that and harness the fact that we have coverage and reach in a lot of different markets and market knowledge. So I think for us it’s just about growing smart. It’s about putting a lot of effort behind commercial and technology. We’re, we’re making a lot of investments in that space right now so that we are out ahead of AI advancement and technology advancement. And we’re even in a sort of muted RevPAR growth environment now we’re focused on RPI. And we’re focused on TRevPAR and making sure that operationally and top line wise, we’re getting more than our fair share. Ryan Embree: Awesome. Well, Paul, congratulations to you and your team. We’ll continue to keep a close eye and we’ll let you get back in there. And for all the good stuff, the Hunter Conference has to offer. Paul Sacco: Thank you. Ryan Embree: Thanks Paul. Ryan Embree: All righty. Hello everyone. Ryan Embree here with the Suite Spot live on location at the 2026 Hunter Conference here with Parker, Graduate by Hilton Brand Leader. So excited. I love this brand, it’s very exciting. But before we get talking about your brand, talk to us a little bit about your brand, where you came from and your history here in hospitality. Parker Henderson: It’s fun. Actually. We’re here in Atlanta. This is where I was born and raised. My parents met working for Delta Airlines, so I grew up traveling. Dad worked for Delta for 32 years. And so grew up traveling. And when I got to college, I knew that was something I wanted to major in. Went to Appalachian State University, majored in hospitality tourism management. Worked at the front desk of Comfort Suites when I was in Boone, North Carolina. And then did my internship. And I had a great professor who I was like, I’ll just do my internship and here I’m at already at the hotel. No big deal. He was like, no, you need to go somewhere. You need to do something. And so, Pinehurst Resort in North Carolina, they were interested in me. So I did my internship. There happened to be the 99 US Open, everything went really well there. Came back as a manager in development and I was with ClubCorp, who owned Pinehurst for about five years. They moved me to a location in Austin, Texas. Stayed there for a while. Resort Company wasn’t really growing. And meanwhile this beautiful 31 story Hilton was being built in downtown Austin. And I remember seeing that and it’s like, I want that. And I was always in front office operations, so I was able to join the Hilton Austin as assistant director of front office. And that was in November of 2003. And I’ve been with Hilton ever since on property roles for about a decade in San Diego, Baltimore, Orlando. And then joined the corporate front office team in 2012 where I focused on front office operations, efficient use of our property management systems, which are proprietary to Hilton, and then was able to work and get exposed to the brand side and then joined Embassy Suites brand in 2021 and just love that world. Also during the pandemic, my pandemic fun was getting my master’s in hospitality from Virginia Tech. They had a campus in the DMV area up in DC and fall of 2020, I became an adjunct professor in that program. So continuing to do that, I’ve always believed in the power of that intersection of hospitality and education. So when Graduate came through in 2024, I was the first one to raise my hand saying, okay, I’ve got the brand experience, I’ve got the university passion. And so it’s been a great experience since then. Ryan Embree: That’s so cool, Parker. And you know, we were talking about this, I’d love to hear those stories of people that went to school for hospitality and now look at you, you’re on the other side of the desk, you’re, you’re the teacher and, and you know, influencing the next generation of hoteliers, which is so cool. So obviously college and universities have, I’m sure you don’t get tired of talking about those never, especially in your position. But for those who maybe aren’t as familiar with Graduate, talk to us a little bit about that brand, maybe a little bit of a story as well. Parker Henderson: Absolutely. So Graduate Hotels was created in 2014 by AJ Capital. They found that there was great opportunity to have upper upscale position, lodging, bespoke design in these hotel, in these university markets. And it’s been a great success. They started with just one or two properties. They grew to 34-35 properties and then Hilton acquired them in spring of 2024. Since then, they’ve all come into the Hilton ecosystem, 35 assets total currently. And so they’re live with Hilton Honor, they’re live with all of the team member perks with Go Hilton and everything that you expect. But also they’re tied into all the benefits of being Hilton, Hilton Worldwide Sales, Hilton Supply Management, Hilton University, all the training programs. And so the hotels have done a great job of kind of onboarding, keeping the authenticity that makes graduate special while using the engine and all the power that comes with the distribution network of Hilton. Ryan Embree: It’s so cool to hear. And you know, when I think about people and their universities and their colleges, passion is the first word that comes up. And to marry that with your brand and people are also passionate about travel. That’s such an exciting, probably space to be in. And the fact that you, that you get to talk about, these projects and here we are in Atlanta, a very cold unseasonably cold day here in March. But you know, we’re at the Hunter Conference talking to investors, owners, developers. You’re having these conversations. What do owners and developers get excited about when you’re having conversations about your brand? Parker Henderson: The passion, like you said, there’s such storytelling and such a passion to tell a story either about some where somebody lives currently, where their alma mater is, or maybe if they didn’t go to college or university where they were in that youthful optimism phase of kind of the late teens, early twenties, where you really don’t know where your path is and it’s just kind of starting and being able to bottle that up and put that into a project. That’s what gets people excited. The fun part is that the product is so special, it’s so bespoke at each university, at each college town, but they perform wonderfully. We, we have above market performance and revenue and occupancy and we continue to capitalize on those high impact times, home football games, move-ins, graduation, all of that type of stuff. But also with the Hilton system, we’ve been able to expose them to so much different areas of business, whereas they may have had to rely on online travel agencies In the past a lot we’ve been able to kind of broaden that to introduce more business travel. We’ve been able to work with Hilton Worldwide Sales, get more groups, meetings and events into the hotels. The average Graduate hotel is 167 keys and about 4,000 square feet of meeting space. Now with the 35 hotels, that varies greatly. Some are small as 70 keys. Some are as big as 304 keys. Some have zero meeting space. We’ve got one with over 23,000 square feet of meeting space. So there’s a lot of variety there. But all of them can play into the different mix of business that Hilton Worldwide Sales promotes. Ryan Embree: Well, it’s incredible ’cause you know, none of these properties are the same because probably none of these universities are the same. None of these markets are the same. So I’m sure it’s a passion project again, but also creating these memorable experiences around those really cool times and being able to tie your brand in there definitely means something special. Now you have a couple projects, special projects that you’re working on right now. Talk to us a little bit about those and, and maybe that differentiation between them. Parker Henderson: Sure. With the development side, as soon as Graduate came into Hilton became a brand that we were able to franchise. So we have been working with our development committee, that’s why we’re here at Hunter Investment Conference. But we’ve got about 60 different deals in various forms of negotiation. We’ve got a number of deals signed that we’re excited to work on. I’ll highlight kind of four ’cause I feel like they tell a good story. We’ve got Flagstaff, Arizona, that’s gonna be by Northern Arizona University, brand new build, new to Hilton owner. Very exciting project that’s gonna do some amazing storytelling about Route 66, about Northern Arizona University and just the Flagstaff community. You’ve got Boulderado, a historic, a hundred and something year old asset in downtown Boulder, right by UC Boulder. This is gonna become a graduate by Hilton Hotel. This is funded by AJ Capital. They own that. So that’s showing continued interest in the founder of the brand into Graduate by Hilton, which is something that means a lot to me. It means that we’re protecting the brand in, in meaningful ways. We’ve got Graduate Laramie that’ll come online by the University of Wyoming. This is an existing Hilton Garden Inn that’s reaching the end of its term with that project. And we’ll transition and go through a painstaking renovation to tell the cowboy story of the University of Wyoming. And that’ll open as Graduate Laramie. And then in New York, we’ve got Graduate Syracuse. This is actually owned by Syracuse University. This is the institution building something, 200 keys from the ground up. It’s gonna be absolutely spectacular there. Ryan Embree: I can talk to you about each one of these projects and which makes them so unique and, and that’s again the cool part, probably why both the owners and developers love it. Guests love it as well. But let’s get to know you in the portfolio a little bit more intimately. So let’s talk about maybe one of your favorite views on one of your properties. Parker Henderson: There’s a lot. So Graduate East Lansing, east Lansing, Michigan, Michigan State University, if you look out any of their front side windows, you’re looking right into kind of the arboretum of Michigan State University. It is gorgeous rooftop of graduate Auburn, Alabama. If you stand at the War Eagle Supper Club on the roof of Graduate Auburn, you’re looking directly towards the scoreboard and the stadium at Auburn University. Yeah, it’s fantastic. Gosh, there’s so many different ones. I could, like literally, even in Princeton, you’re looking down the street, down Nassau Street towards the gates of Princeton. You’re the fun part about these properties. And I’ve been able to go to all 35 locations both in the UK and the US. And the great thing about them is the location. Most all of them are at the intersection of Maine and Maine. They’re all walkable to campus, no further than about a mile away from the university they are next to and surrounded by the most popular restaurants, bars, shopping, points of interest, the museums, whatever it may be, they’re in the heart of it. All Ryan Embree: Such tradition rich places and spaces that these properties are located in tells a an amazing story. And sure, your guests get to be a part of it, which is really cool. What about signature dish maybe or a local tradition or something like that? Parker Henderson: So all of our restaurant, or excuse me, all of our hotels have a breakfast. Usually that’s kind of a cafe with a barista led concept. Many of those go by the name of Poindexter Coffee. So we have about half the brand that have a Poindexter coffee. Those are phenomenal in themselves. Then in the evenings we require hotels to have bar and dinner at all their locations. One traditional dish may sound basic, but it’s so good. We do a really great smash burger in fries, and that’s something you can find at almost all of our locations. Just a really good smash burger. Ryan Embree: Very cool. Well, you know, and I didn’t prep you for this one, but what about if there’s, is there anything, I mean, because obviously colleges and universities that they’re, they have a lot of, sometimes quirky traditions that, that are in the area. Are there any hotels or properties that have any of these local traditions or anything like that? Ryan Embree: Well, the storytelling, storytelling is one of our values at graduate and all of our hotels portray storytelling. We use maximalist design, we use layering of story upon story, but I think one of my favorite ones I was speaking about graduate Princeton, their headboard, if you’ve ever looked at a picture of graduate Princeton, their headboard looked like these hand carved canes and they’ve got like etchings in ’em and all different kinds of things. And I remember asking the general manager, Michael, it’s like, what is this? Why does it look like hockey sticks above my bed? He’s like, well, back in the 1860s, students used to hand carve their own canes and walk around campus and around the 1860s the upperclassmen decided, nope, the freshmen shouldn’t be allowed to carry those. So they would like beat them with their sticks and, you know, not allow the freshmen to carry them around here. So now that does not continue, but it’s now kind of an intramural fall sports festival every fall for called the Canes Prix. So it’s one of those traditions and one of those stories that you walk in and any Princeton student or alum would get that immediately. Yeah. But from somebody who went to Appalachian State would never have heard of that, it would never have known that tradition if it wasn’t for that quirky headboard. Ryan Embree: And there’s that special connection with the guest that is, that knows that, but also the guests that maybe not like, well, what I’m learning about right now, love that tradition. Like that’s very, that’s some cool history, you know, associated with the property in the university. So obviously a lot of growth. You just talked about the pipeline for this brand, but what’s as brand leader, what’s your kind of vision for the next, you know, three to five years for for Graduate by Hilton? Parker Henderson: Absolutely. We’re looking at kind of making sure that everything within the hotels we’re optimizing as much as possible. So I always love to base everything we do on our values. Our motto at Graduate is we are all students. Our values underneath that is what is fearless hospitality? We’re curious. We’re unapologetically unique and we’re storytellers. And so with that just kind of capitalizing on that and moving that into just grow within the next few years we’ll have several new openings. We’ll have more announcements to share on that. Ryan Embree: Awesome. Well, we’re excited. We’re gonna keep a close eye on the graduate story and yeah, we’re excited to thank you for stopping by and talking to us. Parker Henderson: Absolutely. Thank you for having me. Ryan Embree: To join our loyalty program, be sure to subscribe and give us a five star rating on iTunes. Suite Spot is produced by Travel Media Group. Our editor is Brandon Bell with Cover Art by Bary Gordon. I’m your host Ryan Embree, and we hope you enjoyed your stay.

