The first quarter of 2024 was worse than most hoteliers predicted, but chief executives from some of the world's largest hotel brands projected a great deal of confidence in the industry's outlook.
During the CEOs panel on the first day of the NYU International Hospitality Industry Investment Conference, the heads of major hotel brand companies shared their perspectives on why hotels will weather short-term challenges.
Accor CEO Sébastien Bazin, center, speaks alongside Marriott International CEO Tony Capuano on a CEOs panel moderated by CNBC's Sara Eisen at the NYU International Hospitality Industry Investment Conference.
“The best days, I think, are still ahead for this industry,” said IHG Hotels & Resorts CEO Elis Maalouf. He based that sentiment on recent travel to IHG hotels around the world as he transitioned into his CEO role.
The industry’s growth has been linked to growing economies and the growth of the middle class, and even the pandemic didn’t stop that, he said. If people weren’t required to stay at home, they would have been out traveling and dining at restaurants. Once those restrictions lifted, the hotel industry recovered quickly.
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