The four CEOs who took the stage during the “President’s Panel” at the 25th annual Hunter Hotel Conference were nearly unanimous in their optimism for the hotel industry during the next few years.
“Supply and demand fundamentals are clearly in check, and even if supply ticks up aggressively, we’ll have several years before it impacts (revenue per available room) or impacts demand,” said Wayne Goldberg, president and CEO of La Quinta Inns & Suites. “Barring some unforeseen catastrophic event, I believe 2013 will be just as strong as 2011 and 2012 from a RevPAR-growth standpoint.”
Goldberg and the other three executives believe RevPAR growth for their companies and for the industry will meet or exceed industry projections. Goldberg, for example, said La Quinta is in the process of revising its RevPAR growth projections upward from 6.3% in its original budget to between 7.5% and 8%.
Mark G. Laport, president and CEO of Concord Hospitality, said even though many of his firm’s properties are at the top of their markets in performance, he forecasts RevPAR growth in the “mid-6% range.” That follows an 8.1% rise for the company in 2012.
Most bullish was Richard A. Kessler, chairman and CEO of The Kessler Collection, who said his portfolio of “handcrafted, high-end boutique” hotels should experience RevPAR growth of 11% or 12% this year. “We exceeded our budgets in the first quarter of the year, so the result may end up north of that,” he said. Read more
Published in: http://www.hotelnewsnow.com
By: Ed Watkins