Michael Bellisario, senior research analyst at Baird, joined the REIT Report to review the outlook for the lodging and hotel REIT sector in 2026, focusing on demand trends, the impact of major events like the World Cup, and strategies for maintaining occupancy and navigating market challenges.Bellisario said the overall outlook for the sector for 2026 is “positive but muted,” following a tough 2025. The World Cup is expected to boost revenue this year, with Baird estimating it will contribute 75 basis points or more to REVpar for the year. “It's going to be a tailwind. It's just a matter of how much and when do we see those bookings start to pick up,” he said.Meanwhile, Bellisario pointed out that wealthy travelers are currently driving growth within the leisure sector, with high-end hotels performing better than economy and mid-scale segments. Higher-end establishments can charge more for additional services, he noted, such as dining and experiences, beyond room rates. This trend indicates a potential strategy for hotels to focus on non-room revenue streams.

Is your short-term rental income safe, or is the new Airbnb fee model slashing profits behind your back? Most hosts have no idea how much they're really losing or why Vrbo is suddenly on the rise.In this urgent, myth-busting episode, Kenny Bedwell sits down with revenue mastermind Emile Sakhel (Founder, Pricing by Mira) to expose the surprising ripple effects of Airbnb's 15.5% host-only fee. From real-world numbers to emotional guest decisions, you'll learn exactly who's winning and who's losing after this game-changing shift. Discover proven tactics for protecting your net cash flow, avoiding “measurement mistakes,” and leveraging platform psychology before your next competitor.Listen now to stop the silent drain on your profits. Avoid costly traps and get exclusive strategies you won't hear from industry gurus or Facebook groups. This episode could mean the difference between cash flow victory and yearly regret.Timestamped Highlights[00:00] – Meet Emile Sakhel: The psychology (and math) of true STR profits[00:02:37] – Airbnb's shocking fee switch: The little-known 40% mistake sabotaging hosts[00:04:14] – Why an 18.34% markup matters and the hidden math most hosts miss[00:07:20] – The #1 mistake investors make when underwriting STR deals post-fee change[00:10:09] – True or false: Did raising prices kill your ranking… or actually help?[00:12:17] – Who's quietly winning? The Vrbo surge nobody saw coming[00:16:13] – Subscription secrets: How some hosts are crushing Airbnb margins on Vrbo[00:23:17] – Price parity panic: Why guests (and algorithms) punish sloppy pricing[00:31:19] – How to bulletproof your underwriting—get net right or get wreckedAbout The GuestEmile Sakhel is the founder of Pricing by Mira, a revenue management consultancy transforming how short-term rental operators pursue profit. Known for his deep-dive approach to revenue psychology, system building, and outperforming market RevPAR by up to 4x, Emile is a trusted educator and advisor for ambitious investors. He's also the creator of My Revenue Academy, empowering hosts to master the art of pricing and platform strategy for themselves.

Thirty years in, PM Hotel Group still thinks like an owner-operator—and that matters right now. While I was at the Hunter Conference, I talked with Paul Sacco of PM Hotel Group about how they protect margin when RevPAR growth slows, costs climb, and rate resistance shows up. #NoVacancyNews

¡Escucha ya y prepárate para el futuro de la hospitalidad!Fireside chat completo en Real Estate Tech Market 2026 (30-31 julio): Compra Tu entrada en https://realestatetechmarket.com (early bird abierto).RevPAR solo +0.9% en 2026 (PwC), ocupación 62%... pero hoteles que usan hiper-personalización ven revenue lifts 10-30% y huéspedes repitiendo 3x más (McKinsey).En este episodio corto: cómo AI ajusta tu habitación antes de llegar, PropTech unifica datos para experiencias seamless, y agentic AI revoluciona operaciones. Ejemplos reales LatAm + global, con foco en el toque humano multiplicado por tech.

Hotel executives spotlight loyalty as a growing profit engine beyond room revenue, Barcelona moves to double its hotel tax to manage overtourism, and Vrbo tests a weather-refund add-on that pays travelers automatically if rainfall crosses a set threshold. On today's Skift Daily Briefing, Sarah Dandashy⁠ breaks down how hotels are monetizing guest relationships beyond RevPAR, why Barcelona is betting demand can withstand higher visitor fees, and how embedded “peace of mind” products are becoming a bigger part of the booking flow. This episode is presented by ⁠⁠⁠⁠Lodgify!⁠⁠⁠⁠ Articles Referenced: ⁠⁠⁠⁠⁠⁠⁠Honorable Mention: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@AskAConcierge on IG⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Hotel Execs Reveal New Revenue Priority: Making More From LoyaltyBarcelona to Double Hotel TaxVrbo Guests Can Pay Fees to Get Refunds When Rain Ruins a Stay Connect with Skift LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/skift/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ WhatsApp: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://whatsapp.com/channel/0029VaAL375LikgIXmNPYQ0L/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Facebook: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://facebook.com/skiftnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/skiftnews/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Threads: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.threads.net/@skiftnews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Bluesky: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://bsky.app/profile/skiftnews.bsky.social⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://twitter.com/skift⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@SkiftNews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and never miss an update from the travel industry.

Is 2026 shaping up to be the best year for short-term rental investing since 2021? In this episode, Kathy breaks down AirDNA's 2026–2027 short-term rental outlook, including where occupancy is headed, why ADR growth may slow before rebounding, and how the STR premium is improving as mortgage rates stabilize near 6%. We'll cover supply growth, demand forecasts, home price declines in coastal and urban markets, and what RevPAR trends mean for investors. If you're considering buying, expanding, or repositioning a short-term rental, this episode explains where opportunity may be emerging before competition increases again.

Travis Burns is Executive Vice President of Business Development at Remington Hospitality, where he's helping scale the company's third-party management platform. A former aerospace professional turned hotelier, he walked into the Hyatt Regency Tulsa Downtown asking for any job, and built a career spanning sales, operations, and investment strategy. In this episode, he unpacks profit over prestige, luxury's lift, and gut-driven growth. • Why GOPPAR matters more than RevPAR • How to win the GOP war—even if you lose the STR report battle • What your business mix really costs you (and why it matters) • How to know when saying yes is a trap • The intuition advantage in a world drowning in data • Why being first isn't always best in hotel innovation • The real driver behind luxury's post-COVID surge • Why great luxury GMs still have to obsess over labor and cost control • Why new capital—not institutions—may drive 2026 transactions • The one change Travis would make to the industry overnight *** Our Top Three Takeaways Revenue Without Profit Is a Mirage One of the clearest themes in this conversation is Travis's insistence that top-line performance is meaningless without margin discipline. He pushes owners and operators to look beyond RevPAR and focus on GOPPAR, emphasizing that not all revenue is created equal once costs are accounted for. The real work, he argues, is understanding *how* revenue is generated and being willing to sacrifice headline wins in favor of long-term profitability. The K-Shaped Recovery Is Reshaping Hotel Strategy Travis offers a grounded explanation for why luxury and upper-upscale hotels continue to outperform other segments. It's not that affluent travelers are price-insensitive; it's that post-COVID travelers are taking fewer trips and assigning more value to each one. When travel becomes part of the story rather than just a place to sleep, guests are willing to pay more, as long as luxury remains distinctive and doesn't slide into sameness. Say Yes, but Know When and Why On careers and leadership, Travis reframes the familiar advice to "say yes" with an important caveat: every investment of time and effort should come with an exit strategy. Early-career hustle only works when it leads somewhere, whether that's growth, learning, or the next opportunity. Without a clear payoff, ambition turns into exploitation, and knowing the difference is a critical leadership skill. Travis Burns on LinkedIn https://www.linkedin.com/in/travis-burns/ Remington Hospitality https://www.remingtonhospitality.com/ Cayuga Hospitality Consultants https://cayugahospitality.com/ Hive Marketing https://www.hive-marketing.com/ ***Ad Giveaway*** Enter here! https://www.topfloorpodcast.com/win Other Episodes You May Like:  212: Hotel Meth Takedown with Debbie Feldman https://www.topfloorpodcast.com/episode/212 181: Smoky Light Pole with Tommy Beyer https://www.topfloorpodcast.com/episode/181 107: Trash Can Fire with Tracy Prigmore https://www.topfloorpodcast.com/episode/107

In this episode of Corporate Finance Explained on FinPod, we examine dynamic pricing and why pricing is one of the most powerful and misunderstood levers in corporate finance. While often viewed as a marketing tactic, pricing decisions sit at the core of margin protection, cash flow management, and capital discipline.This episode breaks down why pricing is frequently the fastest lever available to management when financial performance is under pressure. Unlike cost reductions or capital projects, price changes can impact operating profit immediately. We explore the financial logic behind the “1% rule,” which shows how small improvements in pricing can generate disproportionate gains in operating profit due to fixed cost structures and margin flow-through.Using real-world case studies, we analyze how companies apply dynamic pricing to balance supply, demand, and profitability across industries with very different economics.In this episode, we cover:Why pricing is fundamentally a finance problem, not just a marketing decisionThe math behind the 1% pricing rule and margin amplificationHow airlines pioneered yield management for perishable assetsWhy rideshare surge pricing functions as a market-clearing mechanismHow Amazon uses dynamic pricing to accelerate cash conversion rather than maximize unit marginThe role of working capital and negative cash conversion cycles in pricing strategyHow hotels use revenue per available room (RevPAR) to manage fixed costsWhy price elasticity determines whether dynamic pricing creates or destroys valueThe JCPenney case and how ignoring consumer behavior undermined rational pricing modelsHow dynamic pricing is evolving in SaaS and usage-based business modelsThis episode also highlights the limits of algorithmic pricing. While data and models can optimize margins, successful pricing strategies must account for customer behavior, perceived value, and long-term relationships. Pure arithmetic optimization without behavioral context can rapidly erode demand and brand trust.This episode is designed for:Corporate finance and FP&A professionalsPricing and revenue management teamsFinance leaders responsible for margin and cash flow performance 

For most of my career, I've been focused on two things: Operating businesses and Multifamily real estate. The strategy has been pretty simple. Take money generated from higher-risk, active businesses… and move it into more stable, long-term assets like apartment buildings. That shift—from risk to stability—is how I've tried to build durability over time. Now, to be fair, the sharp rise in interest rates a few years ago put a dent in that model. But zooming out, it's still worked well for me overall. So I'm sticking with it. That said, there are other ways to think about real estate. In some cases, the real opportunity is when you combine real estate with an operating business. We've done that before in the Wealth Formula Investor Club with self-storage, and the results were excellent. Storage is operationally simple, relatively boring—and that's exactly why it works. But there's another category that sits at the opposite end of the spectrum. Hotels. They're sexier.They're more volatile.And yes—they're riskier. But the upside can be dramatically higher. One of my closest friends here in Montecito has quietly built a fortune doing boutique hotels over the past few years. He started with a no-frills hotel in Texas serving the oil drilling industry. Over time, he combined his operational experience with his talent as a designer—and eventually created some of the highest-rated boutique hotels in the world. He's absolutely crushing it. Of course, most of us aren't world-class designers or architects. I'm certainly not. Still, his success made me curious. Hotels have been on my radar for a while now—not because I understand the business, but because I don't. When I asked him how he learned the hotel industry, his answer was honest: “I figured it out on the fly—starting with my first acquisition and a great broker.” That's usually how real learning happens. So this week on the Wealth Formula Podcast, I brought on an expert in hospitality investing to educate both of us. We cover the basics: How hotel investing actually worksWhere the real risks are (and where they aren't)How returns differ from multifamilyAnd what someone should understand before ever touching their first hotel deal If you've ever thought about buying or investing in hotels—but didn't know where to start—welcome to the club. You don't have to jump in tomorrow. But you do have to start somewhere. This episode is a good starting point. Listen on Apple Podcasts: https://podcasts.apple.com/gb/podcast/545-should-you-invest-in-hotels/id718416620?i=1000748759003 Listen on Spotify: https://open.spotify.com/episode/5Lx5Rp4x704lWRazWLqDOK Watch on YouTube: https://youtu.be/GMFf6-g8w_0 Transcript Disclaimer: This transcript was generated by AI and may not be 100% accurate. If you notice any errors or corrections, please email us at phil@wealthformula.com. Welcome everybody. This is Buck Joffrey with the Wealth Formula Podcast coming to you from Montecito, California. Before we begin today, I wanna remind you, if you’ve not done so and you are an accredited investor, go to wealthformula.com, sign up for our investor club. Uh, the opportunity there is really to see private deal flow that you wouldn’t otherwise see because it can’t be advertised. And, uh, only available to those people who are deemed accredited. And then what does accredited mean as a reminder? Well, if you’re married, you make $300,000 per year combined for at least two years with a reasonable expectation, continue to do so, or you have a net worth of a million dollars outside of your personal residence. Or if you’re single like me, $200,000 per year or a million dollars net worth. Anyway, that’s probably, uh, most of you. So all you gotta do is go to wealth formula.com, sign up for investor club because hey, who doesn’t wanna be part of a club? And, uh, by the way, it’s a great price. It’s free. So join it. Just get onboarded and all you gotta do is just wait for deal flow. What a deal. Now let’s talk about different kinds of things to invest in. For most of my career, I, I have really focused on two things I’ve focused on. Either operating businesses, uh, in my case, those operating businesses largely have been medical and multifamily real estate. Uh, the strategy itself, theoretically the way I think about it, take money from sort of these active businesses, a higher risk, move them into more stable long-term assets like apartment buildings. Okay? The idea is that’s how you build some durability over time. Now, to be fair, okay, to be fair. Sharp rise in interest rates a few years ago. Put a little bit of a dent in that model. But here’s the thing is that you can’t throw out the, uh, baby with the bath water. ’cause when I zoom out, still worked well for me overall. So I’m sticking with it and, uh, that’s my story. I’m sticking with it. That said, there are always other ways to think about real estate, right? Real estate is not just multifamily. Um, in some cases, the real opportunity is when you combine real estate and operating businesses. So. We’ve actually done that before in our wealth formula investor club. Um, and we’ve done that through self-storage, for example, and the results were really good. Storage is operationally, generally pretty simple. Probably not that simple, but you know, but more so than other things, relatively boring. Boring is good, and that’s exactly why it works. There’s another category that sits at the opposite end of the spectrum of boring, and it’s sexier and it’s more volatile and it’s riskier. And uh, that is the area of hotels, right, like leisure, that kind of thing. But the upside in those things can be dramatically higher. You know, one of my closest friends here. Montecito, I talk about him all the time. He’s a, he is a little bit of an inspiration to me, although I wouldn’t tell that to in space. He’s built a fortune doing boutique hotels over the past few years and the way he started, you know, and I think it was only about a decade ago because he bought like this no frills hotel in Texas that was serving the oil industry. There was a bunch of guys, you know, drilling needed a place to say, and you know, he had this and he actually. I don’t know that I would recommend this, but he, he told me he bought it sight unseen just based on the numbers. Ah, man, I gotta tell you, I don’t think I’m that lucky. If I bought something sight unseen, it would not work great for me, but it did work great for him. But over time, what he did is he, he combined his operational experience with his talent as he’s like a designer, like designs, homes, an architect, uh, of sorts, although more than that. Um, and he, he used to build houses for like famous people in Hollywood. Anyway, he took that skill and so he combined it with hotels and he created some of the highest rated boutique hotels in the world. And he’s absolutely crushing it. Just crushing it. Of course, the reality is that most of us aren’t world-class designers or architects. I’m certainly not. I’m not artistic at all. Still, um, you know, the fact that he’s had so much success in this space and that he loves hotels. What got me curious? So, hotels have been on my radar for a while, not because I understand the business, but actually because I don’t. And when I asked him how he learned, uh, about the hotel industry, he just said, you know, I figured out on the fly and, uh, you know, started with my first acquisition, had a great broker who taught me everything I, you know, needed to know at the beginning and. That’s a great story. I mean, and ideally that’s how things happen. As you can tell, this guy is, uh, seems to just hit on everything. So good for him. So this week on Wealth Formula Podcast, I wanted to get a little bit of a hotel investing 1 0 1. So I brought on an expert in hospitality investing that could educate both you and me. So we’re gonna cover some of the basics, how hotel actually works, you know, what are the risks returns. Like, what should people do if they even consider, you know, buying their first hotel or investing in one? So if you’ve ever thought about investing, uh, in hotels, or maybe that’s the first time you’re hearing about it and you’re curious, uh, welcome to the club and uh, we will have a great interview for you right after these messages. Wealth formula banking is an ingenious concept powered by whole life insurance, but instead of acting just as a safety net, the strategy supercharges your investments. First, you create a personal financial reservoir that grows at a compounding interest rate much higher than any bank savings account. As your money accumulates, you borrow from your own. Bank to invest in other cash flowing investments. Here’s the key. Even though you’ve borrowed money at a simple interest rate, your insurance company keeps paying you compound interest on that money even though you’ve borrowed it. At result, you make money in two places at the same time. That’s why your investments get supercharged. This isn’t a new technique. It’s a refined strategy used by some of the wealthiest families in history, and it uses century old rock solid insurance companies as its backbone. Turbocharge your investments. Visit Wealth formula banking.com. Again, that’s wealth formula banking.com. Welcome back to the show, everyone. Today. My guest on Wealth Farm I podcast is, uh, John O’Neill. He’s a, a professor of hospitality management and director of the Hospitality Real Estate Strategy Group at Pennsylvania State University. Uh, he spent decades studying hotel valuation performance, Cabo flows and economic cycles in in the lodging industry. John, thanks for, uh, joining us. You’re welcome. So, you know, we’re talking offline. You’ve been in the hotel business for a long time. We’re trying to figure out how to frame this thing because you know, I mean there are, I know there are certainly people in. Uh, who in, in my group and my listeners, my community who are in the hotel space, but a lot of ’em aren’t. And you know, they’ve been thinking about, well, you know, we do a lot of apartment buildings, that kind of thing. Um, you know, what else should we be thinking about? And so, you know, when we hear, uh, hotel, um, they’re thinking of hospitality. But from an investor’s perspective, I guess the first question ask is what kind of real estate asset is a hotel? And, and may, may maybe just sort of fundamentally how different it is. From apartments office or retail? Yeah, that’s a great question because hotels are fundamentally different. But what I’ve seen over the past few years as well is hotels have increasingly been considered to be a component of commercial real estate. So we’ve always thought about office and retail and residential and industrial as being components of commercial real estate, but increasingly. Investors are thinking about hotels that way as well, because some of the high risk aspects of hotels have been moderated a little bit. So they are still considered to be a high risk and potentially high reward category, but they’re much more cyclical than those other types of businesses. So if we look at apartment leases, maybe being a year or two. Office leases may be being three to five years and retail leases could be five or 10 years. The leases in hotels are one or two nights, so there’s upside, but there’s risk involved in that as well. So when there’s pressure in a market to increase rates, like here where I am in University Park, Pennsylvania, when we have a home football game. We can see hotels with average daily rates of maybe a hundred to $200 a night charging seven, eight, $900 per night, and filling up on those rates. You can’t do that in an office building or in a retail center. And so there’s great opportunity when demand increases to push up rates and to greatly benefit from that. The flip side of courses on Sunday night when all those guests leave. You might be back to a hundred dollars a night and running 20 or 30% occupancy. Do hotels kind of follow the rest of real estate in terms of market cycles though? Yeah, it depends. I, I would say in many cases they’re actually leaders, which again, double-edged sword there. So for, yeah, when we plummeted in 2020 because of COVID hotels were probably the first category really to see it. Demand dried up overnight, and you go back to September 11th, 2001 on September 12th, 2001, a lot of hotels were empty and that wasn’t the case with office buildings and retail centers. The flip side, of course, is when the economy started improving, hotel operators could start pushing their rates very quickly. And so other categories of commercial real estate didn’t receive those benefits. Yeah, I mean, obviously there’s certainly gonna be. Real estate that’s often used that that’s often using debt and, you know, probably has the same sort of, uh, issues with regard to cap rate compression or decompression based on interest rates as well. Right, right. So, um, where are we? Right? What would you say right now, like, I mean, we know that. Our, we’ve been following very closely on the multifamily side. You know, prices are depressed. I mean, from 2022, we’re looking at probably 30% to 40%. Most, most, uh, large apartment complexes are not moving because people don’t wanna sell into a down market. But when they are, they’re being sold at 30, 40% discounts compared to 2022. Where is the, where is the hotel? Market at right now? It it, it’s challenged because right now we’re seeing discrepancies between where buyers wanna buy and sellers wanna sell. We’ve started to see some movement because some sellers have come down a bit in pricing because of what we’ve seen in 2025, the market really did soften as far as the hotel business is concerned. So in 2025. We really saw no increase in occupancy and in many markets we saw some decreases in occupancy. We are still seeing average daily rates going up a little bit, so yeah. Might be worth maybe a quick step backward that the two key indicators in terms of hotel lodging performance would be occupancy and average daily rate. With occupancy being the extent to which the guest rooms are occupied and average daily rate being the average price somebody is paying. We can talk about the mathematics of those, but, um, just I think conceptually, hopefully that makes sense. But, so, you know, at this point what we’re seeing is average daily rates are still going up a little bit, and the forecasts for 2026 are. Pretty much more of the same, where we’re not expected to see great occupancy increases, but we are anticipating that the average daily rates might go up a little bit. Uh, and, and in fact we might see occupancies decline slightly. And, uh, we might see, uh, average daily rates still possibly going up a little bit. That’s usually an indicator of being late in the cycle, you know, being somewhere near the peak and, and, you know, if the trough was 2020. Which was a pretty deep trough. 2021, we started seeing improvements and we saw great improvements in 22, 23, and 24, and so it’s looking like the end of a cycle. The thing we don’t really know for sure is, is there some reason that we’re going to really go into a substantial down period or are we actually in a situation where we’re going to have another upcycle? Yeah. You know, the other thing I was curious about too, like when you talk about these cycles for hotels, even within hotels, there are certainly, you know, different types of hotels. You know, there’s the boutiquey ones that are pe really pure tourism versus the ones that, okay, well maybe they are, you know, good for football games or. There’s others that are people use for, for, for work frequently, right? They’re, they’re just passing through for, for work trips. Do you, is there, um, is that difficult to extricate those types of different economies running at the same time? It’s not, I, I don’t know that it’s that difficult, you know, just to give you a little bit about my background, I’ve been a professor for some time, but prior to being a professor I worked for. Three of the four major hospitality organizations, namely Marriott, IHG, and Hyatt. Uh, and so going back into the 1980s when I was doing feasibility studies for proposed Marriott hotels, we, in most markets, analyzed three markets segments. And, and you essentially said what they are commercial business, which are your business travelers, leisure business, which are your pleasure travelers, and then groups, which includes conventions and, and those are still the three major market segments in most markets. In, in some markets. For example, if you’re approximate to a major international airport, there’s usually a fourth segment, which is that fourth segment is airline crew business, which is, is very different than the other three because. Whereas the other three go up and down throughout, not just the year, but throughout the week. Airline crew business tends to be stable throughout the year, so it, it, it’s in your hotel 365 nights outta the year. So it’s, it’s a very low risk, but also a very low rated market segment. So it, I don’t know if that’s that complicated, but it just needs to be broken out as you delineated it, which is that there’s. Three or four market segments in any market. And in terms of studying a hotel for development or for investment, it’s necessary to understand not just what’s going on on the supply side, in other words what’s going on in the hotels, but what’s going on in the demand side as well. So give you an example. I recently did a feasibility study in a market, which is a big pharmaceutical market. So I actually spent time with major pharmaceutical people talking about, where are you staying now? Why are you staying there? Are you a member of the Frequent traveler program? How does your business vary throughout the year? What rates are you paying? What facilities and amenities are you seeking? And things like that. So to really understand the demand because that demand segment. So important in that market. So it is ultimately a street corner business and what’s going on in a specific market in terms of the mix of commercial, leisure and group business and possibly other market segments. Really is something that we have to study in depth when we conduct a feasibility study or an appraisal for hotel. I, I don’t know if I mentioned, I’m a licensed real estate appraiser too, and although my licenses allow me to appraise any type of property, I only appraise hotels. Got it. Businesses fundamentally changed pre COVID and post COVID. I would assume that there’s probably less travel. Are you seeing impact? On those types of hotels from that kind of, you know, less travel, more zoom type activity. Yeah. And, and that’s a great, that’s a great follow up because with those market segments, although the segments are the same. The demand from each of those segments really has different, and, and as you said, it really changed substantially in COVID. It, it, it’s fascinating how once we were forced to use Zoom and, and other, you know, Microsoft teams and other technology like that, you know, we, we kind of did a kicking and screaming. But once we figured it out, we realized we didn’t get a lot done. Uh, now I spent last week in Los Angeles at America’s Lodging Investment Summit, and I go to this. Function every year, because I see many of the same people year after year, and the business cards might change, but it’s the same people involved in the hotel business, whether they’re brokers or investors or asset managers or consultants or appraisers. But in between. Each year I do a lot on Zoom with these people and you know, we can keep those relationships going. So it hasn’t eliminated, you know, in my personal case, my need to travel, but it has substantially reduced it. And I think a lot of other business people have seen the same thing. So if we look at the recovery since COVID, it was fascinating because the first market segment that recovered and recovered really strongly was leisure business and people, people see it as their right. To have a vacation and, and people were paying high rates, particularly in, in, in mountain locations and in beach locations. And so those rates came up really quickly. And then the group business followed. If people do wanna go to group functions like I did last week in la what has not recovered to the level of 2019 though is the business travel. Right. Interesting. So I, that’s probably a, uh, you know, and he, I can’t really see a particularly promising future for that Subsect either. Right. I think, in fact, bill Gates said it’s never going to be back to the, you know, he, he’s an investor in Four Seasons hotels, and he said it’ll never be back to the way it was in 2019. I don’t know if he’s right. I mean, because I, I still feel like we get a lot of things done. Face-to-face, person to person that we really can’t do in Zoom. I don’t think Zoom is great for establishing relationships. I, I still think that we need face-to-face, uh, personal contact. But, you know, that might be just my perspective because I’ve been working in hotels since I was a teenager and I’m really far from being a teenager now. And, you know, I, I’ve been indoctrinated in this philosophy of the importance of face-to-face contact. But yeah, you know, that might be generational. You with a younger generation. Yeah. Yeah, absolutely. Um, you know, just kind of going back to the difference differences, uh, with compared to other real estate hotels, ultimately the, one of the big differences, they’re operating businesses, right? I mean, they’re not that large. Apartment buildings aren’t, but they’re is I think, a specific sort of operational execution that matters a lot in hotels. So, you know, in invest, when investors are kinda looking at that, I mean, they, they should probably be not looking at it as nearly as passive as other real estate investments. Is that fair? I, I think that’s very fair because I think, you know, it, it shows what’s happened in terms of the market with real estate investment trust. Because I’ve sold my entire position in hotel real estate investment trust and, and as you probably know, if we look at real estate investment trust. Different categories in, in commercial real estate, hotels lag, which is fascinating because everything else we’ve been talking about explains why hotel returns tend to outperform other classes of commercial real estate. More volatility, but higher returns on average. If you can withstand the long period, uh, that you need to be an investor. On real estate investment trust, it’s the opposite. Hotels actually lag and, and I think it really is because of exactly what you’re talking about, which is that they really are like an operating business where there’s also real estate as opposed to a real estate play where it’s almost like there’s an annuity of rent that is very easily projected, uh, in hotels. You know, we, we. Project all the time how they’re going to perform. But you know, you know, I hope my projections are very good, but there’s always things that can COVID. For example, you know, now there’s a virus in, in India that you know might be coming and, you know, we don’t know, will this be substantial or will it be really minor in the Americas? We really don’t know. Uh, that won’t have a big effect on, on other classes of real estate investment trust, but. It could have a big effect in hotels, so, so the unknowns in hotels are very high. And then when you combine that with the fact that they are an operating business, which are very labor intensive and wage rates are going up. So the cost structure and the management of that cost structure becomes. Very important and the expertise of the hotel managers becomes very important. And so, yeah, like you say, other classes of commercial real estate or, or institutional real estate investments have an operational component. It’s much greater when it comes to hotels. So I actually have a friend who’s an, um, owns, uh, a few boutique hotels here in, in California, and he was telling me one of the things that he’s kind of worried about is, um, you know, they, they’re, they have some, um. Some mandates coming up with regard to, you know, minimum wage and, and all these things that, uh, hotel workers have to get, uh, give you just outta curiosity. I mean, most of my audience is not in California. I am, but have you heard about this? Can you tell us a little bit about those pressures? Yeah, I have heard about it. And there’s, there’s forces on the other side as well, namely the American Hotel and Lodging Association, which represents hotel owners, managers, and franchisers. And so they have a voice in these things as well. But the, the, the forest, particularly in places like California and, and in the west coast in general, we’ve seen it in Seattle as well. Um, you know, in, in terms of increasing minimum wages to rates that, that are shocking to me. Um, you know, that’s, that’s a big issue. You know, you don’t see it as much in the middle of the country, but you do see it on the coast and particularly in the, on the West Coast. So, you know, if we’re looking at projections, say into 2026 and, and perhaps beyond, we expect in many cases to be seeing higher growth in wage expenses than we expect to see growth in RevPAR, which is room revenue, preoccupied room, which is just occupancy times average daily rate. So the, the overall revenue is expected, at least in the short term, to grow more slowly. Than expenses and, and wages are really driving a lot of it. And then anything that’s affected by wages, so insurance, for example, property taxes, other expenses are really growing at this stage more than what we’ve seen in terms of revenue growth. So that’s, that’s a challenge right now. The, the question I think really then is how much will AI affect that and to what extent will guests become more comfortable with checking in? On an iPad type of a situation as opposed to seeing a person face to face, and there’s probably generational differences there. What it is forcing hotel operators to do is the same kinds of things that restaurant operators have been forced to do, which is find ways to use technology and actually have the guests face the technology and get the guests comfortable with that. In terms of things like check in and check out, you know, but still in hotels the rooms have to be cleaned and, and although there’s robots that. You know, they’re nowhere near what, where they need to be to actually clean Hotel guestroom jet, at least in any sort of economically viable way. But, you know, the long-term question is to what extent will the industry be adopting AI and other technology in order to address that issue? Because that’s what’s going to happen. It’s, it’s, you know, it’s not just going to be a situation where. The operators will accept paying higher wages and have the same number of employees in each hotel. Right. Um, branding, you know, sort of confusing to a lot of people. Not in the space, but you know, what role do hotel brands actually kind of play in, in protecting revenue and value? Um, and I guess when does a brand help an owner versus become a constraint? Yeah. You know, brands have been very important and, and I, I forget if I mentioned but of the, the big brand companies I’ve worked for three of them and, um. You know, they, they, they typically started as management companies. So originally companies like Hilton and Marriott primarily generated revenue through management fees. And so they own some of the real estate, although they’ve become asset light over the years and own very little, if any, anymore. Uh, but they do still manage hotels. So one thing that the brand companies do have is expertise in terms of management. That’s one of the fees that a branded hotel and a non-branded hotel would have as well, would be a management fee, which is usually expressed as a percentage of revenue. And sometimes there’s an incentive structure in there as well. But then there’s a franchise fee, which is just paying for the brand, and, and that’s usually as a percentage of total revenue, higher than the management fee. But what it does is it, it, it. Puts the property in a global distribution system, so the global distribution systems that brands like Marriott and Hilton and IHG and, and HIA have, uh, they. Generate heads and beds. You know, that’s, that’s the term we always, when I worked at Hyatt and Merritt, we always talked about heads and beds. Every night you’re trying to, trying to get people in the rooms. The brands do a lot to put heads and beds, you know, in a typical hotel with a good brand affiliation. Somewhere between probably a third and two thirds of the occupy rooms actually came in through the brand global distribution system, which historically was a toll free reservation system. And although the, you know, those still exist now, it’s really more of a focus on the online system and, and, and sometimes toll-free reservations and direct reservations. But, but that’s what the brand does. It, it, it ultimately is a generator of. So kind of just focusing on somebody who’s potentially thinking about hotels as an investment. So far, what I gleaned from you, and, and correct me if I’m wrong, is that timing probably isn’t perfect right now. We’re probably, you know, we’re probably in a, you know, a peak and you generally not a great idea to buy in peaks. Um. I personally, from what I understand, would stay outta California. You know, uh, you know, like my friend was saying that it was gonna make it very difficult for a lot of hotels to have their, you know, hotel restaurants even. And so he foresees like a lot of them having to close those down. Um, and then the, the next thing I think is, gosh, you really have to be cognizant of the, of the fact that, you know, work patterns are changing. And so maybe that’s not a good. Way to go, either. What other, what are some other big picture things that you think people ought to be thinking about as they evaluate the space? Yeah. Well, I think there’s a couple of things. One of which is. That is a street corner business. So it really depends on what street corner you’re in. Uh, I’ve done some research just on how hotels perform in university towns versus other locations because, for example, there are brands now called graduate hotels, which eventually was acquired by Hilton, uh, and, uh, scholar Hotels and, and these properties are university town hotels. They’re doing okay. You know, they’re, they’re doing okay. If you look at how universities operate, we’ve seen some Ivy League schools pay 60, $80 million or more just to make sure they keep that billion dollars a year coming in from the federal government that they, they get for research grants and, and we’ve seen, you know, look at what’s going on with NIL now in terms of, of university sports. Universities clearly are willing to. You gen willing to spend a lot of money to keep doing what they do, which is, you know, they, they generate a lot of research and I’m talking about. Big universities now, uh, you know, a lot of research and, and there’s a sporting business aspect to universities as well. So university towns are okay, and, and what I ultimately found in my research is they’re much less cyclical than the average. So, you know, we talk about the risk of hotels as things go up and things go down and things go up and down. That doesn’t happen as much in university towns. You know, big universities don’t close and, and don’t even substantially change their business model. So it really depends on, on where you’re located. And then there’s certain cities as well, you know, people, you know, I, I don’t have to go into detail about my last visit to San Francisco and how weird it was, and I was with students and, and told my female students don’t go out at night alone. I mean, it was, it was, it was really freaky, but. San Francisco now might be a place to invest. Now San Francisco probably has bottomed out. Uh, and the same might be true with New York. So, you know, it really depends on where you’re going. I, I think in general, yeah, you know, there’s, there’s concerns, but even so, you know, I think it’s still might be a good time to invest in. Good quality hotel companies, just, you know, in terms of the stock market and, and equity in, in businesses like Marriott and, and Hilton because their franchise fees and their management fees are a percentage of total revenue. So hotels that are not profitable, that are a member of those brand affiliations are still paying. Into those systems and you know, hopefully the goal is that these properties become profitable, but even while they’re not profitable, they owe franchise fees and in some cases management fees as well. So I think there are a lot of ways to still invest in the hotel business. It’s just what vehicles are being used and where. So, you know, it sounds a little overwhelming, um, for someone who, again, who’s new to the space. Any suggestions on how somebody might just learn more about this ecosystem and, you know, start to go down this path of potentially becoming, you know, a hotel investor? Yeah. Well, first thing is, you know, we talked about ai. AI is pretty good for helping people to learn. So if you wanna learn about the hotel business, you can go and have a really good conversation with chat GPT about what makes it click and where could the opportunities lie today. Uh, you know, I’ve gone over the past year from essentially not using AI at all to using it essentially every day. And so that’s a great way because that’ll access a lot of, there, there’s trade journals, for example, but it’ll access those things. Uh, the conference, like I went to last week, the America’s Lodging Investment Summit, which is in LA every year is a. Is a great place to learn as well. There’s, there’s wonderful sessions and that conference is attended by everybody from Anthony Capano, who’s the CEO of Marriott, down to people involved in real estate and investments in the hotels and, and who essentially make their living. Off of those as brokers, appraisers, consultants, asset managers and things like that. So, so there’s ways online to do it and there’s ways to do it actually by attending conferences as well. Yeah. A good broker as well. Right. I mean, you know, going back to my, my friend who, who’s become a very successful hotelier, the first one he bought, he threw a broker and he said he learned everything about hotels that he knows from that guy. Um. So that’s probably, it probably tells you something as well. Yeah. And, and there are some excellent hotel brokers. There’s some who are national in scope and some who are local in scope. So again, it depends on where you’re thinking you might wanna be investing. Uh, but, but there’s some great local brokers, but then there’s national firms like JLL and CBRE and Hunter, uh, that, you know, they have really good people who are very knowledgeable about the hotel business. Yeah. John, thanks so much for, uh, joining us here on Wealth Formula Podcast and giving us sort of an overview of the, uh, um, hotel, uh, real estate, uh, uh, asset class. You bet you make a lot of money, but are still worried about retirement. Maybe you didn’t start earning until your thirties. Now you’re trying to catch up. Meanwhile, you’ve got a mortgage, a private school to pay for, and you feel like you’re getting further and further behind. Now, good news, if you need to catch up on retirement, check out a program put out by some of the oldest and most prestigious life insurance companies in the world. It’s called Wealth Accelerator, and it can help you amplify your returns quickly, protect your money from creditors, and provide financial protection to your family if something happens to. The concepts here are used by some of the wealthiest families in the world, and there’s no reason why they can’t be used by you. Check it out for yourself by going to wealth formula banking.com. Welcome back to the show everyone. Hope you enjoyed and again, uh, hey hotels. Think about it. I guess. Uh, I continue. I will continue to do so, uh, especially given my buddy’s success in this space. Um. Although, I will tell you, I probably am not a boutique hotel guy. Um, you know, I don’t, I don’t know that I could make it super fancy, you know? And then on the other hand, you hear about these, uh, hotels that are. For the people traveling through and they’re not doing this so great. So maybe wait till that we hit that, um, that trough that he was talking about, he said we’re kind of at a peak right now. Anyway, that’s it for me. Uh, this week on Wealth Formula Podcast. This is Buck Joffrey signing off. If you wanna learn more, you can now get free access to our in-depth personal finance course featuring industry leaders like Tom Wheel Wright and Ken McElroy. Visit well formula roadmap.com.

The gap between luxury hotels and everyone else keeps getting wider — and ignoring it won't make it shrink. Suraj Bhakta, CEO & Chief Legal Officer of NewGen Advisory, and I spoke on #NoVacancyNews about what's driving that divide. More important, we talked through actionable insights owners outside the luxury segment can actually implement. Suraj and I get into why upper upscale and #luxury continue to separate from the pack, how price sensitivity hits other segments harder, and why relying on rate alone only goes so far. We also talk through practical ways owners are looking beyond RevPAR and starting to think about total revenue without taking on massive capital projects. We cover:

Attend the 2026 Summit Conference: https://get.biggerpockets.com/passivepocketssummit2026/ This Episode Hotels for passive investors: what actually matters and how it's different from multifamily. Chris Lopez digs in with Jay Desai and Suraj Reddy on the underwriting stack (ADR, occupancy, RevPAR and RevPAR penetration), why brand fit and comp sets (STAR reports) drive the thesis, and how operations (daily pricing, sales/RFPs, third-party management aligned on expenses) move the needle. They walk through break-even occupancy math (often far lower than MF), margins, bonus depreciation via FF&E/capex, fixed-rate/community-bank capital stacks, and their “no capital calls” policy. Includes a Columbus case study and the macro outlook across business/leisure/extended-stay demand—and what Airbnbs really compete for. Key Takeaways Hotels 101: ADR × occupancy = RevPAR; low RevPAR penetration in a strong comp set = value-add target Break-even is different: hotels can pencil at ~35–60% occupancy vs. ~70–75% in multifamily Operations > brand alone: daily revenue management, sales/RFPs, and expense discipline drive NOI STAR reports: how pros build comp sets and gauge RevPAR share before/after capex Depreciation edge: large year-one bonus depreciation from FF&E and renovations (consult your CPA) Disclaimer The content of this podcast is for informational purposes only. All host and participant opinions are their own. Investment in any asset, real estate included, involves risk. Nothing here is investment, tax, legal, or financial advice; consult qualified professionals. Past performance is not indicative of future results. This podcast may include paid advertisements or promotional materials for sponsors, funds, or offerings and should not be interpreted as a recommendation or endorsement by PassivePockets, LLC or affiliates. Conduct your own due diligence and consider your financial situation before engaging with any advertised products or services. PassivePockets, LLC disclaims all liability for any actions taken based on the information presented.

In this episode, David Millili and Steve Carran sit down with Kunal Shah, Managing Partner of Travel & Hospitality at ZS, to explore the future of the hotel industry in 2026, key revenue strategies, and how technology is reshaping guest experiences.Kunal shares insights from his global career—starting at United Airlines, earning an MBA at London Business School, and now leading ZS's travel and hospitality practice. He breaks down the biggest opportunities and challenges hotels face today, including RevPAR pressure, AI adoption, guest personalization, and new revenue streams beyond rooms.Whether you're a hotel operator, GM, revenue manager, or hospitality investor—this episode is packed with practical strategies and industry foresight.What You'll Learn in This Episode:2026 hospitality trends & industry outlookWhy RevPAR growth is plateauingHow hotels can improve guest engagement & incremental revenueThe most promising new revenue streams beyond roomsWhy relationships & intellectual curiosity matter in hospitality leadershipThis episode is sponsored by ZSWatch the FULL EPISODE on YouTube: https://youtu.be/7y2WcNmOwfoLinks:Contact ZSKunal on LinkedIn: https://www.linkedin.com/in/ksshah/ZS: https://www.zs.com/For full show notes head to: https://themodernhotelier.com/episode/245Follow on LinkedIn: https://www.linkedin.com/company/the-...Join the conversation on today's episode on The Modern Hotelier LinkedIn pageConnect with Steve and David:Steve: https://www.linkedin.com/in/%F0%9F%8E...David: https://www.linkedin.com/in/david-mil.

Mews just raised $300 million in a Series D, valuing the company at $2.5 billion — one of the largest hotel tech raises ever. But this conversation isn't about hype. In this GMH exclusive, Wil Slickers sits down for a third time with Richard Valtr, Founder of Mews, to unpack what this funding actually unlocks and why Richard believes much of hospitality technology has been built on the wrong assumptions for decades. They dig into why hotels still struggle with data ownership, how PMS platforms became gatekeepers instead of enablers, and why AI will only work if the industry fixes its foundations first. Richard also explains why RevPAR may be the industry's “original sin,” why guest experience should be a measurable output, and why fully autonomous hotels are the wrong goal. This is a wide-ranging, philosophical, and practical conversation about: • What Mews' $300M raise really changes • Why hotel tech copied the wrong SaaS playbook • Data standards, open APIs, and industry gatekeeping • AI agents, automation, and what should (and shouldn't) be automated • Why hospitality is more human than ever, even in an AI world Extra Links Related or Mentioned in This Episode: My first episode with Richard in 2021 My second episode with Richard in 2023 Skift Article around the $300M fund raise Connect with Airline Weekly LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.linkedin.com/company/airline-weekly/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ X: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://x.com/Airline_Weekly/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Facebook: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.facebook.com/airlineweekly/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.instagram.com/skiftnews/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ WhatsApp: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://whatsapp.com/channel/0029VaAL375LikgIXmNPYQ0L/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Subscribe to ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠@SkiftNews⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ and never miss an update from the airline and travel industries.

Cody Cramer went from hotel revenue management to building a multi-market short-term rental co-hosting business, all while operating remotely. In this episode, Mark sits down with Cody to break down how he scaled across the Smokies and Florida markets, why systems matter more than location, and what actually drives guest satisfaction.In this episode, you'll learn:How Cody transitioned from hotels into STR co-hostingWhat it really takes to manage properties remotely without sacrificing qualityWhy your cleaning and maintenance team is the most important hire you'll makeThe exact tech stack they use: Hostaway, PriceLabs, Breezeway, and Happy GuestHow non-traditional partnerships created early deal flowThe four metrics that matter in any STR market: bedroom count, RevPAR, booking lead time, and amenity saturationHow better communication reduces guest questions and improves reviewsConnect with Cody / Ascent Co-Hosting:Website: www.ascentcohosting.comIG: Ascent CohostingFB:  Ascent Cohosting

In this solo year end episode of Masters of Moments, Jake Wurzak reflects on the highs, lows, and hard lessons from 2025 across his hospitality portfolio and broader business journey. He walks through recent acquisitions, operational wins, and exits, while candidly unpacking mistakes around debt timing, goal setting, and team management. Jake also shares how shifting guest preferences, declining RevPAR, and rising costs are reshaping the hotel industry, and why experiential and luxury assets continue to outperform. The episode closes with a forward looking view on 2026 and what has him re energized about hospitality. He discusses: Key wins from 2025 including the White Barn Inn acquisition, early distributions, and high ROI operational improvements Lessons learned from debt maturities, refinancing risk, and how market timing can dictate outcomes Mistakes around goal setting, performance measurement, and acting too slowly on underperformance Why experiential and luxury hotels are outperforming amid declining RevPAR in other segments How changing guest behavior, supply constraints, and brand dynamics are shaping 2026 opportunities This episode is especially valuable for operators, investors, and entrepreneurs looking for an honest, experience driven perspective on navigating cycles in hospitality and building with intention. Connect & Invest with Jake: Follow Jake on X: ⁠https://x.com/JWurzak⁠ 1 on 1 coaching with Jake: ⁠https://www.jakewurzak.com/coaching⁠ Learn How to Invest with DoveHill: ⁠https://bit.ly/3yg8Pwo⁠ Topics: (00:00:00) - Intro (00:01:15) - Highs of 2025: acquisitions and successes (00:07:03) - Lessons learned and mistakes made (00:17:02) - Looking ahead to 2026: trends and predictions (00:28:57) - Conclusion and exciting news for 2026 (00:29:51) - Closing remarks and podcast information

November delivered a mixed bag for short-term rentals — and this episode breaks down what really happened beneath the headline numbers. RevPAR dipped, occupancy softened, and demand growth slowed, but not for the reasons many hosts might expect. Jamie Lane and Bram Gallagher unpack how calendar shifts, supply growth, and subtle demand dynamics distorted the monthly data — and why November may not be as weak as it first appears.Beyond performance, the conversation zooms out to the broader economic backdrop shaping STR demand. With new jobs and inflation data finally back online, the picture that emerges is one of a gradually softening labor market, uneven sector growth, and continued uncertainty around interest rates. The hosts also explore troubling trends in international inbound travel, particularly from Canada, and what policy shifts — or global events — could mean for future recovery.The episode closes on a forward-looking note, spotlighting holiday pacing and the early signals for 2026. From stronger-than-expected Christmas and New Year travel to a surge in bookings tied to the 2026 World Cup, this data-rich discussion offers hosts and operators critical insight into where opportunity — and risk — may lie in the months ahead.You don't want to miss this episode if you're planning for 2025 and beyond.Key Takeaways for STR Hosts & ManagersNovember's softness was partly a calendar illusion: A day-of-week shift materially impacted occupancy and demand comparisons.Rates are stabilizing again: ADR and repeat rent index growth returned after a weak late summer, signaling pricing power may be improving.International demand remains a concern: Inbound travel to the U.S. is still significantly down, especially from Canada.Holiday travel is shifting later: New Year's is pacing exceptionally strong, pushing more demand into early January.The World Cup is already reshaping 2026 demand: June bookings are surging — especially in host cities — with major implications for pricing and strategy.Sign up for AirDNA for FREE

When the market gets noisy, the data gets louder. In this episode, Rich sits down with Jan Freitag — National Director of Hospitality Analytics at CoStar — for a no-spin breakdown of what's actually happening in hotel investing right now and where the smartest capital is positioning next.Jan pulls back the curtain on real transaction data, RevPAR trends, cap rate movement, supply constraints, and why luxury hotels are quietly becoming one of the strongest inflation hedges left. They dig into the K-shaped hospitality economy, why ultra-luxury is surging while midscale struggles, how Airbnb regulation is reshaping demand, and what tightening insurance, climate risk, and maturing debt really mean for operators over the next 24 months.You'll hear why some coastal and supply-constrained markets continue to command premium pricing, why distress hasn't materialized the way investors expected, and how institutional players like Blackstone think about assets very differently than individual buyers. From CoStar's unmatched data coverage to forward-looking predictions on rates, transactions, and demand, this episode is pure signal.If you're investing in hotels — or thinking about it — this is required listening. The numbers don't lie, and this conversation tells you exactly how to read them.Join our investor waitlist and stay in the know about our next investor opportunity with Somers Capital: www.somerscapital.com/invest. Want to join our Boutique Hotel Mastermind Community? Book a free strategy call with our team: www.hotelinvesting.com. If you're committed to scaling your personal brand and achieving 7-figure success, it's time to level up with the 7 Figure Creator Mastermind Community. Book your exclusive intro call today at www.the7figurecreator.com and gain access to the strategies that will accelerate your growth.

When the market gets wobbly, some run scared — others lean in. For #NoVacancyNews, I spoke with Doug Rigoni of West Coast Hospitality and Mark Hope of Coast Hotels at The Lodging Conference to explore how uncertainty is creating real opportunity across the West Coast and Canada. We talk about RevPAR trends, risk-taking mindsets, and why tertiary markets are struggling while primary cities still show promise. From Hawaii to Whitehorse, these operators are thinking differently — and that's where the growth is. #hospitalitystrategy #hoteldevelopment

Tough times don't mean you stop having fun. That's what Dina Belon, President of Staypineapple Hotels, reminded me for #NoVacancyNews during the The Lodging Conference. She's navigating rising costs, labor challenges, and market uncertainty — but with her trademark optimism and energy intact. Here's what I loved from our conversation:

Hotel owners face pressure from rising costs, subdued RevPAR growth, and a challenging deal environment. But opportunities still exist. In this episode of No Vacancy Live, Glenn Haussman and Dr. Suzanne Bagnera talk with Paul Sacco, Chief Growth & Development Officer at PM Hotel Group, about how owners can adapt and thrive. You'll learn: ✔️ How margin pressures—insurance, labor, utilities—impact operations ✔️ Why family offices and high-net-worth buyers move into #hospitality real estate ✔️ How PM Hotel Group's Modus division drives growth in #lifestylehotels and #wellness projects ✔️ Why balancing technology with human connection ensures long-term success ✔️ How owners uncover deals through relationships, management partners, and resilience

On this episode of Next Level CRE, Matt Faircloth interviews Hait Patel about the hotel asset class—what makes it both a lucrative and overlooked opportunity for real estate investors. Hait shares his personal story of growing up in a motel his parents operated and how that hands-on experience shaped his career. The two compare multifamily to hotel investing, exploring everything from RevPAR and PIP requirements to team culture and operational intensity. They also discuss the potential for cash flow and long-term returns in the limited-service hotel sector, as well as red and green flags when underwriting a hotel deal. Hait Patel Current role: Acquisitions & Underwriting Specialist at DeRosa Group Based in: Minnesota Say hi to them at: LinkedIn Get a 4-week trial, free postage, and a digital scale at ⁠https://www.stamps.com/cre⁠. Thanks to Stamps.com for sponsoring the show! Post your job for free at https://www.linkedin.com/BRE. Terms and conditions apply. Join the Best Ever Community  The Best Ever Community is live and growing - and we want serious commercial real estate investors like you inside. It's free to join, but you must apply and meet the criteria.  Connect with top operators, LPs, GPs, and more, get real insights, and be part of a curated network built to help you grow. Apply now at ⁠www.bestevercommunity.com⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices